San Diego Senior Housing Lands $82M Refi
Fannie Mae has provided its first Green Rewards loan for Paradise Village, a 394-unit Class A community in National City, Calif.
By Beata Lorincz
Walker & Dunlop Inc. has structured an $82 million loan for Paradise Village, a 394-unit senior housing community in National City, Calif. The transaction is Fannie Mae’s first Green Rewards loan for a retirement property.
Paradise Village was developed by a joint venture of Generations Senior Living (Generations) and a faith-based, nonprofit hospital. Replacing the previous construction loan, the Class A community received a new, 10-year loan, with two years of interest-only payments and a 30-year amortization schedule. The transaction also supplied cash-out to enable the financing of a new memory care facility, upon stabilization.
Walker & Dunlop’s team included Managing Director Jeff Ringwald and Senior Vice President Bill Jackson.
“We worked closely with the Fannie Mae team to leverage the Green Rewards program and deliver exceptional terms, which included the desired loan proceeds and a very low rate for (Generations),” said Ringwald, in prepared remarks.
The site is located at 2700 East 4th St., next to the Paradise Valley Hospital, with retail, entertainment and leisure facilities close by. Paradise Village was constructed in 2009 and comprises seven four-story buildings. Community amenities include:
- beauty salon/barber shop with spa
- billiard lounge
- hobby shop
- art studio
- residents garden
- swimming pool
Generations is currently installing an energy-efficient solar and battery pack system, as part of the Green Rewards program, which will provide significant utility savings.
Image courtesy of Walker & Dunlop Inc.