Cushman & Wakefield Arranges $30.3M in Financing for Construction of 111-Unit Seniors Housing Community Near San Diego
CHULA VISTA, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged $8.3 million in institutional equity capital and $22 million in construction debt for a joint venture between Douglas Wilson Cos. and Milestone Retirement Communities LLC.
The borrowers will use the financing to build a 111-unit assisted living and memory care community within the Otay Ranch master-planned development in the San Diego suburb of Chula Vista.
The community will consist of a two-story building on a 4.5-acre site with easy access to downtown San Diego. The project will offer 85 assisted living units and 26 memory care units. Milestone Retirement Communities will manage the property.
Construction on the site is slated to begin this month for an anticipated opening in the fall of 2018.
Wells Fargo is providing the construction loan. The Cushman & Wakefield team of Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Alex Petrosian arranged the financing.