Bank of America, JLL Provide $276M Refi for SoCal Senior Housing – Commercial Observer
A Nexus Development affiliate has landed $276 million in refinancing for two senior housing communities with 395 units in Newport Beach, Calif.
Property records show that Bank of America provided the $140 million loan for Vivante Newport Center, while JLL Real Estate Capital provided $136 million for Vivante Newport Mesa. JLL Capital Markets arranged and announced the financings for the owner on Friday, but declined to identify the lenders.
The $140 million loan for the 99-unit Newport Center loan works out to roughly $1.4 million per unit, which is one of the largest financings on a per-unit basis in the senior housing industry’s history, according to JLL. The six-story property opened in 2022 on San Clemente Drive with restaurants, a cocktail bar, a fitness center, an indoor pool, a theater, a bowling alley and a golf simulator. It is also near Fashion Island and Hoag Hospital Newport Beach.
Meanwhile, Vivante Newport Mesa includes 296 units across a 6.8-acre campus on Monrovia Avenue. The property opened in phases in 2013 and 2020 with a three-story building and a four-story building. It is near South Coast Plaza.
JLL’s Greg Brown and Aaron Rosenzweig represented privately held developer Nexus Development.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
