Northmarq Arranges $30M for California Senior Community
The independent living, assisted living and memory care asset has 120 units.
Northwest Visalia Senior Housing LLC has obtained a $29.5 million loan for the refinancing of Quail Park at Shannon Ranch, a 120-unit senior housing community in Visalia, Calif.
Northmarq secured the 10-year loan—with the first five years being interest-only—through Poppy Bank of California. The funds were utilized to pay off a bridge loan that Northmarq arranged back in 2021.
The principal of Living Care Lifestyles, the Kaweah Health System of Visalia and multiple local investors comprise the ownership group of Quail Park at Shannon Ranch. Living Care Lifestyles also manages the community.
Quail Park at Shannon Ranch encompasses senior independent living, assisted living and memory care units. The senior housing community comprises studios, one- and two-bedroom floorplans ranging between 435 and 937 square feet.
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Units feature washers and dryers, full-size kitchens with stainless steel appliances and walk-in closets. Common-area amenities include a fitness center, a swimming pool, a sports den, a theater, a beauty salon and a pub, among others.
Quail Park at Shannon Ranch provides specially designed health and wellness programs, along with services such as housekeeping, scheduled transportation, chef-prepared meals, medication management, licensed nurses and professional care teams, an emergency call system and motion monitoring.
Located at 3440 W. Flagstaff Ave., Quail Park at Shannon Ranch is in northwest Visalia, near the Sierra Nevada mountains.
A long history of deals
Managing Director Stuart Oswald led Northmarq’s Seattle Debt + Equity team that brokered the deal, working on behalf of the borrower.
Back in 2018, Oswald also secured $29.3 million in construction financing for Quail Park at Shannon Ranch. Northmarq and Living Care Lifestyles collaborated for more than 20 years, resulting in 24 successful loan closings, according to Oswald.
This summer, Northmarq arranged $50 million in construction financing for a 180-unit senior housing development in Nesconset, N.Y. The package included an initial $35 million loan, $5 million for construction draws and an additional $10 million cash-out once the project reached stabilization.
Earlier this year, the company also secured a $35 million refinancing loan for a 147-unit senior housing community in Gig Harbor, Wash. Oswald arranged the six-year, fixed-rate loan through a correspondent life insurance company.
