Capital Funding Group (CFG) on Tuesday announced the closing of a $32.9 million construction loan for the ground-up development of Varenita of Temecula, a 108-bed assisted living and memory care facility in Temecula, California.
The financing was executed on behalf of award-winning real estate development firm and nationally recognized borrower, Griffin Living. Brightwater Senior Living will operate the facility.
The Class A AL/MC development’s financing features a Commercial Property-Assessed Clean Energy (CPACE) structure. This financing structure allows building owners to borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.
In 2021, CFG extended its efforts to focus on the seniors housing and multifamily sectors, a natural extension of its already significant presence in the long-term care industry. Industry veteran Ken Assiran leads CFG’s Seniors Housing Lending Platform. Assiran has more than 30 years of experience in financings and debt structuring, and with these expanded duties, he continues to run the CFG affiliate, Capital Health Group.