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Senior Living Owner’s Hands-On Approach Exceeds Averages
Ownership for one senior housing asset in particular has adjusted to the challenges brought on by the pandemic, resulting in occupancy and performance that has largely exceeded submarket and national averages for 2020, says NorthMarq financing VP Stuart Oswald. He recently secured the $35-million refinance on Weatherly Inn located at 6016 North Highlands Parkway in Tacoma, WA.
The refinance was structured for a 10-year term and a 30-year amortization. Oswald secured the financing for the borrower through its Freddie Mac OPTIGO lending program.
The senior housing property offers 136 independent assisted living and memory care units. 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 assist with operations. This environment has translated into a stable, strong-performing property during the past eight years since NorthMarq and Freddie Mac first refinanced the building.
For comments, questions or concerns, please contact Lisa Brown
- ◦Financing
