LIVERMORE AND SOQUEL, CA. – JLL Capital Markets has arranged $16.3 million in acquisition financing for two lots totaling 12.7 acres for the development of senior housing communities in the Bay Area municipalities of Livermore and Soquel.
JLL worked on behalf of the borrower, Calson Management, to secure the fixed rate loans of $10.5 million and $5.8 million over one year through Barnett Capital Limited.
The first site totals nine acres and will be developed into a 128-unit senior housing community offering assisted living and memory care. The property is close to local shopping, entertainment and dining centers and close to Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System.
Located on 3.7 acres, the second lot will be developed into an 82-unit senior housing community near Santa Cruz. The site is a fully licensed assisted living and memory care development that Calson Management went through the eligibility process while the site was under contract.
Bercut Smith, Lillian Roos, Lauren Sackler and Ace Sudah led the JLL Capital Markets debt advisory team representing the borrower.