Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Jeff Shaw

GIG HARBOR, Wash. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. 

The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units.

Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves.

Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units.

Tacoma-based Senior Services of America manages the community and has for more than 10 years.

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