A Nexus Development affiliate has landed $ 276 million in refinancing for two senior housing communities with 395 units in Newport Beach, Calif.
Property records show that Bank of America provided a $140 million loan to Alive Newport Centerwhen JLL Real Estate Capital available $ 136 million for Vivant Newport Mesa. JLL Capital Market arranged and announced financings for the owner there, but refused to identify the lender.
The $140 million loan for Newport Center’s 99 units could be about $1.4 million per unit, which is one of the largest financings per unit in the history of the senior housing industry, according to JLL. The six-story property is set to open in 2022 on San Clemente Drive with a restaurant, cocktail bar, fitness center, indoor pool, theater, bowling alley and golf simulator. It’s also close Fashion Island and Hoag Hospital Newport Beach.
Meanwhile, Vivante Newport Mesa includes 296 units on a 6.8-acre campus on Monrovia Avenue. The property opened in phases in 2013 and 2020 with a three-story building and a four-story building. It’s close South Coast Plaza.
JLL Greg Brown and Aaron Rosenzweig represented by private developer Nexus Development.
Gregory Cornfield can be reached gcornfield@commercialobserver.com.