$13MM • Simi valley, CA
- Total financing of $13MM
- 29 Year Term
- Capitalized Interest of 18 Months
Bridge Loan – Refinance
Assisted Living & Memory Care
29 Year Term
The borrower sought to refinance Varenita of Simi Valley, a Class A senior living property that opened in February 2022. The property totals 97,000 square feet and has 102 units for Assisted Living, and Memory Care needs. Its location in the heart of Griffin Plaza in Simi Valley, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants.
Bayview structured a unique “look-back” CPACE loan, refinancing sponsor for $13MM in PACE-eligible costs and unlocking additional value in the asset through a cash-out transaction to equity and pay-down of the existing bridge loan.