$35 million refinancing arranged by JLL Capital Markets for Southern California seniors community in Oceanside, CA

 

Olga Walsh 

SAN DIEGO, CA –  has arranged a $35 million construction-takeout refinancing for Ocean Hills Senior Living, a 216-unit, Class A seniors housing campus in Oceanside, California.

 

Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank.

 

Located at 4500 Cannon Rd, Ocean Hills Senior Living sits on a hilltop just 3.5 miles from the Pacific Ocean, at the north end of San Diego County. The property's strategic location provides exceptional surrounding demographics and easy access across the region via major freeways, including SR-78 and I-5.

 

Ocean Hills Senior Living is a resort-style complex offering a mix of independent living, assisted living and memory care units in studio, one- and two-bedroom layouts.

 

Greg Spiro

The assisted living/memory care phase of the property was delivered in 2019, with the independent living portion opening in 2021. Initially hampered by COVID, occupancy rates have steadily increased, driven by strong demographic trends and limited inventory growth. The campus reached initial stabilization in Q4 2023.

 

"Despite strong lender interest in the opportunity given its prime location, quality of the community and reputable sponsorship, most offers fell short of the ask," said Walsh. "The regional bank solution provided advantageous loan terms, including higher proceeds and aggressive pricing.”

 

“It was a real pleasure working with the JLL team. Despite having to navigate incredibly challenging circumstances, they never gave up and continued to maintain a level of professionalism that was exceptional,” said Greg Spiro of Protea Capital Partners.

 

 Jack Wood

The JLL Capital Markets Debt Advisory team was led by Director Olga Walsh and Analyst Jack Wood, alongside the JLL Seniors Housing team.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

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JLL

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