Capital Funding Group has closed a $33 million construction loan for the ground-up development of Varenita of Temecula, a 108-unit assisted living and memory care community in Temecula, California. CFG has recently created a new division, the Seniors Housing Lending Platform, who ultimately handled this loan. The loan features a Commercial Property-Assessed Clean Energy (CPACE) structure that allows building owners to borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill.
The financing was executed on behalf of real estate development firm and nationally recognized borrower, Griffin Living. Brightwater Senior Living will operate the community.
