Scott Kavel of Creativcap announced a couple of financings that showed off the company’s range of services. First, Creativcap provided a $6.0 million mezzanine loan to support the construction of an assisted living/memory care community in Southern California. This was the fourth mezzanine loan closed for the regional developer client, all totaling nearly $35 million.
The project in question will feature 153 total units, split between 99 assisted living and 54 memory care units on a 6.4-acre campus. Included on site will be a standalone marketing building with four model units, which should facilitate tours to potential residents without entering the main building. Perhaps that will be a model going forward for more developers to deal with future flu seasons. Other amenities will include private and formal dining rooms, a café, swimming pool, pickleball and bocce courts, dog park, fitness center and various conversation areas that are strategically located throughout the building to provide a space for socializing while social distancing. Hopefully that need will come to an end soon.
Then, Creativcap arranged a fixed-rate refinance for two senior living communities. The 77-unit assisted living/memory care community in Carmichael that is owned by a pool of investors received a $15 million loan, while the 48-unit community in Napa is owned by a separate investor pool and obtained a $10.5 million loan. The Seattle-based regional operator leases the two facilities. One of Creativcap’s life insurance company relationships provided both loans.
