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Assisted LivingCaliforniaFinanceNews

G Capital Markets Arranges $15.5M Recapitalization for Bethany Home in Livermore, California

by Jeff Shaw

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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AcquisitionsCaliforniaFinanceNews

Cambridge Arranges $6M Acquisition Loan for Twilight Haven in Fresno, California

by Jeff Shaw

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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Assisted LivingCaliforniaDevelopmentNews

Clearwater Living Opens 101-Unit Community in Newport Beach, California

by Jeff Shaw

NEWPORT BEACH, Calif. — Clearwater Living has opened Clearwater Newport Beach, a 101-unit seniors housing community in the coastal Orange County city of Newport Beach. Clearwater Newport Beach offers 70 assisted living and 31 memory support apartments. Clearwater Living actively acquires, develops and operates a full range of seniors housing communities throughout the Western United States. Clearwater Newport Beach will be the company’s 11th community in California, Nevada and Arizona, with additional developments in the pipeline.

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Affordable HousingCaliforniaDevelopmentNews

Kennedy Wilson Nears Completion of 579-Unit Anacapa Canyon Multifamily Project in Camarillo, California

by Jeff Shaw

CAMARILLO, Calif. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as …

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AcquisitionsAssisted LivingCaliforniaNews

Sherman & Roylance Negotiates $8.3M Sale of Community in Monterey, California

by Jeff Shaw

MONTEREY, Calif. — Sherman & Roylance has arranged the $8.3 million sale of a 55-bed assisted living and memory care community in the Central Coast city of Monterey. A San Diego-based husband and wife team purchased the asset from a new player in the seniors housing sector looking to focus on different geographic areas. The multi-phased campus was originally built in 1955 and expanded in 1999. Shep Roylance, John Sherman and Chris Minnery of Sherman & Roylance arranged the transaction.

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CaliforniaFinanceNews

BMO Healthcare Real Estate Arranges Refinancing for Two Belmont Village, Harrison Street Properties in Southern California

by Jeff Shaw

ALBANY and CALABASAS, Calif. — BMO Healthcare Real Estate Finance acted as lead arranger and administrative agent on a term loan refinancing for two seniors housing communities located in Southern California. The two Class A communities are Belmont Village Calabasas in Calabasas and Belmont Village Albany in Albany and offer a combined total 315 units. The borrowers are the operator, Belmont Village Senior Living, and its capital partner, Harrison Street.

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AcquisitionsCaliforniaNews

Avison Young Brokers $23.5M Sale of Seniors Housing Facility in Los Angeles

by Jeff Shaw

LOS ANGELES — Avison Young has arranged the $23.5 million sale of a seniors housing facility located at 6700 Sepulveda Blvd. in the Van Nuys neighborhood of Los Angeles. Boca Raton, Fla.-based Pinnacle Holdings of Florida sold the asset to an entity of California Healthcare & Rehabilitation Center, which currently operates the property. Situated on two acres, the 49,818-square-foot facility features 201 beds for seniors. Peter Sherman and Keith O’Donnell of Avison Young represented the seller in the off-market deal.

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Active AdultCaliforniaDevelopmentFinanceNews

JLL Capital Markets Arranges $51.1M in Construction Financing for Active Adult Project in Danville, California

by Jeff Shaw

DANVILLE, Calif. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace …

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CaliforniaFinanceNews

BWE Negotiates $46M Refinancing for Westmont of Cypress in Southern California

by Jeff Shaw

CYPRESS, Calif. — BWE has arranged $46 million in permanent financing for Westmont of Cypress.  The 129-unit, newly built, Class A independent living, assisted living and memory care community is located in the Orange County city of Cypress. Ryan Stoll and Taylor Mokris of BWE originated the loan, which a life insurance company provided.

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CaliforniaFinanceMissouriNewsVirginia

CareTrust REIT Provides $52M in Mezzanine Financings

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has participated in the origination of over $52 million in mezzanine loans. The financings are secured by three portfolios of 26 properties comprising 3,050 skilled nursing beds and 186 assisted living units in Virginia, Missouri, and California. CareTrust’s participation in the Virginia and Missouri mezzanine financings was done alongside a co-lender: the Northwind Group. Northwind’s healthcare portfolio includes investments in nearly 200 skilled nursing facilities and senior living communities. CareTrust provided $35 million in mezzanine loan proceeds in connection with the …

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