Northmarq Arranges $39M Refinancing for Merrill Gardens at Carolina Park in Mt. Pleasant, South Carolina

by Jeff Shaw

MT. PLEASANT, S.C. — Northmarq has arranged $39 million in permanent financing for Merrill Gardens at Carolina Park, a 158-unit independent living, assisted living and memory care community in Mt. Pleasant.

The community resides on 14.9 acres in Carolina Park, a master-planned community 16 miles northeast of Charleston. Built in three phases from 2018 to 2021, the main building was completed in 2018 with 130 units; 28 cottages were delivered in 2019; and in 2021, a swimming pool and fitness center addition were completed.

The loan was structured prior to stabilization, with a five-year fixed rate and 18 months of interest-only payments. The borrower is a joint venture between Merrill Gardens and AEW Senior Housing Investors III LP. A correspondent life insurance company provided the capital.

Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office, arranged the financing.

“The loan’s flexible pre-payment structure and the ability to increase the loan amount during the loan term were important features to the ownership group,” says Oswald.

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