SEATTLE, WASHINGTON (January 25, 2021) – Stuart Oswald, senior vice president/managing director of NorthMarq’s Seattle office, arranged the $35 million refinance of Weatherly Inn. The senior housing property is located at 6016 North Highlands Parkway in Tacoma, Washington, and offers 136 independent, assisted living, and memory care units. The refinance was structured for a 10-year term and a 30-year amortization. NorthMarq secured the financing for the borrower through its Freddie Mac OPTIGO lending program.
Developed in the mid-1990s, Weatherly Inn is a family-owned and managed community. The owners are hands on, well known by the staff and the residents, and frequently at the community assisting with operations. They have created a caring, friendly environment which has translated into a stable, strong-performing property over the past eight years since Northmarq and Freddie Mac first refinanced the building.
“The ownership has done a remarkable job adjusting to all the challenges brought on by the pandemic, resulting in occupancy and performance that has largely exceeded submarket and national averages for 2020,” said Oswald.
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 $14 billion, loan servicing portfolio of more than $64 billion and the multi-year tenure of our more than 600 people.