Apr 18, 2024

Northmarq lands $35M refi package

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Northmarq announced a recent refinancing deal it arranged for the 147-unit Lodge at Mallard's Landing, a senior housing community in Gig Harbor. The latest funding, Northmarq's third for the same client (Senior Services of America), amounts to some $35 million. An unnamed life insurance company put up the money. Northmarq's Stuart Oswald led the effort, and said in a statement, “We are grateful to have been chosen again for this financing assignment. Fortunately, I toured the property with the lender three years ago, and it has remained on their radar since that visit.” The 6% fixed-rate loan carries a six-year term. Northmarq says the community is about 95% occupied. It was built and developed by M&L Assisted Living LLC in 2010 and 2015, with Veer Architecture as the designer.

CBRE

Berg

Kim Berg was recently promoted to senior managing director, CBRE announced. She's been with the firm for 15 years, rising through the ranks in property management. The firm's John R. Miller said in a statement, “Kim's dedication to clients and exceptional leadership has been critical in shaping CBRE's market-leading property management services across the Puget Sound region and Portland markets. We are very fortunate to have Kim as part of our leadership team, and congratulate her on this well-deserved promotion.”

Weidner is No. 12!

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Local multifamily investor and property manager Weidner Apartment Homes announced earlier this month that it was ranked No. 12 on the National Multifamily Housing Council's annual list of the top 50 apartment owners. Last year, it ranked No. 15 on the list. With holdings mostly on the West Coast, Weidner says it now has a U.S. portfolio of 68,462 units. (The NMCH doesn't include Weidner's 6,444 units in Canada.) Notably, Kirkland-based Weidner says it made its first East Coast acquisition last year with an investment in Charlotte, North Carolina. The firm's Kevin Colard said in a statement, “This exciting milestone serves as a humble reminder of how far our company has come in its 47 years, and a strong motivator for our future goals. Our consistent growth allows us to push forward on our mission — a mission that takes hard work and commitment from many talented people.”