Announcing DWC’s Otay Ranch Senior Living Project
“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”
– Douglas Wilson
Financing secured for 111-bed Otay Ranch Senior Housing
Douglas Wilson Companies and Milestone Retirement Communities have secured over $8.3 million of institutional equity capital, as well as nearly $22 million in construction debt financing for a 111-bed senior housing community in Chula Vista’s Otay Ranch. Situated on a 4.5-acre transit-friendly site, the project will offer 85 Assisted Living and 26 Memory Care units in an environment rich in lifestyle and health care amenities.
“We are honored to be joined in this joint venture by Milestone Retirement Communities, a gold standard operator, who will handle all management responsibilities for the new community,” said Doug Wilson, Chairman and CEO of Douglas Wilson Companies.
“We’ve spent years researching the aging-in-place market and its best practices. This is our inaugural venture in this highly specialized market niche and we couldn’t be more excited to help create one of the finest new senior properties in Southern California.”
The financing package was arranged by a team from Cushman & Wakefield Senior Housing Capital Markets, including Executive Managing Director Rick Swartz, Executive Director Jay Wagner, Senior Director Aaron Rosenzweig, Director Jim Dooley and Associate Alex Petrosian. Wells Fargo provided the construction loan.
Groundbreaking is anticipated for mid-June with an anticipated opening in late 2018.
For more information or future senior living opportunities please contact Michele Vives at (619) 906-4376.