Mesa West Capital Funds $47 Million Loan to Refi Richmond, VA Senior Housing Community

RICHMOND, Va. - EntSun -- Mesa West Capital has provided a $47 million loan to refinance Discovery Village at the West End, a 219-unit, two-building senior housing community in Richmond, Va.

The floating-rate loan is secured by the 37-acre community built between 2011 and 2015.  The property comprises a three-story building with  60 assisted living and 35 memory care units and a four-story independent living facility with 124 one- and two-bedroom units.   Discovery Village at the West End is operated by Discovery Senior Living, one of the five largest senior housing managers in the United States.

Located at 9801 Harmony Woods Way, 12 miles outside of Downtown Richmond, Discovery Village at the West End benefits from a growing senior adult cohort representing more than 10 percent of Richmond's total population, according to data from the U.S. Census.

"As an asset class, senior living continues to attract significant institutional investment due in large part to the aging of the baby boom generation," said Mesa West Capital Executive Director Matthew Snyder who led the origination team, which included Vice President Brian Hahn and Analyst Boyd Howard.  "Discovery Village at the West End is a reflection of that demographic trend, and we plan to be an active lender in the space."

More on EntSun News

• California Family Launches Billboard to Reach "Pardon Czar" Alice Marie Johnson
• Performance Slots Available: Collision Course Concert Series Heads to Atlanta, Tampa & Brooklyn
• Rent Like A Champion Acquires CollegeWeekends
• Sumter Landing Dental Care Launches Summer Special on Full Mouth Reconstruction
• Seligson Law Launches New Website to Support Cannabis Businesses in California and New York

Nationally, growth of the senior living sector is projected to remain strong with high single-digit market revenue per available foot growth in 2024, driven by 3.0% occupancy growth and 5.0% rent increases, according to Green Street.

"Approximately 2,500 senior housing units have been built in Richmond since 2008.  Discovery Village at the West End has outperformed most of the assets in the competitive set and the sponsor has continued to improve the property by executing strategic capital improvements to maintain a high-quality living environment and a stabilized level of occupancy," Hahn added. "With a limited number of planned units in the pipeline, there will continue to be a robust supply/demand imbalance for the immediate future, which bodes well for Discovery Village."

The financing was arranged by Taylor Mokris, Ryan Stoll, Kim Huffstutler and Emma Wolmer at BWE.

About Mesa West Capital, LLC
Mesa West Capital (http://wwwmesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-add or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.

More on EntSun News

• databahn Announces Subscription Access to Fortune 500 GenAI Deep Dive Sales Intelligence Reports
• AI startup Congero offers instant websites with 24/7 updates - aiming to replace web agencies
• The Recording Academy Extends Invitation to The World's No.1 Superstar™—But He's Not Chasing the Award
• WonderDays Launches the UK's First AI Experience Gift Finder – Gifting Just Got So Much Easier!
• CelluHeal™ Launches Full Line of Advanced Wound Dressings for Online Purchase in the USA, Canada, and Beyond