California AL/MC Community Secures C-PACE Financing
The owner of a seniors housing community in Simi Valley, California, was evaluating a recapitalization of the asset and worked with Bayview to secure C-PACE financing. The borrower wished to return some equity for future investments while also reducing existing bridge debt. Bayview identified an opportunity to structure a look-back C-PACE loan against approximately $13 million of eligible costs, generating accretive proceeds that supported both sponsor liquidity and paydown of the existing bridge facility (without displacing senior debt). The loan came with a 29-year term and closed approximately six weeks after term sheet execution. Varenita of Simi Valley has been operated by... Read More »
Bond Proceeds to Fund California Seniors Housing Development
JLL and HJ Sims arranged $252.1 million in tax-exempt and taxable bond financing for the development of The Marisol, a 214-unit seniors housing community in Huntington Beach, California. It is currently under construction and set to open in 2028. HJ Sims acted as lead book-running manager on the senior bonds and JLL Securities served as co-manager and led the process in securing the investor for the subordinate bonds. JLL’s Senior Housing Capital Markets team, as real estate advisor, also collaborated on the project. The fixed- and floating-rate financing was structured into Series A senior bonds and subordinate Series B and C bonds, and was issued through the California Public Finance... Read More »
Tremper Capital Group Closes Several Financings
Tremper Capital Group showed off its variety with a series of financings closed for clients across the country. They included a construction loan, an acquisition loan, a bank refinance and a portfolio financing. First, the team closed non-recourse construction financing for an assisted living/memory care community in the Dallas-Fort Worth area. The financing supports the continued expansion of a high-quality seniors housing platform backed by Braemar Partners and operated by The Arbor Company. Construction projects are still getting done (and financed), as long as they are catering to high-income seniors in high-growth markets, with best-in-class operators, of course. Next, TCG closed... Read More »
Acquisition Financing Closed for Distressed California Community
Private debt fund and direct commercial real estate lender Wilshire Finance Partners closed an $8.15 million first lien bridge loan for the acquisition and repositioning of a distressed seniors housing community in California. The financing included reserves specifically allocated for capital improvements and operational support during the transition period. The assisted living community had been foreclosed on by its lender and placed into receivership as a result of operational and financial underperformance under the previous owner. The receiver made incremental improvements, but at the time of sale there was still plenty of upside potential. The financing was originated through... Read More »
Developer and Operator Secure Construction Financing
Another new development will soon be underway, with BLDG Real Estate and The Fellowship Family securing financing for a $100 million full-continuum community, Fellowship Wildlight. BLDG Real Estate is a real estate development firm that specializes in design, development and asset execution across multiple product types. The Fellowship Family is a multi-generational seniors housing owner/operator with a portfolio across the Southeast that offers independent living, assisted living, memory care and active adult units. Fellowship Wildlight is set to include 125 independent living units, eight active adult cottages, 48 assisted living units and 24 memory care units. The community will... Read More »Schedule a demo
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