California

SAN JOSE, Calif. — Community Preservation Partners (CPP) has purchased Corinthian House, an affordable seniors housing property in San Jose. CPP’s total development investment is approximately $38 million, which includes the purchase price of $21 million and an estimated per-unit renovation cost of $85,000. Built in 1982, Corinthian House comprises two elevator-served, three-story buildings on 1.7 acres. Located at 250 Budd Ave., the 102-unit property offers studio and one-bedroom layouts designated for seniors age 62 and older earning between 30 and 60 percent of the area median income. Planned renovations …

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OJAI, Calif. — Helios has arranged a working capital loan for The Artesian, a 64-unit assisted living and memory care community in the Ventura County city of Ojai. Constructed in 2020, the site consists of four 16-unit buildings, which utilize a universal worker model to provide care and services to residents. A capital infusion was required to cover operating deficits until the community achieved stabilization and to reconfigure additional units to memory care as the market showed a strong demand for this.  Through Helios’s extensive network of alternative capital sources, …

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FOLSOM, Calif. — Cogir Senior Living has completed renovations at Cogir of Folsom, an assisted living community in Folsom, approximately 20 miles northeast of Sacramento. Cogir of Folsom specializes in full-time memory care and short-stay respite care. The three-phase project included the Lake Tahoe Room, a sensory experience meant to re-create vacation visits to nearby Lake Tahoe.

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RANCHO SANTA FE, Calif. — Belmont Village Senior Living and Greystar Real Estate Partners have unveiled plans for Belmont Village Rancho Santa Fe, a luxury active adult community in Rancho Santa Fe, approximately 25 miles north of San Diego. Groundbreaking is scheduled to occur before the end of the year. The project will feature over 185 apartments including 15 freestanding cottages. The leaders of both Greystar and Belmont Village, Jerry Brand and Patricia Will, are long-term residents of Rancho Santa Fe. Belmont Village Rancho Santa Fe will be Belmont Village’s …

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HAYWARD, Calif. — Integral Senior Living has named Jeff Jhunell Sumabat as executive director of Bellara Senior Living, a new senior living community situated east of San Francisco in Hayward. The community offers independent living, assisted living and memory care.  After he earned bachelor’s degrees in nursing and clinical laboratory technology, Sumabat’s career began in nonprofit and civil service work in the Philippines. After moving to the U.S., he cultivated a passion for senior living, holding roles as a resident services director, memory care director, executive director and, most recently, …

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SAN DIEGO — Community HousingWorks (CHW) has opened Puesta del Sol Apartments, a 59-unit affordable seniors housing community in the Linda Vista neighborhood of San Diego.  Puesta del Sol apartments are reserved for households earning 30 to 60 percent of the area median income and the community has been awarded 59 project-based vouchers to ensure access for the most income-vulnerable residents. Additionally, six of the 59 vouchers will serve chronically homeless. Built adjacent to CHW’s Amanecer Apartments on Ulric Street, Puesta del Sol completes the combined intergenerational community. Together, Puesta …

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SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.

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SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente owner and developer of skilled nursing, seniors housing and other healthcare-related properties, has acquired three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties.  The portfolio totals 475 assisted living, skilled nursing and memory care beds/units. Bayshire Senior Communities, an existing CareTrust tenant based in Southern California, has taken over management of all three properties. The highest profile property of the three is Torrey Pines Senior Living in San Diego. CareTrust paid $32.3 million …

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LIVERMORE, Calif. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area.  Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout …

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FRESNO, Calif. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno.  Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.

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