NorCal Senior Housing Property Lands $26M Refi
- Apr 03, 2019
Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, a 148-unit Class A assisted living and memory care community in Fairfield, Calif. Cushman & Wakefield worked on behalf of the developers, a joint venture between Blue Mountain Enterprises and Calson Management, while PNC Bank provided the financing.
Located at 4625 Mangels Blvd. in Fairfield, the property is close to Cordelia Junction and roughly 45 miles from Oakland International Airport. The two-story community, completed in the fall of 2016, consists of 112 assisted living units and 36 memory care units. Common-area amenities feature courtyards and community seating areas, a dining room, theater room, full-service salon and spa, as well as a a library and media room.
The Cushman & Wakefield team which secured the financing included Senior Director Aaron Rosenzweig, Executive Director Jay Wagner and Associate Sam Dylag.
“The property recently completed its lease up and PNC’s permanent financing execution matched our client’s business plan to position the community for long-term operational and financial success,” said Rosenzweig in prepared remarks.
According to the National Investment Center for Seniors Housing & Care, the overall occupancy rate for senior housing in the U.S. was at 88 percent in the fourth quarter of 2018.