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1/13/17
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Elder Care Alliance has acquired The Villa at San Mateo, a 135-unit independent living senior apartment and mixed-use community in San Mateo.The purchase was financed with a $30.4 mil loan arranged by CBRE Capital Markets’ Debt & Structured Finance team.
The charming and historic 4.5-acre property was originally built as The Villa Hotel and converted to apartments in 2006. The property boasts community amenities such as a resort-style pool, community room, game room, library, theatre room, and fitness center. The property also contains 9.9k sf of commercial space that consists of a restaurant and five other retail spaces.
The Villa at San Mateo is located on El Camino Real, just minutes away from the Hillsdale Shopping Center, which is currently undergoing a 290k sf expansion. The property is located less than three miles away from Downtown San Mateo, providing residents with thriving shopping, dining, and entertainment options; 20 miles south of San Francisco, 15 miles north of Palo Alto, with great access to I-280, CA-101, and the San Mateo Bridge.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, fixed-rate loan. The loan was provided by Fannie Mae.
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