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AcquisitionsAssisted LivingCaliforniaNews

SLIB Negotiates Sale of 94-Unit Community in Moreno Valley, California

by Jeff Shaw

MORENO VALLEY, Calif. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand their presence within California. The buyer plans to optimize …

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AcquisitionsCaliforniaIndependent LivingNewsWashington

Merrill Gardens, NHI Acquire Six-Property Independent Living Portfolio in California, Washington

by Jeff Shaw

CALIFORNIA and WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, …

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Assisted LivingCaliforniaDevelopmentFinanceNews

JLL Arranges $16.3M Loan for Two Development Sites in Bay Area

by Jeff Shaw

LIVERMORE and SOQUEL, Calif. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Acquires St. John’s Manor Affordable Community in Costa Mesa, California

by Jeff Shaw

COSTA MESA, Calif. — Avanath Capital Management LLC has acquired St. John’s Manor, a 36-unit affordable seniors housing community in the Orange County city of Costa Mesa, for $11.8 million. Built in 1984 and renovated in 2007, St John’s Manor is currently 100 percent occupied. This acquisition comes on the heels of Avanath’s acquisition of The Overlook at Anaheim Hills, a 261-unit seniors housing community in Anaheim, and The Grove Senior, an 85-unit seniors housing community in Garden Grove. “We entered the Orange County market earlier this year, and plan …

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CaliforniaDevelopmentNews

Calson Management Buys Development Parcel for 128-Unit Community in Livermore, California

by Jeff Shaw

LIVERMORE, Calif. — Hunter Street and Mana Investments have sold a nine-acre parcel of land in the Bay Area city of Livermore to Calson Management, a California-based specialist in senior living construction and operations. Located within The Well at Sunset mixed-use project, the site is approved for a 130,000-square-foot, 128-unit seniors housing complex. Construction is scheduled to begin late this year for completion in late 2024. The property will include independent living, assisted living and memory care services. The design’s footprint will preserve green space and walking trails around the …

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CaliforniaFinanceMemory CareNews

JLL Arranges $21.5M Financing for Bay Area Memory Care Portfolio

by Jeff Shaw

SUNNYVALE and MENLO PARK, Calif. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is …

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CaliforniaFinanceIndependent LivingNews

CBRE Arranges $15.5M Refinancing for Coastal Heights in Costa Mesa, California

by Jeff Shaw

COSTA MESA, Calif. — CBRE National Senior Housing has arranged $15.5 million in financing for Coastal Heights Senior Living, a 148-unit independent living community located in the Orange County city of Costa Mesa. The borrower was a joint venture between Capitol Seniors Housing and an institutional equity partner, which has owned the property since 2016. It was built in 1990 and has undergone $7 million in renovations since the acquisition. The operator is Integral Senior Living. Aron Will, Austin Sacco and Adam Mincberg arranged the three-year, floating-rate loan with full-term, …

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CaliforniaDevelopmentNews

Joint Venture Starts Construction of 158-Unit Acoya South Bay in Los Angeles

by Jeff Shaw

LOS ANGELES — A joint venture betweem Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for seniors housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers …

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CaliforniaFinanceNews

Mesa West Capital Funds $67M Refinancing for Westmont of Milpitas in Silicon Valley

by Jeff Shaw

MILPITAS, Calif. — Mesa West Capital has provided a $67 million loan for Westmont of Milpitas, a 199-unit seniors housing community in the Silicon Valley community of Milpitas. The short-term, first-mortgage loan refinances existing debt for the borrower, a joint venture led by SRM Development. Proceeds from the five-year, floating rate, nonrecourse loan pay off the existing construction loan on the property. Developed by SRM, Westmont of Milpitas was completed in late 2020 and began accepting residents in February 2021 in the midst of the pandemic. Although leasing was slow …

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Affordable HousingCaliforniaDevelopmentNews

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Jeff Shaw

SANTA FE SPRINGS, Calif. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units, and a groundbreaking for …

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