In its exclusive representation of a joint venture between Douglas Wilson Companies and Milestone Retirement Communities, LLC, Cushman & Wakefield Senior Housing Capital Markets raised over $8.3 million of institutional equity capital as well as nearly $22 million in construction debt financing for a 111-unit assisted living and memory care development in Chula Vista, California. The project is located in the newly developed and affluent master planned community of Otay Ranch which boasts exceptional income and home values as well as premier access to Downtown San Diego. Construction on the site is slated to begin in May 2017 with an anticipated opening in the fall of 2018. “We are very attentive to the uptick in the senior living market and are dedicated to committing the resources necessary to develop a successful senior living portfolio”, said Douglas Wilson.
The community will consist of a two-story building on a 4.5-acre site situated along a major transportation route in an amenity-rich neighborhood with strong school systems and pedestrian friendly streets. The project will offer 85 AL units and 26 MC units and include luxury amenities for its residents. Milestone Retirement Communities will manage the property. Wells Fargo is providing the construction loan.
The Cushman & Wakefield team involved in the transactions included Executive Managing Director Rick Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig, Director Jim Dooley and Associate Alex Petrosian. “The tremendous growth that is occurring in this dynamic submarket of San Diego County, combined with the strength of the Douglas Wilson Companies-Milestone Retirement Communities partnership, made this a very attractive opportunity for the equity partner and for Wells Fargo” Swartz said. “We anticipate the partnership’s relationships with both of these groups to grow significantly in the coming years.”
About Douglas Wilson Companies
DWC was founded in 1989, and is the largest business services entity of its kind with offices in Las Vegas, San Diego, San Francisco, Phoenix and Washington, D.C. DWC provides a wide range of specialized business, workout, and real estate services to financial institutions, law firms, state and federal courts, property owners and similar entities throughout the United States. The firm offers business workout and problem resolution, asset management and disposition, real estate brokerage and development and residential and commercial construction management. For more information please visit www.douglaswilson.com.
About Milestone Retirement Communities, LLC
Based in Vancouver, Washington and founded in 2008, Milestone currently manages 90 communities in 18 states. Milestone has the depth and practical knowledge necessary to effectively and efficiently operate senior housing communities and provides a variety of services across all levels of care including operating, marketing, clinical, human resources and accounting oversight. For more information please visit www.milestoneretirement.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.