Calson Management Scores $32M for Bay Area Senior Housing Project
JLL secured construction financing and joint venture equity.
Calson Management has secured $31.5 million in construction financing for the 93-bed Bascom Senior Living in San Jose, Calif. JLL arranged the four-year, floating rate loan, which was provided by City National Bank, on behalf of the borrower, according to Santa Clara county records. JLL also arranged joint venture equity, bringing RSF Partners on board.
Bascom Senior Living is planned to offer 83 units in a mix of studios, one- and two-bedroom floorplans. Units will include a 24-hour emergency response system, private baths with seated showers as well as individual air controls. Community amenities are slated to include dining rooms, a hobby room, a spa, a movie theater, laundry facilities, a fitness center and a wellness center.
Located on 1.2 acres at 2375-2395 S. Bascom Ave., the property will be less than a mile south of Pruneyard Shopping Center. Downtown San Jose is some 5 miles northeast of the future community, while the Kaiser Permanente Campbell Medical Offices are some 3 miles southwest. Several other retail, dining and entertainment options will be available within a 1-mile radius.
Senior Director Bercut Smith and Directors Alanna Ellis and Lillian Roos with JLL Capital Markets formed the debt advisory team that represented the borrower.
A growing pipeline
Calson Management already has eight senior housing communities in the California area, another six, Bascom Senior Living included, in construction, as well as three other properties in planning phases.
Last week, another recently completed Bay Area senior housing property secured $67 million in refinancing. Westmont of Milpitas is adding a total of 199 units to the market.