$11.5MM Southern CA Senior Housing
- Total financing of $11.5MM
- LTC of 25% and CLTC of 90%
- 30 years fixed
- Capitalized Interest Period of 2.5 years
30 Years fixed
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.