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Vista at Simi Valley

Vista at Simi Valley

$15,000,000 Bridge Loan

Simi Valley, CA | August 2021

Thorofare Capital has funded an $15,000,000 bridge loan for the refinancing of Vista at Simi Valley, a 2020-built, 100-bed assisted living and memory care facility located in Simi Valley, California.

At the time of loan origination, the property was 46%-occupied and absorbing an average of five units per month through its lease up.  Northstar Senior Living, a California-based seniors housing management company with over 35 communities in its management portfolio across 8 states, controls day-to-day operations at the property.

Per global commercial real estate services firm Cushman and Wakefield, there is demand for an additional 1,358 assisted living and memory care beds within 10-miles of Vista at Simi Valley, demonstrating the under-supplied primary market fundamentals.

The Property offers a range of services including health monitoring, emergency response systems in each apartment, concierge services, 24-hour staffing, schedule transportation, weekly laundry and linen services, rehab services, and various daily activities.  Additionally, on-site amenities include anytime dining, a salon and spa, fitness center, theater, activity room, courtyard with barbeque grills, and a computer lounge and library.

The 18-month, interest-only loan includes an extension option and flexible prepayment optionality.

The sponsor is a Los Angeles-based private real estate investor that specializes in ground up development, value-add acquisitions and seniors housing.