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BELLEVUE, Wash. — Northmarq has arranged a $33 million refinancing for The Gardens at Town Square, a seniors housing community located in downtown Bellevue.
The 168-unit community is in a five-story, mid-rise building built in 1998 and includes a mix of independent living, assisted living and memory care. The borrower is ERA Living.
The loan was structured with a 10-year term, fixed rate and 30-year amortization, with one year of interest-only payments. Loan proceeds retired $20.4 million in existing agency debt and returned equity to the borrower.
Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office, arranged the transaction. A correspondent life insurance company provided the capital.