Commercial Real Estate Transactions
NorthMarq completes $31 million refinance of Merrill Gardens Rancho Cucamonga in Rancho Cucamonga, California
COMMERCIAL REAL ESTATE TRANSACTION ALERT
Stuart Oswald, senior vice president/managing director of NorthMarq’s Seattle office, and Gordon Mickelson, senior director-debt and equity in Denver, arranged the $31 million refinance of Merrill Gardens Rancho Cucamonga. The 112-unit senior housing community is a state-of-the-art independent living, assisted living and memory care facility built in 2018. The property located at 9942 Highland Avenue in is situated on 4.21 acres in the heart of Rancho Cucamonga, California.
NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a 5-year term on a 30-year amortization schedule. The property performed is now approaching stabilized occupancy.
“We are thrilled to have been given the opportunity to secure financing for the borrower group which is a joint venture between Merrill Gardens and AEW Capital Management L.P.,” said Oswald.