Updated Jan 15, 2025
Harbert Seniors Housing Fund II Secures $40 Million Construction Loan For Development Site In Dublin
5751 Arnold Road
$40,000,000
Units
140
Asset Type
Development Site
Closing
Jan 15, 2025
About this deal
AI
The property is a development site located at 5751 Arnold Road in Dublin, California. A loan amount of $40,000,000 has been secured for the construction of a 140-unit assisted living and memory care facility. The loan is structured with a five-year term and 42 months of interest-only payments.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $40,000,000
- Lender: Live Oak Bank & Nuveen Green Capital
- Landlord: Harbert Seniors Housing Fund II
- Representative: Patrick McGonigle - Harbert South Bay Partners
- Loan Type: Construction
- Loan Terms: Five-year term and 42 months of interest-only payments
The financing for this project has been backed by a joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners. Additionally, the loan was supplemented by Nuveen Green Capital’s $39.6 million C-PACE loan, contributing to the total financing for the construction.
Players
Dublin Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93