Cushman & Wakefield Arranges Equity, Construction Debt for $70M Seniors Housing Project in Folsom, California
FOLSOM, CALIF. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom, a seniors housing property in the Sacramento suburb of Folsom.
Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan.
The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center featuring national retailers such as Nordstrom, Sephora, Barnes & Noble, movie theaters and a Whole Foods Market.
Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer represented the borrower in the transaction.