An Affiliate of Walton Street Originates Loan to Alliance and Affinius for the Refinance of Watermark at Almaden, a Senior Living Community in San Jose

An affiliate of Walton Street Capital, L.L.C. ("Walton Street") originated a $59.2 million loan to a partnership between Alliance Residential (“Alliance”) and Affinius Capital (“Affinius”) for the refinance of Watermark at Almaden (the "Property"), a 200-unit senior living community located at 4610 Almaden Expressway in San Jose, CA.

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Watermark at Almaden, a 200-unit senior living community located in San Jose, CA. (Photo: Business Wire)

Delivered in late 2020, the property is currently completing lease up. The Property includes a variety of studio, one-, two-, and companion-bedroom floorplans. Community amenities span nearly 70,000 sf and include multiple dining areas, a cocktail lounge, fitness and wellness center, golf simulator, spa, outdoor pool, and many more spaces catered to enhancing the resident experience.

“This was an attractive opportunity to finance a senior living community in a high barrier to entry market that has continually displayed strong market fundamentals. Both Alliance and Affinius are experienced in the sector and developed a top-grade asset to cater to the San Jose market,” said Hilary Caudle, Vice President with Walton Street.

“We have been very active lenders on multifamily assets over the last 5+ years and this represents a furtherance of that strategy to lend into other rental housing asset classes such as senior housing, student housing and build to rent communities. We remain focused on high quality borrowers in this effort and are pleased to have completed our first senior housing loan with such a strong sponsorship group,” added Luke Goodwin, Senior Principal with Walton Street.

About Walton Street Capital, L.L.C.: Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its affiliates, has raised over $15 billion of capital commitments. Walton Street’s principals have collectively acquired, financed, managed, and sold over $55 billion of real estate and have an average of 22 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers. Through this diverse network, Walton Street has sourced over $10 billion in lending opportunities for its affiliates since inception.

About Alliance Residential: Alliance Residential is one of the largest and most active rental residential real estate developers in the United States. Headquartered in Scottsdale, Arizona with 19 regional offices, Alliance is focused on the development, construction and acquisition of residential communities across 16 states and 39 metropolitan markets. Alliance develops high-end Broadstone multifamily communities, Prose quality workforce housing, Holden senior housing communities, and Silveray build to rent communities. Additionally, Alliance created Alliance Industrial to expand into industrial warehouse and distribution development. For more information about opportunities at Alliance Residential Company visit www.allresco.com.

About Affinius Capital*: Affinius Capital® (previously known as USAA Real Estate and Square Mile Capital Management) is an integrated institutional real estate investment firm focused on value-creation and income generation. With a 40-year track record and $34 billion in net assets under management, Affinius has a diversified portfolio across North America and Europe delivering both equity and credit to its trusted partners and on behalf of its institutional clients globally. For more information, visit www.affiniuscapital.com.

*Affinius Capital® is the brand that applies to it and its subsidiaries including Affinius Capital Advisors LLC and Affinius Capital Management LLC. Assets under Management (“AUM”) represents the consolidated net fair value of real estate investments, other assets and uncalled capital commitments less total liabilities of managed accounts, funds and other programs of Affinius Capital and its advisory subsidiaries as of December 31, 2022. AUM removes the impact of duplication throughout the structure.

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