$16.275M in financing secured for Bay Area development sites
JLL Capital Markets arranged two separate loans for acquiring the sites, which will be used for seniors housing developments
SAN FRANCISCO, April 11, 2022 – JLL Capital Markets announced today that it has arranged $16.275 million in acquisition financing for two land sites totaling 12.73 acres for the development of seniors housing communities in Livermore and Soquel, California.
JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.775 million one-year, fixed-rate loans through Barnett Capital Limited.
The first site is located at 1202 Concannon and totals nine acres. 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., 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.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Bercut Smith, Director Lillian Roos and Analysts Lauren Sackler and Ace Sudah.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Calson Management
The Reyes family (partners and managers) have been involved in Senior Living for more than 50 years. The second generation is now creating unique, specialized communities for seniors throughout California. Their family and their team members work to provide safe, engaging and comfortable communities.