$11.5MM Southern CA Senior Housing

Transaction Highlights

  • Total financing of $11.5MM
  • LTC of 25% and CLTC of 90%
  • 30 years fixed
  • Capitalized Interest Period of 2.5 years
c-pace

$11.5MM

LTV:

25%

type:

New Construction

Building:

Senior Housing

TERM:

30 Years fixed

Status:

Closed

Project Description

The borrower was seeking financing for the development of a 106-unit/113, 91,623 sq ft GBA garden-style senior living campus. The property is 100% private pay and consists of 82 Assisted Living units and 24 memory care units in a separate wing.

Bayview provided $11.5MM in C-PACE financing for the construction project. The borrower planned on refinancing the property with a long-term high leverage HUD loan, and C-PACE allowed the sponsor the flexibility to finance the project at 90% combined loan to cost.