Merrill Gardens Rancho Cucamonga Obtains $31MM Refinance

Merrill Gardens Rancho Cucamonga, Rancho Cucamonga, NorthMarq, AEW Capital Management

SEATTLE, WASHINGTON (March 26, 2021) – Stuart Oswald, senior vice president/managing director of NorthMarq’s Seattle office, and Gordon Mickelson, senior director-debt and equity in Denver, arranged the $31 million refinance of Merrill Gardens Rancho Cucamonga. The 112-unit senior housing community is a state-of-the-art independent living, assisted living and memory care facility built in 2018. The property located at 9942 Highland Avenue in is situated on 4.21 acres in the heart of Rancho Cucamonga, California.

NorthMarq 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 5-year term on a 30-year amortization schedule. The property performed 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 L.P.,” said Oswald. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.