Ponte Palmero

3081 Ponte Morino Dr, Cameron Park, CA 95682

SOLD

Property Overview

This investment is an origination of a $35,750,000 first mortgage loan collateralized by Ponte Palmero, a 239-unit continuing care retirement community built in 2008 and located in the Sacramento suburb of Cameron Park, California. Ponte Palmero is a high-quality modern facility with superior amenities and competitive rents. The property consists of three types of retirement housing options: 104 independent living units resembling single-family residences, 100 assisted living units and 35 memory care units. The property features a spacious 8,000 square-foot clubhouse with a full service restaurant, swimming pool, fitness center and other amenities.

Investment at a Glance

  • LOCATION: Cameron Park, CA
  • PROPERTY TYPE: Continuing Care Retirement Community
  • ACQUISITION DATE: Sep 13, 2013
  • PURCHASE PRICE: $35,750,000
  • YEAR BUILT: 2008
  • INVESTMENT TYPE: First Mortgage
  • INITIAL LOAN-TO-VALUE: 67%
  • TOTAL LOAN AMOUNT: $35,750,000
  • LOAN TERM: 36 months
  • LOAN RATE: Variable floating rate
  • NO. OF UNITS: 239
  • SQUARE FOOTAGE: 243,332 SF
  • NUMBER OF BUILDINGS: 239
  • LEASED PERCENTAGE (AT THE TIME OF ACQUISITION): 68%

$35,750,000

Total Purchase Price

243,332

square feet

Total Rentable Area

Class A

Building Class