Mesa West Capital provided a joint venture led by SRM Development with $67 million in short-term, first mortgage debt to refinance Westmont of Milpitas, a recently opened 199-unit senior housing community in the Silicon Valley community of Milpitas, California. Completed in late 2020 and opened in February 2021, the four-story community has 163 assisted living, 28 memory care and eight independent living units. There are also lounge areas, an indoor pool, fitness room, theater/chapel and a library, among other amenities.
The community is located within seven miles of four full-service hospitals and medical centers. Its location serves another advantage, as there is little competition with all three levels of care in a five-mile radius of the community. Lease-up has understandably been slow during the pandemic, but SRM believes that its operating partner Westmont Living can fill it up quickly. Westmont owns and operates 17 seniors housing communities, primarily in California, so it has regional scale and a local presence.
Matt Snyder led the origination team from Mesa West’s Chicago office. Proceeds from the five-year, floating rate, non-recourse loan pays off the existing construction loan on the property.
