Updated Dec 4, 2024
Protea Capital Partners Secures $35 Million Refinance For Ocean Hills Senior Living In Oceanside
4500 Cannon Road
$35,000,000
Units
216
Asset Type
Senior Housing
Closing
Oct 6, 2024
About this deal
AI
The asset involved in the transaction is a 216-unit senior housing campus located at 4500 Cannon Road, Oceanside, California. The property is designed to cater to the needs of seniors and is part of the Oceanside market.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $35,000,000
- Loan Type: Refinance
- Loan Terms: five-year, fixed-rate loan
- Landlord: Greg Spiro - Protea Capital Partners
- Brokers: Jack Wood & Olga Walsh - JLL
- Units: 216
The refinancing was secured by JLL on behalf of Protea Capital Partners and obtained through a regional bank, facilitating the project's stabilization after initial occupancy challenges related to COVID-19.
Players
Oceanside Senior Housing Market Snapshot
Boundary boundary · Senior Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93