Northmarq Arranges $35M Refi for Seattle-Area Community

The senior housing property features independent units, assisted living and memory care residences.

Northmarq has secured a $35 million refinancing loan for The Lodge at Mallard’s Landing, a 147-unit senior housing community in Gig Harbor, Wash. This deal marks the third financing the firm has arranged for the property over the past decade.

The Lodge at Mallard's Landing
The Lodge at Mallard’s Landing. Image courtesy of Northmarq

Senior Vice President & Managing Director Stuart Oswald of Northmarq’s Seattle office has arranged the six-year, fixed-rate loan through a correspondent life insurance company. The loan was rate locked at just under 6 percent and features an earn-out component allowing the borrower to draw additional financing as the NOI improves.

Senior Services of America manages the community. At the time of the deal, The Lodge at Mallard’s Landing’s occupancy was over 95 percent.

The Lodge at Mallard’s Landing features a three-story main building with 98 independent and assisted living units, 24 independent living cottages and a separate, secured two-story building with 25 memory care units.

Built in two phases from 2010 to 2015, The Lodge at Mallard’s Landing incorporates studios, one- and two-bedroom floorplans. Common-area amenities include a fitness center, a library, a computer room, five dining locations, a courtyard, a gazebo and walking paths.

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Located at 7083 Wagner Way, The Lodge at Mallard’s Landing is near Route 16, which provides easy access to the Seattle metropolitan area.  The property is close to local shopping, banking and health-care provider offices, as well as green areas including Adam Tallman Park.

Focus on holistic wellness

The Lodge at Mallard’s Landing provides services such as medication management, assistance with daily activities, health monitoring, physical therapy and a 24-hour emergency call system. The community also offers transportation services, housekeeping, chef-prepared meals and 24/7 onsite wellness staff.

The expectations of senior residents continue to evolve, moving beyond mere accommodation needs. Aging Baby Boomers seek vibrant communities that address their diverse needs and preferences. They have started to prioritize holistic wellness, personalized experiences and active lifestyles, seeking a blend of comfort, engagement and personalization. A recent Multi-Housing News interview revealed that senior residents value amenities and services that promote physical health, mental well-being, social connections, education and creativity within their living environments.

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