California + Bay Area + Finance | May 17, 2023

Walton Street Originates $59M Refi on San Jose Senior Living

An affiliate of Walton Street Capital, L.L.C. originated a $59.2-million loan to a partnership between Alliance Residential and Affinius Capital for the refinance of Watermark at Almaden, a 200-unit senior living community located at 4610 Almaden Expressway in San Jose.

Delivered in late 2020, the property is currently completing lease-up. It includes a variety of studio, one-, two-, and companion-bedroom floorplans. Community amenities span nearly 70,000 square feet and include multiple dining areas, a cocktail lounge, fitness and wellness center, golf simulator, spa, outdoor pool, and many more spaces catered to enhancing the resident experience.

“This was an attractive opportunity to finance a senior living community in a high barrier to entry market that has continually displayed strong market fundamentals,” said Hilary Caudle, VP with Walton Street. “Both Alliance and Affinius are experienced in the sector and developed a top-grade asset to cater to the San Jose market.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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