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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.
