Press Release: Holliday Fenoglio Fowler
June 12, 2002
SANTA BARBARA, CA -- A 363-unit, first-class senior and assisted living project to be developed by Senior Resource
Group in Santa Barbara, has received $44.5 million in construction financing arranged by Holliday Fenoglio Fowler,
the nation's leading commercial mortgage banking firm.
Jerry Wise, of Holliday Fenoglio Fowler's Los Angeles office, arranged the adjustable-rate, three-year term loan
on behalf of Senior Resource Group/Starwood, through Fremont Investment & Loan.
Senior Resource Group of San Diego, and its investor/partner, Starwood Opportunity Fund, own and operate independent
living, assisted living and dementia-care communities in California, Arizona, Oregon and Nebraska.
"We worked with the lender for several months, demonstrating the feasibility of developing Maravilla during
a time when senior housing is out of favor with the lending community," Wise said. "Fremont grew comfortable
with this unique project when we demonstrated the inherent demand for this type of housing at a similar project
Senior Resource Group recently completed in Sherman Oaks, which is enjoying a lease-up substantially ahead of schedule,
at rents well above pro forma."
Located on 20 acres at the base of the Santa Ynez Mountains, Maravilla will offer a variety of home styles, a pool
and spa, as well as social, cultural and recreational activities. One-quarter of the residences will consist of
cottages and apartment homes with no associated services.
Available options include independent living arrangements with restaurant-style dining, weekly housekeeping and
flat-linen laundry services, health and well-being programs and scheduled transportation. Maravilla also will offer
licensed assisted living and specialized residential care for the memory impaired, including assistance with all
daily activities - customized to meet each resident's specific needs and requirements.
Completion of the development is scheduled for spring 2003.
With 19 offices nationwide, Holliday Fenoglio Fowler is one of the country's largest capital intermediaries for
commercial real estate. 2001 was a record-breaking year for the firm, with more than $12.2 billion in business
volume. Since 1998, the firm's debt, equity/structured finance and investment sales transactions have totaled more
than $49.3 billion.
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Contact:
Byrne Johnson
David Giddens, 972/830-7305
dgiddens@bji.com