NorthMarq Arranges $31M Refinancing for Seniors Housing Property in Rancho Cucamonga, California
RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga.
Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units.
Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate 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 a joint venture between Merrill Gardens and AEW Capital Management LP.