A senior living community is being built in California’s Orange County thanks to a bank loan arranged by CBRE. Located in North Tustin, the 100-unit community will feature 72 assisted living and 28 memory care units on a 7.5-acre infill site. The local market has high barriers to entry and an average home value in excess of $1 million within a one-mile radius. It took the developer, a joint venture between Clearwater Living and an institutional investor, 15 years to get this project off the ground due to tough zoning and entitlement processes and limited developable land in North Tustin. The opportunity must be worth the wait.
To fund the project, Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing secured a non-recourse, floating-rate loan with a five-year term and full term of interest only from a national bank.