NIPOMO, Calif. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, approximately midway between Los Angeles and San Francisco.
The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and feature 97 units of independent living, assisted living and memory care.
Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing.
Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan with five years of interest-only payments through the company’s Freddie Mac Optigo lending platform.
California-based Westmont currently owns and operates 19 seniors housing communities throughout California and Oregon with two more communities under construction.