Upcoming Stories
California CRE News In Your Inbox .

California   /   April 1, 2021

Lisa Brown
By: Lisa Brown

Merrill Gardens Approaches Stabilized Occupancy

Merrill Gardens Rancho Cucamonga is a 112-unit independent living, assisted living and memory care facility built in 2018. The property is situated on 4.21 acres at 9942 Highland Ave.

The senior housing property recently received $31 million in refinancing. Stuart Oswald, senior vice president/managing director of NorthMarq’s Seattle office, and Gordon Mickelson, senior director-debt and equity in Denver, 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 five-year term on a 30-year amortization schedule. The property 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 LP," said Oswald.

Inside The Story
About the Author

Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author

New call-to-action
New call-to-action
New call-to-action
© ConnectCRE 2021 / 3900 San Fernando Road, Suite 1007, Glendale, CA 91204
Contact Us / Policies, Privacy & DisclosuresSubmit Press Release /