CFG Provides $32.9M Construction Financing for Assisted Living, Memory Care Facility in Temecula, California
TEMECULA, CALIF. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula.
The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego.
The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion.
The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy or other projects and make repayments via an assessment on the property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.