The team at Cushman & Wakefield is helping a senior living development get off the ground in the newly developed master-planned community of Otay Ranch in Chula Vista, California (San Diego MSA). Expected to break ground at the end of the month, the project will feature 85 assisted living and 26 memory care units in two stories. A joint venture between Douglas Wilson Companies and Milestone Retirement is developing the community on a 4.5-acre site, which it hopes to open by the fall of 2018. Rick Swartz, Aaron Rosenszweig and Jim Dooley of Cushman & Wakefield represented Douglas Wilson Companies in arranging $22 million in construction debt from Wells Fargo as well as over $8.3 million of institutional equity capital to fund the project. This shouldn’t be the last we hear of the Milestone-Douglas Wilson partnership, which has announced an intention to develop a total of six to eight seniors housing communities together over the next decade. A lot can change in that amount of time (industry-wise), so we will wait and see.
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