Dealmaker: Northmarq Secures $38M in Senior Housing Construction Financing

(Lake Forest at Swift Creek, Midlothian, Va.)

Northmarq, Minneapolis, secured a $38.1 million construction loan for Lake Forest at Swift Creek in suburban Richmond, Va.

The Holladay Corp. is developing the 176-unit senior housing community at 5950 Harbour Lane in Midlothian, Va., with a 2024 delivery scheduled.

Northmarq’s debt and equity team of Keith Wells, Hunter Wood, Reina Abboud and Mike Lowry secured the financing from Sandy Spring Bank, Olney, Md.

When completed, the Class A community will occupy 11.7 acres less than 20 miles from downtown Richmond near Swift Creek Reservoir. Lake Forest at Swift Creek is designed for active adults ages 55 and older.

In a separate transaction, Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca brokered the $8.8 million sale of Sahuarita Mission, a 52-unit apartment community located at 1091 W. Beta Street in Green Valley, Ariz.

The Northmarq team represented Phoenix-based seller Sahuarita Mission Owner LLC.

“The buyer saw the opportunity for future revenue growth with 90 percent of the units now able to be rented at market rate as the property recently completed its three-year deregulation period,” Hudson said.

Built as an affordable community in 2000, 47 of the units are now able to be leased at market rate rents, with five units reserved for state HOME units with 50 and 60 percent AMI restrictions through July 2030.