Poppy Bank Lends $43M for Senior Housing in Southern California
By Greg Cornfield September 22, 2023 4:15 pm
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The owners of an assisted living and memory care community in Southern California have refinanced the property thanks to a new loan from Poppy Bank.
The regional bank provided $43.24 million in financing for the 86-unit facility in Westlake Village, Calif., next to Thousand Oaks, at the western boundary between Los Angeles and Ventura counties.
JLL (JLL) announced and arranged the five-year financing on behalf of the borrower, Westlake Senior Living Center. (The brokerage did not disclose the name of the regional bank that supplied the loan, however property records revealed it was provided by Poppy.)
The community, named Varenita of Westlake, features 58 assisted living units and 28 memory care units across three stories, as well as dining rooms, a bistro, an art room, a spa and salon, a movie theater, a fitness center with physical and occupational therapy, a wellness center, outdoor patios and walking paths. It’s at 95 Duesenberg Drive, near the intersection of East Thousand Oaks Boulevard, and less than one mile from the 101 Freeway.
The JLL team was led by Alanna Ellis and Ace Sudah.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
