Northmarq has arranged $39 million in permanent financing for Merrill Gardens at Carolina Park, a 158-unit private-pay independent living, assisted living and memory care community tin Mt. Pleasant, South Carolina. The community resides on 14.86 acres in Carolina Park, a master-planned community 16 miles northeast of Charleston.

Stuart Oswald with Northmarq arranged the financing for the borrower, a joint venture between Merrill Gardens and AEW Senior Housing Investors III, L.P., through its relationship with a correspondent life insurance company. The loan was structured prior to stabilization, with a five-year fixed rate and 18 months interest only.

“The loan’s flexible pre-payment structure and the ability to increase the loan amount during the loan term were important features to the ownership group,” said Oswald.

The Merrill Gardens main building was completed in 2018 with 130 units, twenty-eight cottages were delivered in 2019 and a swimming pool and fitness center addition were completed in 2021.