SANTEE, Calif. — CBRE has arranged a $25 million Freddie Mac loan for The Grant Companies to refinance The Pointe at Lantern Crest, a 102-unit independent living and assisted living community in the San Diego suburb of Santee.
The Class A community is Phase II of a larger campus. Phase I, The Ridge at Lantern Crest, was also financed with a CBRE-originated Freddie Mac loan in 2014. Lantern Crest Management operates the communities.
The 10-year, fixed-rate mortgage includes 72 months of interest-only payments.
Aron Will of CBRE National Senior Housing, and Bill Chiles and Scott Peterson of the CBRE Debt & Structured Finance team in San Diego arranged the financing.
Founded in 1989, The Grant Companies has developed more than $500 million in medical office buildings, seniors housing and other commercial developments.