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Nexus affiliate secures $276M refinancing for two Newport Beach senior homes
Bank of America funded $140M for Vivante Newport Center, while JLL Real Estate Capital provided $136M for Vivante Newport Mesa.
A Nexus Development affiliate has secured $276 million in refinancing for two senior housing communities in Newport Beach, California, Commercial Observer reports.
Property records show Bank of America provided $140 million for Vivante Newport Center, and JLL Real Estate Capital supplied $136 million for Vivante Newport Mesa.
JLL Capital Markets arranged and announced the financing for the owner, and said the $140 million Newport Center loan works out to roughly $1.4 million per unit, one of the largest per-unit senior housing financings in the industry’s history.
Vivante Newport Center is a 99-unit, six-story property that opened in 2022, and Vivante Newport Mesa has 296 units across a 6.8-acre campus that opened in phases in 2013 and 2020.