SANTA FE, N.M., and PHOENIX — Cushman & Wakefield has arranged two transactions for a joint venture between Westport Capital Partners and Integro Healthcare Consulting.
In the first deal, the JV sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum.
The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership.
In the second transaction, Cushman & Wakefield arranged $15.1 million in acquisition and renovation financing on behalf of the JV for The Palazzo, a 359-unit continuing care retirement community in Phoenix. The renovations will modernize the community and change the unit mix among the continuum of care.
PNC Bank provided the capital. Integro will operate the community after the acquisition.
Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield arranged both transactions.
Westport Capital Partners is a real estate investment firm specializing in the opportunistic, distressed and core-plus real estate arenas.