The seniors housing construction market has slowed, but plenty of projects are still being planned and opened across the country. Recently, JLL Capital Markets arranged $16.275 million in acquisition financing for two land sites totaling 12.73 acres for the development of seniors housing communities in Livermore and Soquel, California. The developer, Calson Management, secured $10.5 million and $5.775 million one-year, fixed-rate loans through Barnett Capital Limited.
The first site totals nine acres in Livermore and will be developed into a 128-unit assisted living/memory care community. On-site amenities will include designated dining rooms, a hobby room, spa/salon, movie theater, laundry facilities, a fitness center, wellness center and walking paths with open outdoor spaces. The property is also near local retail, entertainment and dining hubs and is a 10-minute drive from Stanford Health Care – Valley Care Memorial Center, and Livermore Division – VA Palo Alto Health Care System.
Situated on 3.73 acres in Soquel, near Santa Cruz, the second land site will be developed into an 82-unit assisted living/memory care community that Calson Management took through the entitlement process while the site was under contract.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Bercut Smith, Director Lillian Roos and Analysts Lauren Sackler and Ace Sudah.
