SIMI VALLEY, CALIF. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley.
The Class A property, which opened in February 2022, totals 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants.
The C-PACE loan is being utilized to pay down senior debt and provide cash-out proceeds to the borrower for future projects. The borrower, Griffin Living, is a privately owned development firm based in Calabasas.
The financing features a 29-year term and a loan-to-value ratio of 24.4 percent. It is structured as a bridge refinancing.