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4/12/22
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Calson Management has landed $16.275 mil in combined financing for the acquisition of two development land sites in northern California. The sites, in Livermore and Soquel, total 12.73 acres and will be used for the development of seniors housing communities.
One of the sites totals nine acres and is located at 1202 Concannon in Livermore (pictured). The site will be developed into a 128-unit seniors housing community offering assisted living and memory care. On-site community amenities will include designated dining rooms, a hobby room, spa/salon, movie theater, laundry facilities, a fitness center, wellness center and walking paths with open outdoor spaces.
The property is near local retail, entertainment and dining hubs and is a 10-minute drive from Stanford Health Care – Valley Care Memorial Center and Livermore Division – VA Palo Alto Health Care System. Additionally, the proximity to CA-84 provides access to San Francisco, Silicon Valley and the Central Valley in under an hour drive.
Situated on 3.73 acres at 5630 Soquel Dr in Soquel, the second land site will be developed into an 82-unit senior housing community near Santa Cruz. The site is a fully entitled assisted living and memory care development that Calson Management took through the entitlement process while the site was under contract.
Bercut Smith, Lillian Roos, Lauren Sackler and Ace Sudah with JLL Capital Markets arranged the $10.5 mil and $5.775 mil one-year, fixed-rate loans through Barnett Capital Limited.
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