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California  + Bay Area  + Senior Housing  | 

Assisted Living, Memory Facility Secures Financing for San Jose Project

A new assisted living and memory care facility in San Jose, Calif., has gained $31.3 million in construction financing. JLL Capital Markets arranged the financing for a joint venture equity partnership who will develop Bascom Senior Living.

JLL worked on behalf of the borrower, Calson Management, to arrange an equity partnership with RSF Partners. In conjunction with the closing of the joint venture equity arrangement for Bascom Senior Living, JLL secured a four-year, floating-rate $31.5 million construction loan with a bank.

Bascom Senior Living will have 83 units and 93 beds. Once completed, the community will offer studio, one- and two-bedroom units featuring a 24-hour emergency response system, private baths with seated showers, closet space and individual air controls.

The community will be positioned on 1.2 acres at 2375-2395 S Bascom Ave., in Campbell, an affluent residential neighborhood in San Jose. The development site offers easy access to Highway 17 and will have two adjacent handicap-accessible bus stops connecting future residents with the greater San Jose area, as well as nearby retail and entertainment centers.

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