Palos Verdes Senior Residential Complex Receives $ 23 Million Loan



A residential complex for the elderly, designed in Rolling Hills Estates.

A residential complex for the elderly, designed in Rolling Hills Estates.

Chicago-based Singerman Real Estate and San Diego-based Darnell Capital Management received $ 23 million in funding for a project on the Palos Verdes Peninsula.

Funding is for the Pointe Peninsula. Upon completion of the project, Rolling Hills Estates will have 87 nursing and memory units.
It will be a 65,000-square-foot, three-story residential complex managed by
Based in Phoenix Cadence Living.

The project is a redevelopment of an empty office building.
The loan was provided by an unnamed large regional bank.
Funding was provided by Richard Schwartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Bailey Nygard of Cushman & Wakefield Inc.

Nursing home occupancy remained flat in the second quarter at nearly 79%, according to the National Investment Center for Housing and Aged Care.
The group found that despite a decline in Covid-19 cases in nursing homes, occupancy rates have not increased, largely due to new stocks emerging.

The number of units rented out on a net basis was positive for the first time since the first quarter of 2020. This was the most positive takeover rate since 2019.

“The data for the second quarter confirms the anecdotes that occupancy rates have improved in many properties as the occupancy rate accelerated due to the limited number of Covid-19 infections at the property level,” NIC chief economist Beth Burnham Mays said in a statement. “However, inventories were growing and outstripping demand, and therefore we are not seeing an increase in utilization.”

Experts agree that as the population ages, the demand for residential property for the elderly will continue.

Developers and owners are looking to meet demand with plans to build additional senior living quarters in Los Angeles.

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