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9/21/12
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OC-based KBS Strategic Opportunity REIT has originated a $35.75 mil first mortgage loan secured by Ponte Palmero, a 239-unit continuing care retirement community in Cameron Park, CA, about 33 miles east of Sacramento. The borrower of the loan is not affiliated with KBS Strategic Opportunity REIT or its affiliates.
The loan bears interest at a floating rate with an initial rate of no less than 11 percent, increasing annually to a floating rate of no less than 18 percent during the third year of its term. The loan will mature Oct. 1, 2015.
Situated along Hwy 50, Ponte Palmero offers easy access to Sacramento, Folsom and Roseville. The 26-acre complex, developed in 2008, contains 100 assisted-living, 104 independent-living and 35 memory-care units. One-, two- and three- bedroom residences range from 752 sf to 1.5k sf, and are supported by onsite amenities such as a 8k sf club house, library, swimming pool and fitness center.
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