CBRE National Senior Housing arranged financing for Coastal Heights Senior Living, a 148-unit independent living community in Costa Mesa, California (Orange County). Aron Will, Austin Sacco and Adam Mincberg secured the debt through Stone Beach Capital, a New York-based investment fund focused on credit opportunities in the United States and Europe. The owners, a joint venture between Capitol Seniors Housing and an institutional equity partner received a three-year, $15.5 million loan with a floating rate and a full term of interest only.
Opened in 1990, the community will continue to be third-party managed by Integral Senior Living. It was acquired by the current owners in 2016 and since then has received $7 million in capital improvements. The community is located six miles east of Newport Beach, and features restaurant-style dining, a movie theater, an arts and crafts center, and gated underground parking.
