RANCHO CUCAMONGA, Calif. — NorthMarq has arranged a $31 million refinancing for Merrill Gardens Rancho Cucamonga.
The 112-unit community was built in 2018 and offers independent living, assisted living and memory care. The property is situated on 4.21 acres in the heart of Rancho Cucamonga, approximately 35 miles east of downtown Los Angeles.
Stuart Oswald and Gordon Mickelson led the transaction for NorthMarq. A correspondent life insurance company provided the permanent, fixed-rate loan for the borrower, a joint venture between Merrill Gardens and AEW Capital Management.
The loan, structured prior to stabilization, includes a five-year term on a 30-year amortization schedule. The property is now approaching stabilized occupancy.