2024 Winter Issue of Urban Land - 48

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9. Varenita Simi Valley
SIMI VALLEY, CALIFORNIA
Griffin Living of Calabasas, California, turned to Bayview PACE
of Coral Gables, Florida, to refinance a new assisted living
and memory care development in Simi Valley. Bayview PACE
structured a retroactive C-PACE loan that provided $13 million
in C-PACE-eligible costs, as well as cash-out equity and paydown
of the existing bridge loan.
C-PACE-eligible expenses for Varenita included electrical,
plumbing, and mechanical systems; elevators; windows; insulation;
waterproofing; the roof; and exterior doors, as well as
structural components of the foundation and walls. Designed
by Irwin Partners Architects of Costa Mesa, California, the
97,000-square-foot (9,000 sq m) facility opened in 2022 with
75 assisted living units and 27 memory care units. Located in
the Griffin Plaza shopping center, Varenita gives residents easy
access to stores and restaurants.
10. The Witmer at Pentagon Centre
ARLINGTON, VIRGINIA
Kimco Realty of Jericho, New York, is revamping the Pentagon
Centre retail complex into a high-density, mixed-use
community directly above the Pentagon City Metro station.
The first phase, completed in 2019 and dubbed the Witmer at
Pentagon Centre, is a 26-story residential tower that includes
440 apartments, 11,400 square feet (1,000 sq m) of groundfloor
retail, a six-story parking structure, and a landscaped
urban plaza. The project drew on $64.2 million in proceeds
from Kimco's $500 million green bond, issued in 2020, which
provided 55 percent of the project cost.
Designed by local architecture firm WDG, the Witmer
received LEED Silver certification and is targeted to achieve
a 25 percent annual energy cost savings compared to the
industry baseline, with an estimated 11 percent reduction in
carbon emissions and 65 percent reduction in irrigation water.
Clad in glass panels and geometrical precast vertical pillars,
the Witmer conceals its parking structure behind pleated
metal screen walls, washed with programmable LED lighting
at night. The rooftop terrace offers panoramic views of Arlington
and the monuments of Washington, D.C. UL
48
URBAN LAND WINTER 202 4
GRIFFIN LIVING
KIMC O REAL T Y
GRIFFIN LIVING

2024 Winter Issue of Urban Land

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