As exclusive advisor to a joint venture between Blue Mountain Enterprises Inc. and Calson Management, Cushman & Wakefield Senior Housing Capital Markets has arranged an $23.75 million construction loan for the development of The Lodge at Glen Cove, a 142-unit Class-A assisted living and memory care community located in Vallejo, California, on the waterfront of the San Francisco Bay overlooking Carquinez Strait. The community will be operated by California-focused regional operator Calson Management with the financing provided by PNC. The Lodge at Glen Cove is the fourth ground-up development between Calson Management and Blue Mountain, a leading commercial and residential real estate development and construction firm.
The Lodge at Glen Cove is perched above a picturesque marina and benefits from an irreplaceable site offering residents sweeping San Francisco Bay views as well as views of the iconic C&H sugar factory and the Carquinez Bridge. Vallejo is situated in the San Francisco’s Bay Area, one of the world’s economic growth engines.
The Cushman & Wakefield team involved in the transaction included Senior Director Aaron Rosenzweig, Executive Director Jay Wagner and Associate Sam Dylag.
“It was a pleasure to work once again with the developers on another exciting ground-up construction financing opportunity,” said Rosenzweig. “We look forward to the opening and can’t wait to see the completed project.”
About Blue Mountain Enterprises, Inc
Blue Mountain is a fully integrated real estate company which functions as a general contractor both for itself and on a 3rd party basis. 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.
About Calson Management
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.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.