CA Senior Community Lands $10M in Construction Financing
- Apr 12, 2018
Walker & Dunlop Inc. has provided a $10 million construction loan for the upcoming Vine Ridge senior community in California‘s Sonoma County. The 51-unit assisted living property in Cloverdale, Calif., received financing through the United States Department of Housing and Urban Development (HUD).
Walker & Dunlop’s team, led by Senior Vice President Kevin Giusti, structured the loan using HUD’s Section 232 program for retirement communities. The borrower obtained a non-recourse, fixed-interest-rate mortgage throughout the construction period with a 40-year permanent term.
Cloverdale, located along the Russian River in one of California’s largest wine grape-producing counties, offers a variety of cultural, dining and sports activities. According to Cloverdale Reveille, the Arcata, Calif.-based Danco Group’s community at 227 Treadway Drive was first approved in 2007. The development will comprise a two-story, 42,000-square-foot building situated on a 2.5-acre parcel. Vine Ridge will feature common-area amenities, such as:
- reception lobby
- great hall
- activity room
- lounge areas
- espresso and beverage bar
“This is an excellent opportunity to provide senior living in an area of increasing demand and limited supply,” said Giusti, in prepared remarks. “Vine Ridge will be the newest senior living facility delivered to the area in a decade, and projections indicate an influx of senior residents will continue throughout the next few years.”
Image via Google Street View