Seniors Housing Tidbits

Wachovia Completes $11.2 Million Refinancing of Hillsborough Village

Komar Investments, a multi-million holding company based in Newport Beach, Calif. that is engaged in a variety of public and private investments, has successfully refinanced an $11.2 million loan on Hillsborough Village, a senior living community in Chino, Calif.

Wachovia Multifamily Capital’s Fannie Mae group provided the refinancing on the 196-unit property. The refinanced loan runs for a six-year term, at a fixed rate of 5.82%. Holliday Fenoglio Fowler, a commercial mortgage banker, placed the loan on behalf of Komar Investments.

Hillsborough Village is located north of the Pomona Freeway in Chino and is about 30 miles east of Los Angeles. The facility offers assisted-living and independent living units. Care for seniors with Alzheimer’s and dementia also is available at the facility.

Located on a 5.8-acre site, the property includes three residential buildings offering 100 one-bedroom units and 95 two-bedroom units. There is also a single three-bedroom unit. For seniors who are looking to be active, Hillsborough Village offers community amenities such as a clubhouse, swimming pool and a spa.

KeyBank Finances Three Seniors Housing Facilities

KeyBank Real Estate Capital has provided $29 million in financing, in the form of a Fannie Mae loan, for the purchase of three seniors housing properties by San Diego-based Pacifica Cos.

The properties financed are located across the country. The financing includes a $10.7 million loan on a 78-unit property in Bakersfield, Calif.; a $9.3 million loan on an 86-unit property in Virginia Beach, Va.; as well as a $9 million loan backed by a 87-unit property in Wilmington, N.C.

KeyBank officials say that they are particularly interested in seniors housing as part of the commercial lender’s strategic plan for 2008. KeyBank has an active health care business.

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