Fremont Investment & Loan provided the short-term fianncing. Senior Resource sourced the loan through Jerry Wise of Holliday Fenoglio Fowler's Los Angeles office.
Senior Resource Group and its investor/partner, Starwood Opportunity Fund, own and operate independent-and assisted-living and dementia-care communities in California, Arizona, Oregon and Nebraska.
Wise says his firm "worked with the lender for several months," demonstrating the feasibility the project during a time when senior housing is "out of favor with the lending community."
"Fremont grew comfortable ... when we demonstrated the inherent demand for this type of housing at a similar project Senior Resource Group recently completed in Sherman Oaks," he says.
Maravilla, on 20 acres at the base of the Santa Ynez Mountains, will offer a pool and spa, as well as social, cultural and recreational activities. One-quarter of the residences will consist of independent living cottages and apartment homes.
Completion is scheduled for spring 2003.
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