BOSTON– As exclusive advisor to a joint venture between Blue Mountain Enterprises Inc. and Calson Management, Cushman & Wakefield Senior Housing Capital Markets has arranged a $26.4 million first mortgage loan to refinance Rockville Terrace, a 148-unit Class-A assisted living and memory care community located in Fairfield, California which delivered in the Fall of 2016. PNC is providing the financing via their agency platform.
The community was jointly developed by Vacaville, CA based developer and general contractor Blue Mountain Enterprises and California-focused regional operator Calson Management.
Calson will continue to operate the building. Rockville Terrace was the second ground-up development between Calson Management and Blue Mountain, a leading commercial and residential real estate development and construction firm. The community consists of 148 total units (112 AL/36 MC) in a two-story building in the bedroom community of Fairfield.
The Cushman & Wakefield team involved in the transaction included Senior Director Aaron Rosenzweig, Executive Director Jay Wagner, and Associate Sam Dylag.
“We are extremely pleased to be able to arrange the financing on Rockville Terrace through PNC for this exciting and expanding partnership of Blue Mountain and Calson. The Property recently completed its lease up and PNC’s permanent financing execution matched our client’s business plan to position the community for long-term operational and financial success. The expansion of the relationship between a best-in-class lender like PNC and this leading, local senior housing partnership is an exciting outcome for all parties,” said Rosenzweig.
Blue Mountain is a fully integrated real estate company which functions as a developer and general contractor. The firm serves as a full service real estate construction service provider and has also been active in the property rehabilitation market. Blue Mountain is actively involved in variety of activities including land development, project design, construction, finance and operations for single family, multi-family and assisted living projects.
Calson Management, founded by Jason Reyes, is an ambitious senior housing sponsor with a specific focus on growing a luxury senior housing platform in the state of California. Mr. Reyes was inspired to enter the senior housing sector by his mother who served as an Executive Director for many years at multiple senior housing facilities in Northern California. Seeing ways to improve the lives of seniors based on the communities his mother managed, Mr. Reyes embarked on developing and operating communities on his own.
Currently the Operator oversees the management of 260+ units of assisted living and memory care with another 375+ in various stages of development throughout California. The Operator’s success to date in development and operations provides a wealth of knowledge and excellent foundation for future expansions in California.