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AcquisitionsAffordable HousingCaliforniaNews

TMG Brokers $41.2M Sale of Two-Property Monte Vista Gardens Affordable Seniors Housing Portfolio in San Jose

by Jeff Shaw

SAN JOSE, Calif. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and …

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CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $36M Bond Financing for Carmel Valley Manor in Carmel, California

by Jeff Shaw

CARMEL, Calif. — Ziegler has arranged $36 million in bond financing for California Congregational Retirement Homes. The transaction will refinance existing debt and fund capital improvements at Carmel Valley Manor. Located in the small beach city of Carmel, located south of the Bay Area, Carmel Valley Manor features 27 independent living cottages, 119 independent living apartments, 24 assisted living unts and 36 skilled nursing units on a 25-acre campus. The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period. “This successful round of financing …

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AcquisitionsCaliforniaNewsOperations

REMM Group Takes Over Management of Valley View Villas in Garden Grove, California

by Jeff Shaw

GARDEN GROVE, Calif. — The REMM Group Multifamily Management Co. has taken over operations at Valley View Villas Senior Apartment Homes in the Orange County city of Garden Grove. The luxury seniors housing community features 178 units and joins three other properties that The REMM Group manages. “We have an exciting renovation of the beautiful property underway,” says Sara D’Elia, CEO of The REMM Group. “The common areas are being enhanced with a new flooring, a fresh paint palette, furniture and lighting. A full exterior painting is underway and in …

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CaliforniaDevelopmentIndependent LivingNews

Revel Opens Independent Living Community in Folsom, California

by Jeff Shaw

FOLSOM, Calif. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has opened its newest community, Revel Folsom. Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units were not disclosed. Alicia Rist is the …

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Assisted LivingCaliforniaFinanceNews

CFG Provides $18M Refinancing for Brightwater Senior Living of Highland in California

by Jeff Shaw

HIGHLAND, Calif. — Capital Funding Group (CFG) has provided an $18 million loan for the refinancing of a 99-bed assisted living and memory care facility, Brightwater Senior Living of Highland, in the San Bernardino suburb of Highland. The borrower is Brightwater Senior Living, which developed the facility in 2014 and is the current owner-operator. Further details were not disclosed.

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CaliforniaFinanceNews

Capital Funding Group Provides $40M Refinancing for Varenita of Simi Valley in California

by Jeff Shaw

SIMI VALLEY, Calif. — Capital Funding Group (CFG) has provided a $40 million refinancing for Varenita of Simi Valley, an 81-bed seniors housing community in Simi Valley. The funds refinance the construction loan. The borrower is Griffin Living, which opened the community in February. This financing serves as the second transaction CFG has executed for Griffin Living’s California facility portfolio. In June 2022, CFG closed a $32.9 million construction loan for Griffin; the financing supported the ground-up development of Varenita of Temecula, a 108-bed assisted living and memory care facility …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

by Jeff Shaw

SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior …

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Active AdultCaliforniaDevelopmentFinanceNews

Cushman & Wakefield Arranges Equity, Construction Debt for $70M Avenida Folsom Project in California

by Jeff Shaw

FOLSOM, Calif. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity, and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center …

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AcquisitionsAssisted LivingCaliforniaNews

Kisco Senior Living Acquires 184-Unit The Kensington at Walnut Creek in California

by Jeff Shaw

WALNUT CREEK, Calif. — Kisco Senior Living has acquired The Kensington at Walnut Creek, an assisted living and memory care community in the Bay Area city of Walnut Creek. The Kensington will serve as Kisco’s second community in Walnut Creek, along with sister community Byron Park. The property features 184 one- and two-bedroom units.

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