Nexus Development Secures $276 Million Refinance For Senior Housing Communities In Newport Beach

The transaction involved two senior housing communities located at 850 San Clemente Drive and 1640 Monrovia Avenue in Newport Beach and Costa Mesa, CA, consisting of a total of 395 units. The loan amount secured through refinancing was $276 million, which included a $140 million loan for Vivante Newport Center and a $136 million loan for Vivante Newport Mesa.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $276,000,000
• Lender: Bank of America
• Landlord: Curt Olson - Nexus Development
• Brokers: Greg Brown & Aaron Rosenzweig - JLL
• Units: 395
• Market: Newport Beach & Costa Mesa, CA
• Loan Type: Refinance

JLL Capital Markets facilitated the refinancing for Nexus Development, with Greg Brown and Aaron Rosenzweig representing the company in the deal. The loan for Vivante Newport Center was provided by Bank of America, while the lender for Newport Mesa remains undisclosed.