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CaliforniaFinanceIndependent LivingNews

CBRE Arranges $15.5M Refinancing for Coastal Heights in Costa Mesa, California

by Jeff Shaw

COSTA MESA, Calif. — CBRE National Senior Housing has arranged $15.5 million in financing for Coastal Heights Senior Living, a 148-unit independent living community located in the Orange County city of Costa Mesa. The borrower was a joint venture between Capitol Seniors Housing and an institutional equity partner, which has owned the property since 2016. It was built in 1990 and has undergone $7 million in renovations since the acquisition. The operator is Integral Senior Living. Aron Will, Austin Sacco and Adam Mincberg arranged the three-year, floating-rate loan with full-term, …

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CaliforniaDevelopmentNews

Joint Venture Starts Construction of 158-Unit Acoya South Bay in Los Angeles

by Jeff Shaw

LOS ANGELES — A joint venture betweem Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for seniors housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers …

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CaliforniaFinanceNews

Mesa West Capital Funds $67M Refinancing for Westmont of Milpitas in Silicon Valley

by Jeff Shaw

MILPITAS, Calif. — Mesa West Capital has provided a $67 million loan for Westmont of Milpitas, a 199-unit seniors housing community in the Silicon Valley community of Milpitas. The short-term, first-mortgage loan refinances existing debt for the borrower, a joint venture led by SRM Development. Proceeds from the five-year, floating rate, nonrecourse loan pay off the existing construction loan on the property. Developed by SRM, Westmont of Milpitas was completed in late 2020 and began accepting residents in February 2021 in the midst of the pandemic. Although leasing was slow …

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Affordable HousingCaliforniaDevelopmentNews

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Jeff Shaw

SANTA FE SPRINGS, Calif. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units, and a groundbreaking for …

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CaliforniaCCRCFinanceNews

Ziegler Arranges $23.6M Bond Financing for The Redwoods in Mill Valley, California

by Jeff Shaw

MILL VALLEY, Calif. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While …

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AcquisitionsCaliforniaFinanceIndependent LivingNews

CBRE Provides $8.4M in Acquisition Financing for Arbor Senior Living in Lodi, California

by Jeff Shaw

LODI, Calif. — CBRE has provided $8.3 million in financing for the acquisition of Arbor Senior Living in Lodi, approximately 40 miles south of Sacramento. Built in 1985, the community features 96 independent living units on a three-acre site. The borrower is Ray Stone Inc. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing partnered with CBRE Sacramento’s Kevin Randles to arrange the fixed-rate Freddie Mac financing. RSI will take over as operator following the sale.

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Assisted LivingCaliforniaDevelopmentFinanceNews

Monarch Advisors Arranges $4.6M Refinancing for 12-Bed Community in Salinas, California

by Jeff Shaw

SALINAS, Calif. — Monarch Advisors has arranged a $4.6 million refinancing a 12-bed assisted living facility in Salinas, located just south of Silicon Valley. In addition to refinancing existing debt, the loan will fund a 28-bed expansion at the community. The borrower is Songbird Care Homes, a local owner-operator. Monarch arranged a commitment from a national SBA lender for 25 years at a variable interest rate, with an option to convert to a fixed rate upon completion of the expansion project.

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Active AdultCaliforniaDevelopmentNews

Greystar Acquires Land for Everleigh San Clemente Active Adult Community in California

by Jeff Shaw

SAN CLEMENTE, Calif. — Greystar has acquired a plot of land at 515 Avenida Vaquero in San Clemente for Everleigh San Clemente, an active adult development. “Everleigh San Clemente is ideal for people that have been living in San Clemente since they bought their first home and don’t want to leave the charming beach town,” says Emily Clark, regional property manager said. “The community has an ideal location just a mile from the ocean with access to the Pacific Coast Highway, which features a convenient walking and biking trail that …

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CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $43.8M Bond Financing for Mt. San Antonio Gardens in Inland Empire

by Jeff Shaw

POMONA and CLAREMONT, Calif. — Ziegler has arranged $43.8 million in bond financing for Congregational Homes in support of its continuing care retirement community, Mt. San Antonio Gardens. The Gardens is located on approximately 31 acres spanning across the border of Pomona and Claremont in the Inland Empire area of California. The community features 248 independent living units, 71 assisted living units, 10 memory care units and 58 skilled nursing beds. Proceeds of the bonds will be used to finance a project that will replace the community’s original D Building …

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CaliforniaDevelopmentNews

Consolidated Contracting Completes 122-Unit WellQuest of Menifee Lakes in California

by Jeff Shaw

MENIFEE, Calif. — Consolidated Contracting has completed construction of WellQuest of Menifee Lakes, a senior living community in Menifee, located between Los Angeles and San Diego. The 134,641-square-foot, three-story property features 92 independent living and assisted living units ranging from 470 to 1,017 square feet, as well as 30 memory care units ranging from 386 to 578 square feet. Jonetta Eads, executive director of the facility, predicts the community will be fully occupied by mid-summer. Project consultants included Greg Irwin of Irwin Partners Architects as the architect; Conley360, space planner; …

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