Home Finance 168-Unit The Gardens at Town Square in Bellevue Secures $33MM Refinance

168-Unit The Gardens at Town Square in Bellevue Secures $33MM Refinance

Northmarq, Bellevue, Seattle, The Gardens at Town Square, ERA Living, 933 111th Ave NE

SEATTLE, WASHINGTON (June 9, 2022) – Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office, arranged the $33 million refinance of The Gardens at Town Square, a seniors housing community located in downtown Bellevue, Washington. The 168-unit community is in a 5 story, mid-rise building built in 1998 and includes a mix of independent living, assisted living and memory care.  The loan was structured based on a 10-year fixed rate term and a 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.

“This is a well-run community which has maintained an excellent reputation serving the Bellevue, Washington seniors community for over two decades. It was a pleasure having an opportunity to work with the team members at ERA Living. ERA is committed to delivering exceptional care and creating an active and social environment in each community – all of which honor their residents and enrich their lives, allowing them to age gracefully. This is not a statement pulled from a marketing piece but rather based on personal experience as my parents were residents in one of their other communities for almost ten years,” commented Oswald.

Northmarq arranged the financing for the borrower and operator, ERA Living, through its relationship with a correspondent life insurance company. 

About Northmarq

As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $33 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.