Live Oak Bank closed a $27.0 million refinance with a repeat client for an assisted living/memory care community, The Ridge at Lantern Crest, situated on a larger campus, Lantern Crest, in Santee, California. Lantern Crest, operated by Lantern Crest Senior Living, is a 34-acre seniors housing campus developed by The Grant Companies. It offers independent living, assisted living and memory care. Development occurred in three phases, with Phase I being The Ridge at Lantern Crest, Phase II being The Pointe at Lantern Crest and Phase III being The Plaza at Lantern Crest.
The Ridge, which opened in 2012, was originally built with 80 assisted living and memory care units. It was expanded in 2023 to include an additional 64 units. LOB had provided financing for the original community, as well as development financing for the expansion. Additionally, in 2014 The Ridge was financed via a CBRE-originated Freddie Mac loan.
The Pointe opened in 2015 and comprises 102 independent living units. In 2016, CBRE’s Aron Will, Bill Chiles and Scott Peterson arranged a refinancing on behalf of The Grant Companies for The Pointe. At the time, it was stabilized. CBRE originated a $25.0 million loan through the Freddie Mac Seller Servicer direct lending program. The 10-year, fixed-rate mortgage included 72 months of interest only.
Lastly, The Plaza comprises 113 independent living units across four stories on 3.8 acres, and opened in 2021. In 2023, CBRE arranged a refinancing for The Plaza on behalf of The Grant Companies. Will, Chiles, Matt Kuronen and Michael Cregan arranged the financing. CBRE originated a $38.35 million, 10-year loan with five years of interest only to effectuate the refinance through its Freddie Mac Optigo lending platform.
