Northmarq Closes Third Financing for Gig Harbor Seniors Community

Northmarq SVP/managing director Stuart Oswald arranged the $35-million refinance of The Lodge at Mallard’s Landing. The 147-unit, private-pay independent living, assisted living and memory care community is located in Gig Harbor, WA, 10 miles north of Tacoma, and is managed by locally based Senior Services of America. 

This is the third financing Northmarq has arranged for the property over the past decade. “We are grateful to have been chosen again for this financing assignment,” said Oswald. “Fortunately, I toured the property with the lender three years ago, and it has remained on their radar since that visit.” 

The six-year, fixed-rate loan was rate locked at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component that allows the borrower to draw additional dollars as the NOI improves.