COSTA MESA, CA—HFF has arranged $72 million in financing for Vivante on the Coast, a 185-unit, newly-built seniors housing community in Orange County.
HFF worked on behalf of the borrower and borrower’s affiliated developer, Nexus Companies, to secure the three-year, 3.75% floating-rate loan through a specialty finance company.
Vivante on the Coast is located at 1640 Monrovia Avenue in Costa Mesa, less than a mile from Hoag Hospital in Newport Beach. Completed in September 2013, Vivante on the Coast consists of a mixture of independent, assisted and memory care units. Community amenities include an indoor saltwater pool, salon, putting green, theater, lounge, sports bar, yoga and fitness facilities, bocce ball court, wine lockers, large outdoor courtyards and a 2.5-acre park with designated dog park. Additional amenities include a superior culinary program, chauffeur service, 24-hour concierge, on-site nurses, and pet care.
The HFF team representing the borrower and Nexus was led by managing director James Fowler and director Charles Halladay.
“Vivante on the Coast is well positioned to take advantage of a supply-constrained market with high barriers to entry. The quality of design, construction and customer service is unmatched in the market and yet their pricing is very competitive. The experienced and compassionate team makes Vivante a truly unique option for seniors in our community,” commented Fowler.
Founded in 1981, Nexus is a real estate development firm with offices in Santa Ana, California and Phoenix.