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8/06/25
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A joint venture between Blue Mountain Enterprises and SRM Development has obtained $65 mil in bond financing for Ivy Park at Milpitas, a 199-unit senior living community located in Milpitas, just minutes from downtown San Jose. The financing was arranged by BWE.
Ivy Park at Milpitas is a Class A community offering independent living, assisted living, and memory care. The four-story, steel-and-concrete constructed property spans over 205k sf and includes subterranean parking—a rare and valuable feature in the market.
Residents benefit from a robust amenity package that promotes wellness, engagement, and comfort, including all-day dining at The Vine at Ivy restaurant, a fitness center, indoor heated pool, library, salon, movie theater, and a landscaped outdoor courtyard. With 24-hour staffing, concierge services, and a dynamic social calendar, Ivy Park delivers a high-quality lifestyle in one of the most supply-constrained and affluent senior housing markets in the country.
The community is managed by Oakmont Management Group, one of the nation’s leading senior housing operators. Oakmont recently implemented a number of targeted operational enhancements that were underwritten into the bond financing, reinforcing the long-term viability of the community.
BWE’s Ryan Stoll and Taylor Mokris arranged the new financing. The loan was structured as a 15-year bond issuance, credit-enhanced by a letter of credit from Poppy Bank, and features five years of interest-only payments along with a favorable covenant structure. The financing provides the sponsor with enhanced flexibility and a long-term runway to complete lease-up and drive operational performance.
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