$13MM • Simi valley, CA
Transaction Highlights
- Total financing of $13MM
- PACE LTV: 24.6%
- CLTV: 82.5%
- 1 year of interest only
- Capitalized Interest of 18 Months
c-pace
$13MM
Location:
CA
type:
Bridge Loan – Refinance
Building:
Assisted Living & Memory Care
TERM:
29 Year Term
Status:
Closed
Project Description
The borrower sought to refinance Varenita of Simi Valley, a Class A senior living property that opened in February 2022. The property totals 97,000 square feet and has 102 units for Assisted Living, and Memory Care needs. Its location in the heart of Griffin Plaza in Simi Valley, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants.
Bayview structured a unique “look-back” CPACE loan, refinancing sponsor for $13MM in PACE-eligible costs and unlocking additional value in the asset through a cash-out transaction to equity and pay-down of the existing bridge loan.
