Bayview Arranges $13M C-PACE Financing for Varenita of Simi Valley in California

by Jeff Shaw

SIMI VALLEY, Calif. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley.

The Class A property which opened in February 2022, totaling 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants.

The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects.

The borrower, Griffin Living, is a privately owned development firm based in Calabasas.

 “This kind of deal is welcome news in seniors housing, multifamily and other commercial real estate, as many project sponsors are looking to revise and improve the capital stack on recent construction,” says Jason Clouet, vice president of Bayview PACE. “Companies with real estate assets, commercial real estate developers and property investors are unlocking value by using C-PACE retroactively in many states where it’s enabled.”

“C-PACE offers unusual flexibility and beneficial terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components,” adds Anne Hill, Bayview senior vice president. “Packaged with construction or bridge financing, it’s an ideal solution.”

The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.

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