Atria Senior Living Lands $52M Refi of SoCal Senior Living Facility
By Nick Trombola August 15, 2024 1:55 pm
reprints
A senior living facility in one of the most affluent cities in California just clinched a new financing package from Midcap Financial.
A partnership between Atria Senior Living and an unnamed real estate investment trust secured a $52 million, floating-rate, first mortgage loan tied for Atria Newport Beach, a 168-unit complex at 393 Hospital Road in Newport Beach, Calif.
JLL Capital Markets’ Aaron Rosenzweig and Dan Baker represented the borrowers in the deal, but a spokesperson for JLL declined to confirm the name of the REIT involved. The brokers also did not immediately respond to requests for more information.
The three-story buildings comprising the complex have been renovated. A newly rebuilt, 75,000-square-foot South Building opened in 2021, while the 45,000-square-foot North Building, originally built in the 1960s at 4000 Hilaria Way, was fully renovated in 2023.
“Much of what we’ve seen through COVID-19 has confirmed the direction we were heading with new communities like Atria Newport Beach,” John Moore, former Atria Senior Living chairman and CEO, said in 2021. “Before the pandemic, we had already shifted our design focus to include things like larger apartments with kitchenettes and full-sized refrigerators, large and open communal spaces, more access to outdoor spaces, a heavy focus on daylighting, and using technology.”
Representatives for Atria Senior Living and Midcap did not immediately respond to requests for comment on the latest deal.
Atria’s new loan for the Newport Beach facility is not the only senior living investment happening in Southern California lately. An affiliate of GHC Companies last month paid $33.8 million for the Seville Gardens Apartment Community in Huntington Park, Calif., about 4 miles south of Downtown Los Angeles.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
