Pacifica Refinances 9 Senior Housing Properties for $78M
- Jul 28, 2017
Pacifica Cos. has obtained a $77.7 million loan to refinance a portfolio of nine senior housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding.
Pacifica Cos. is a real estate developer, owner, investor and investment manager. Its portfolio includes about $3 billion in office, industrial, retail, net-leased single-tenant, multifamily, residential, senior housing and hospitality properties, as well as land for development.
Inside the loan
Capital One provided the loan. This is the second transaction that Capital One has closed with Pacifica.
“We were also able to build in an earn-out that will allow the company to recapture additional equity as property performance improves, as renovated units lease up,” said Dague Retzlaff, senior vice president for Capital One Healthcare.
Capital One Healthcare does deals in senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices. The company finances acquisitions, refinances existing debt, supports working capital needs and funds growth initiatives.