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NORTH TUSTIN, Calif. — CBRE has arranged an undisclosed amount of financing for construction of Clearwater of North Tustin in Orange County.
The borrower is a joint venture between Clearwater Living and an institutional investor. The development will feature 72 assisted living units and 28 memory care units on an infill, 7.5-acre plot. Within a one-mile radius of the property, average home values are over $1 million and incomes are over $192,000.
Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the non-recourse, five-year, floating-rate loan with full-term, interest-only payments through a national bank.