Bayview PACE Closes on $13 Million in C-PACE Financing
for Innovative ‘Look-back’ Funding of 102-Unit Senior Housing Asset
Proceeds of Commercial Property-Assessed Clean Energy financing for senior housing retires more expensive capital, unlocks value for redeployment
Coral Gables FL and Simi Valley, CA (March 9, 2023) – Bayview PACE today announced the closing of $13 million in innovative Commercial Property Assessed Clean Energy (C-PACE) financing for the existing Varenita of Simi Valley senior housing community in Simi Valley, CA.
Varenita of Simi Valley, a Class A property which opened in February 2022, totals 97,000 square feet of space with 102 units for Assisted Living and Memory Care needs. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. Varenita’s amenities include multiple dining rooms, family lounges, a fitness center, beauty salon, library, game room, movie theater, and a bistro.
The C-PACE loan proceeds are being utilized to pay down senior debt and also to provide cash-out to the sponsor for future projects.
The sponsor, Griffin Living, is a privately-owned development firm based in Calabasas, CA. It has delivered more than 2,400 senior housing units primarily in California and Georgia. Griffin Living focuses its senior housing development on high-end properties in high barrier to entry markets.
“This kind of deal is welcome news in senior housing, multi-family and other commercial real estate, as many project sponsors are looking to revise and improve the capital stack on recent construction,” said Jason Clouet, Vice President of Bayview PACE. “Companies with real estate assets, commercial real estate developers and property investors are unlocking value by using C-PACE retroactively in many states where it’s enabled.”
“We’re pleased to have closed this important transaction that demonstrates a critical look-back feature of C-PACE,” said Bayview Senior Vice President Anne Hill. “C-PACE offers unusual flexibility and beneficial terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components. Packaged with construction or bridge financing, it’s an ideal solution. Our end-to-end financing capabilities leverage the expertise of our team and strength of our network to deliver a market-leading solution for commercial real estate projects of all kinds, from student, senior and multi-family housing to industrial, hospitality, retail, office, mixed-use and more.”
Commercial Property-Assessed Clean Energy financing (C-PACE) provides an optimal capital source for property owners to make energy-efficient and renewable building upgrades, fund new construction and provide rescue capital towards recovery from the pandemic. With program legislation currently enabled in 37 states, C-PACE is quickly growing in popularity among real estate owners and financial institutions looking to serve them.
About Bayview PACE
Bayview PACE offers creative financing solutions that combine construction, bridge and C-PACE lending. Unlike most PACE-only providers, Bayview PACE works with commercial property owners and developers to provide a full capital stack solution. Bayview PACE is a division of Silver Hill Funding, LLC. NMLS# 1564077 www.nmlsconsumeraccess.org