$12.5MM • Southern, CA
Transaction Highlights
- Total financing of $12.5MM
- LTC of 25% and CLTC of 90%
- 30 years fixed
- Capitalized Interest Period of 2.5 years
c-pace
$12.5MM
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 107-unit/113, 77,200 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 $12.5MM 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.
