A subsidiary of Nexus Development has received US$276 million in refinancing for two senior living communities with a total of 395 units in Newport Beach, California. This transaction ranks among the largest in the senior living sector, particularly in terms of value per unit.
Records show that Bank of America provided a US$140 million loan for the Vivante Newport Center property, while JLL Real Estate Capital contributed US$136 million for Vivante Newport Mesa. JLL Capital Markets arranged the financing for the owner and announced it on Friday.
Vivante Newport Center: A Record Financing
The US$140 million loan for the 99-unit Vivante Newport Center property amounts to approximately US$1.4 million per unit. According to JLL, this represents one of the highest per-unit financings in the history of the senior living industry. The six-storey property opened in 2022 on San Clemente Drive and offers upscale amenities.
- —Multiple restaurants
- —A cocktail bar
- —A fitness centre and an indoor pool
- —A theatre, a bowling alley, and a golf simulator
The location of the property is also noteworthy, as it is close to Fashion Island and Hoag Hospital Newport Beach, thus offering an attractive environment for its residents.
Vivante Newport Mesa: An Established Presence
Vivante Newport Mesa, meanwhile, comprises 296 units on a 6.8-acre campus on Monrovia Avenue. The property opened in several phases between 2013 and 2020 with a three-storey and a four-storey building. This property is also strategically located, near the well-known South Coast Plaza.
Greg Brown and Aaron Rosenzweig of JLL represented the private developer Nexus Development in this extensive transaction. These financings underscore the continued appeal and investor interest in the senior living segment in Southern California.
