Protea Capital Obtains $35M Refi for San Diego Senior Community

Protea Capital Partners has received $35 million in refinancing for the 216-unit Ocean Hills Senior Living community in Oceanside, Calif. JLL Capital Markets arranged the five-year, fixed-rate loan that takes out the existing construction note.

Completed in phases between 2019 and 2021, Ocean Hills is a resort-style senior housing community that provides independent living, assisted living and memory care services. Amenities include a movie theater, pickleball courts, a sports bar/restaurant, a convenience store, a pool and spa and a fitness center, as well as a country club and golf course.

Units have studio, one- and two-bedroom layouts. Sizes range from 522 to 1,099 square feet for the independent living residences and from 365 to 972 square feet for the assisted living units. Memory care units measure 305 and 366 square feet.

Located at 4500 Cannon Road, the property is less than 8 miles from Interstate 5, which connects Oceanside to San Diego. Tri-City Medical Center is roughly 3 miles away.

JLL Director Olga Walsh and Analyst Jack Wood from the Debt Advisory team, alongside the firm’s Senior Housing team, arranged the financing.