MILPITAS, CALIF. — BWE has arranged $65 million in bond financing for Ivy Park at Milpitas, a seniors housing property in Milpitas. The financing was secured on behalf of a joint venture between Blue Mountain Enterprises and SRM Development. Oakmont Management Group is managing the property. Ryan Stoll and Taylor Mokris of BWE arranged the financing.
The loan was structured as a 15-year bond issuance, credit-enhanced by a letter of credit from Poppy Bank, and features five years of interest-only payments along with a favorable covenant structure. The financing provides the sponsor with enhanced flexibility and a long-term runway to complete lease-up and drive operational performance.
The four-story, 205,000-square-foot Ivy Park at Milpitas offers 199 independent living, assisted living and memory care units, as well as a subterranean parking garage. Community amenities include all-day dining at The Vine at Ivy restaurant, a fitness center, indoor heated pool, library, salon, movie theater and a landscaped outdoor courtyard. The community also offers 24-hour staffing, concierge services and a social calendar for residents.