LYNNWOOD, Wash. — NorthMarq Capital has arranged a Freddie Mac loan to refinance Quail Park of Lynnwood, a 130-unit seniors housing community in the Seattle Suburb of Lynnwood. The size of the loan was not disclosed.
Quail Park is a three-story building located on 15 acres featuring independent living, assisted living and memory care. The property opened in 2014.
Stuart Oswald of NorthMarq Capital’s Seattle regional office arranged the financing. The loan includes a seven-year term on a 30-year amortization schedule with two years of interest-only payments.
The refinance allows for funds to be used for the of the second and third phases of the community’s development, and repaid an existing Freddie Mac loan which NorthMarq originated for the previous owner.
Although the borrower was not disclosed, CA Senior Living acquired the community in May 2017 in a joint venture with Living Care Lifestyles (the operator) and Goldman Sachs. Phase II of development includes plans for a 109-unit expansion.