SAN DIEGO – Cushman & Wakefield announced today that the real estate services firm’s Senior Housing Capital Markets team, as exclusive advisor to a joint venture between Singerman Real Estate and Darnell Capital, has arranged $23 Million in construction financing for Peninsula Pointe, a to-be-built, 87-unit, assisted living and memory care community located in Rolling Hills Estates, California on the Palo Verdes Peninsula, one of the most affluent suburban enclaves in Southern California.
The project includes the full redevelopment of an existing, vacant office building. Once complete, the property will consist of a luxury three-story, 65,000-square-foot (sf) senior housing community. The community will be operated by Cadence Living, a premier regional operator headquartered in Phoenix, Arizona.
The construction financing was provided by a large regional bank with favorable terms.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Executive Director Aaron Rosenzweig, Director Tim Hosmer and Associate Bailey Nygard.
About Singerman Real Estate:
Singerman Real Estate, LLC is a Chicago-based opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. Since its formation in 2010, SRE has sourced and executed, with partners, over $3 billion in investments across all major property types.
About Darnell Capital Management:
Darnell Capital Management is an independent, self-capitalized, Real Estate Operator focusing on the following primary asset classes: Senior Housing, Multifamily, Hospitality, and Land Development. DCM has a long and successful operating history with more than $350,000,000 of project experience across the greater USA market.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.
Cushman & Wakefield’s National Senior Housing Capital Markets team was established in 2011 and advises top institutional owners, developers and operators on equity, debt and investment sales throughout the United States. Located in Boston and Southern California, the team is led by Rick Swartz and Jay Wagner and includes a total of 12 professionals. The team is consistently ranked amongst the top senior housing brokerage groups in transaction value and has executed on greater than $8 billion in transactions.
