California Luxury Senior Property Lands $28M Refi
- Feb 05, 2021
Owners Senior Resource Group and Collins Development Co. have landed $28 million in refinancing for their 105-unit La Vida Del Mar community in Solana Beach, Calif. Lument provided the Fannie Mae Seniors Housing program loan for the luxury assisted and independent living facility catering to residents 55 and over.
The 10-year debt has five year of interest-only payments and a 30-year amortization period. The loan settled existing debt, also providing significant cash-out proceeds.
Located just off Interstate 5 at 850 Del Mar Downs Road, the property sits between Del Mar, Calif., and Rancho Santa Fe, Calif., while Downtown San Diego is 20 miles south. The site is in proximity of the 370-acre Del Mar Fairgrounds event venue, where the annual San Diego County fair takes place.
Open since 1987, the one-and two-bedroom property received a license for assisted living services in 2007. The residential units include fully equipped kitchenettes, patios/balconies, walk-in closets and individual climate control. The community offers landscaped courtyards with covered seating, a fitness center, a heated swimming pool and spa, a media room, a library and a salon/barber shop.
Managing Director & Co-Lead of Lument’s western region seniors housing and healthcare production team Doug Harper led the financing efforts. In a recent deal, Lument provided a $21.5 million Freddie Mac note for the renovation of a 186-unit affordable community in El Paso, Texas.