JLL Capital Markets has arranged a $276 million refinancing package for two Vivante-branded seniors housing communities in Newport Beach. The recapitalization covers Vivante Newport Center and Vivante Newport Mesa, which together form a two-property portfolio offering independent living, assisted living and memory care options.
Senior managing director Greg Brown, supported by senior managing director Aaron Rosenzweig, led the assignment for JLL. The team worked on behalf of the borrower, an affiliate of Nexus Development, to secure two separate, uncrossed loans backing each of the Vivante properties. The structure keeps the financing for the communities distinct rather than combining them into a single portfolio-level mortgage.
For Vivante Newport Center, JLL arranged a $140 million loan through a national bank lender. JLL reports that this financing ranks among the largest loans per unit ever recorded in the seniors housing industry. The loan proceeds are secured by Vivante Newport Center, a six-story luxury community completed in 2022. The property includes 99 units and offers a mix of independent living, assisted living and memory care accommodations within a single building.
The second component of the refinancing is a $136 million agency loan placed on Vivante Newport Mesa. JLL arranged this agency financing separately from the bank loan, reflecting the uncrossed structure of the overall capital stack for the two-asset portfolio. Vivante Newport Mesa delivered in two phases, opening its first phase in 2013 and completing its second phase in 2020, and provides 296 units across independent living, assisted living and memory care.
Both Vivante communities are positioned as seniors housing assets serving residents in Newport Beach, with the combined unit count across the portfolio reaching 395 units. While specific loan terms such as maturity, rate structure and proceeds usage were not disclosed, the transaction highlights the ability of an affiliate of Nexus Development to secure large-scale refinancing for recently built and phased seniors housing communities through both national bank and agency capital sources.
The refinancing underscores continued lender engagement in the seniors housing sector, with sizable commitments from both a national bank and agency channels for stabilized or recently delivered communities. According to JLL, the scale of the Newport Center loan, in particular, reflects significant per-unit lending appetite for high-end seniors housing product in this coastal market.
