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4/26/16
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Construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care retirement community in Goleta, CA, can move forward, thanks to $21.9 mil in construction and permanent financing arranged by CBRE Capital Markets’ Debt & Structured Finance team, in collaboration with its Federal Housing Administration (FHA) lending platform.
Located at 190 Via Jero Drive in Goleta—formerly 7600 Hollister Avenue—Mariposa at Ellwood Shores will be a 60.9k sf, two-story residential care community with 64 assisted living beds along with a 20-bed memory care extension. The project will be owned by Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke.
Operations of Mariposa will be run by Westmont Living, whose founders have managed and developed senior residential healthcare collectives for nearly 20 years. Services provided by Mariposa at Ellwood Shores will include room and board, social activities, three daily meals, scheduled transportation and 24-hour supervision.
Mariposa at Ellwood Shores has a tranquil setting with the benefits of an urban municipal. The property will sit directly opposite from the Goleta Monarch Butterfly Grove and across from the Sandpiper Golf Course.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, 100 percent non-recourse, fixed-rate loan with two years interest-only on behalf of the borrower. The loan was secured through the FHA’s streamlined LEAN Healthcare Program administered by the Office of Residential Care Facilities (ORCF).
“This asset represents a phenomenal opportunity to introduce a state-of-the-art retirement community in a market that is adverse to any kind of development,” said Behrens, Vice Chairman, CBRE Capital Markets. “In fact, the seven years it took to entitle the project will likely leave this market without any additional competition for years to come.”
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