Construction financing secured to build Class A seniors housing in Mountain View, CA
JLL Capital Markets secured the construction financing for the D’Ambrosio family and Calson Management
SAN JOSE, April 28, 2022 – JLL Capital Markets announced today that it has arranged construction financing for the redevelopment of Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed private pay memory care community in Mountain View, California.
JLL worked on behalf of the borrower, the D’Ambrosio Family, and their operating partner, Calson Management, to secure the construction financing through a local bank. JLL was able to obtain the structuring of an optimal stretch senior financing for the development.
Once completed, the community will offer 54-units and 60-beds featuring a 24-hour emergency response system, private bathrooms with seated showers, closet space, basic cable television access and individual air controls. Mountain View Memory Care amenities will include a hobby room, spa/salon, laundry facilities, fitness center, wine club and a wellness center. Future residents will enjoy a variety of on-site community amenities, including designated dining rooms, a hobby room, a spa/salon, laundry facilities, a fitness center, a wine club, a wellness center and patios/balconies. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! once completed.
The community will be positioned on 0.85 acres at 939 W El Camino Real, in Mountain View, an affluent residential neighborhood in Silicon Valley. The site is proximate to Highways 85, 237 and 101 and will have two handicap accessible bus stops on either end of the community, providing future residents with transportation to nearby retail, dining and entertainment amenities. Mountain View Memory Care will be within a seven-minute drive of Sutter Health – El Camino, El Camino Hospital Mountain View and Hospital Drive Surgery Center.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Bercut Smith, Director Lillian Roos and Associate Chad Morgan.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Calson Management
alson Management is managed by the Reyes family who have been involved with seniors housing for more than 30 years, creating unique, specialized communities for seniors throughout California. Calson has a current portfolio of over 650 units under management totaling more than $230 million in market value. The company has developed five ground-up seniors housing projects to date, totaling 518 units, and has four other communities under construction or pre-construction in Los Gatos, Santa Rosa, San Jose and Dixon, equating to another 368 units.
About the D’Ambrosio Family
The D’Ambrosio Family is a multi-generational Bay Area family that has owned and operated multiple locations of Giorgio’s Italian Food & Pizzeria and Frankie, Johnnie & Luigi’s Too! for over 60 years. Additionally, they own and operate New York Style Sausage Company located in Sunnyvale, California, which celebrated it’s 70-year anniversary in 2021. The D’Ambrosio Family Foundation is a 501(c)(3) non-profit that has a focus on giving back to organizations who support youth, scholarship and educational opportunities.