Sarah Sitar new Real Estate blog post
A recent article in Healthcare Finance News describes a new financing project done by a large provider of commercial real estate and capital market services, HFF. They have recently arranged $72 million in financing for a brand new 185-unit senior citizen housing community in Costa Mesa, California in Orange County. The building is to be called Vivante on the Coast.
HFF was able to finance the borrower and the borrower’s developer, Nexus, to help secure a 3-year deal with a 3.75 floating rate loan through an unspecified finance company.
The building will be located in Costa Mesa, less than a mile away from Hoag Hospital in Newport Beach. The building was completed in September of 2013 and consists of a variety of independent, assisted living, and Alzheimer’s care units. The amenities in and around the building include an indoor pool, hair salon, putting green, movie theater, community lounge with a sports bar, yoga studio, fitness center, bocce ball court, large courtyards, and a two and a half acre park that includes a dog park. The building includes a 24-hour concierge service, culinary school, chauffeurs, on-site nurses, and a vet.
Newport Beach is one of the more popular beaches in the surrounding area. The area is known for it’s surfing, fishing, and sightseeing. It is home to the largest recreational boat harbor of the West Coast, and boating is immensely popular in the area. There is a 3-mile long concrete boardwalk that is very popular for bicyclist, walkers, runners, and other methods of exercise. There are also two golf courses in the area that rank among the top 100 greatest public golf courses in Golf Digest America. Newport Beach is also home to two popular farmers markets: one in Corona Del Mar and the other in Lido Village.
This is a great area for senior citizens to soak up the sun, relax, and spend time entertaining in their hobbies of choice. This blog post is based off of this article from Healthcare Finance News.