TUSTIN, Calif. — CBRE has arranged $15 million in Fannie Mae financing for The Groves of Tustin.
The 83-unit assisted living and memory care community is located in Tustin, between Los Angeles and San Diego. The borrower is Capitol Seniors Housing, which leases the community to Integral Senior Living under a third-party management contract.
Capitol originally purchased the property in 2014, and has invested elective capital to modernize the building, bringing it up to the competitive standards of the area.
Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the 10-year, floating-rate loan with 84 months of interest-only payments. The transaction refinances existing debt on the property.