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California  + Bay Area  + Senior Housing  | 

Milpitas Senior Housing Project Gains Refinancing

A 199-unit, senior housing community in Milpitas, Calif., has received $67 million in short-term, first-term mortgage debt from Mesa West Capital Funds to refinance its efforts at Westmont of Milpitas.

Westmont of Milpitas was completed in late 2020 and was introduced to the market in February 2021 in the midst of the pandemic, which severely impacted the entire senior housing sector.

Covid-related precautions were a headwind for Westmont of Milpitas when it opened, but those involved believe the facility will benefit from loosening restrictions, as well as local demographics and market dynamics, according to a news release, which includes:

The four-story community consists of 163 assisted living, 28 memory care and eight independent living units. It also offers several shared amenities … . Located at 80 Cedar Way, Westmont of Milpitas is within seven miles of four full-service hospitals and medical centers.

The property is managed by Westmont Living, a joint venture partner, which owns and operates 17 full-service senior housing communities, located primarily in California.  

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  • ◦Financing
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