Summary
The Seville is an assisted living and memory care community located in San Clemente, a coastal city of Orange County, CA. The recently completed property provides a sophisticated senior living experience and includes 87 units. Designed to feel like a boutique hotel, the project was developed by Harbert South Bay Partners (HSB), which specializes in seniors housing projects. The facility is overseen by Orange County-based senior living management company, Momentum Senior Living, which provides a holistic, community approach for seniors.
Opportunity
Nuveen Green Capital partnered with Live Oak Bank on a $50.7 million financing package for The Seville. $27.2 million in C-PACE financing was deployed to recapitalize previously completed energy and water efficiency and resilience measures for the property. By utilizing C-PACE alongside the senior debt package, HSB lowered the asset’s average cost of capital, which will result in higher short- and longterm, risk-adjusted returns.
