CBRE National Senior Housing arranged a cash-out Agency refinance for an Independent Living community: Coastal Heights Senior Living (the “Community” or “Coastal Heights”). The Community is owned by a joint venture between Capitol Seniors Housing (“CSH”) and an institutional investor, (collectively the “Venture”). Coastal Heights is managed by Integral Senior Living (“ISL”), who has managed the Community over the last several years on behalf of the Venture.
 
Aron Will, Vice Chairman of CBRE National Senior Housing, and Adam Mincberg, Vice President of CBRE National Senior Housing, arranged a cash-out, 10-year floating rate loan with 5-years of interest only with total loan proceeds of $21.3MM through the Freddie Mac Optigo lending platform.

Coastal Heights is located in the city of Costa Mesa, California, sitting just one-mile from the Pacific Coast. Consisting of 148 Independent Living units, Coastal Heights is a premier, upscale seniors housing community situated in the heart of Orange County. At acquisition, the Venture acquired a sub-performing asset that was in need of a rejuvenation. In order to effectuate change at the asset-level, the Venture began extensive renovations to bring the Community up to commensurate market standards. By doing so, tremendous value was created by bringing the Community to full-stabilization through strong and sustained financial and operational performance. Once the renovations were completed, a successful re-leasing occurred and enabled the Venture to seek an Agency cash-out refinance.
  
CSH was founded in 2003 by Scott Stewart to capitalize on opportunities in the senior housing sector. CSH’s officers have 45+ combined years of industry experience and have been responsible for the acquisition/development of 4,185 senior’s units across the country totaling over $1 billion in asset value. Currently, CSH owns 28 properties across 3,288 units. Through a joint venture with Carlyle from 2003-2011, CSH invested over $750 million in 29 assets totaling 3,068 units.
 
ISL specializes in the management of senior Independent Living, Assisted Living and Memory Care communities, providing exceptional amenities, award-winning programs, chef-prepared meals and expert care.  Since their founding in 2002, ISL has been a leader in the senior living industry, putting into action their philosophy that expects the best for residents, associates, and owner/investors. ISL currently operates 69 total communities across 22 states and is the largest West Coast senior housing operator. In the state of California alone, ISL currently manages 26 communities with 10 located in the Los Angeles MSA and several assets in similar Orange County submarkets. Additionally, ISL manages on behalf of Solstice Senior Living, which includes another 30+ properties. ISL was recognized for four of their communities that received the Seniorly’s 2023 Best of Senior Living Award.