ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior …
California
Oakmont Senior Living Names Melon Rivera as Executive Director for Oakmont of Novato Near San Francisco
by Jeff Shaw
NOVATO, Calif. — Oakmont Senior Living has named Melon Rivera executive director of Oakmont of Novato, a senior living community in Novato, located north of San Francisco. The community is under construction, with a scheduled opening in spring 2020. Rivera has worked in the senior living industry for about a decade. Before joining Oakmont Senior Living, he was executive director at Atria Tamalpais Creek. He also spent about five years with Brookdale in various roles. Rivera attended Santa Rosa Junior College and is also a licensed pharmacy technician.
Blueprint Brokers Sale of $7.3M Sale of Assisted Living Community in San Diego’s Mission Hill
by Jeff Shaw
SAN DIEGO — Blueprint has arranged the sale of the Cloisters of the Valley, an assisted living community in the hills of Mission Valley, an affluent northern submarket of San Diego. The seller was an owner-operator seeking to retire. Bayshire Senior Living, a growing regional owner-operator with three other communities in the greater San Diego area, acquired the property. The property consists of 70 beds in 35 units. The purchase price was $7.3 million, or just over $207,000 per unit. The Blueprint team consisted of Jacob Gehl, Humair Sabir and …
NOVATO, Calif. — Oakmont Senior Living has opened an information center at Oakmont of Novato, a seniors housing community currently under construction in Novato, approximately 30 miles north of San Francisco. The community will total 72,614 square feet on a three-acre plot, and feature 49 units of assisted living and 36 units of memory care. Construction is slated for completion in spring 2020. Melon Rivera will be executive director of the new community.
IRVINE, Calif. — Healthpeak Properties Inc. (NYSE: PEAK), the Irvine-based REIT formerly known as HCP, has signed an agreement with Oakmont Senior Living to buy up to 24 of its under-development communities for approximately $1.3 billion. The transaction is structured as a purchase option agreement, where Healthpeak may choose to buy the properties as construction is completed and Oakmont elects to sell. The developments are largely located in California, with planned completion dates between 2020 and 2023. Healthpeak expects $200 million of the transactions to occur during the first half …
SAN FRANCISCO — Sequoia Living, a nonprofit organization that operates seniors housing and provides services to the elderly in Northern California, has hired Sara McVey as president and CEO. McVey succeeds David Berg, who retired in September. Bringing more than 20 years of marketing and senior living management experience to Sequoia Living, McVey previously served as CEO of Horizon House, a continuing care retirement community in Seattle. Prior to that, she held executive leadership roles at Mather LifeWays, an operator of senior living communities. McVey earned a bachelor’s degree in …
Monticello Asset Management Hires Jung Park as Managing Director, Expands to West Coast
by Jeff Shaw
NEW YORK CITY — Monticello Asset Management LLC, a New York-based specialized private real estate and asset-based lender, has hired Jung Park as managing director. Park will oversee the company’s expansion to the West Coast, managing the new Los Angeles office. Park was managing director of Pacific Western Bank’s Healthcare Finance Group (formerly known as CapitalSource), where he managed the national lending healthcare practice and helped originate and underwrite over $1 billion in healthcare loans. Prior to that role, he was a key member of CapitalSource’s healthcare team that acquired …
POWAY, Calif. — Owner-operator Cadence Living and Sabra Health Care REIT have acquired Sunshine Care, a 32-acre seniors housing community in Poway, a suburb of San Diego. Now named Cadence at Poway Gardens, the property is situated near the Palomar Hospital. The community is known for its horticultural therapy program that grows more than 20,000 pounds of organic fruits and vegetables every year. “To be able to produce an in-house farm-to-table experience as an activity that brings staff, families and their loved ones together sets Cadence at Poway Gardens apart …
NEW YORK CITY — New York-based Meridian Capital Group’s seniors housing and healthcare team has arranged $60 million in financing for two portfolios of memory care assets across Ohio, Georgia, South Carolina, Colorado, California and Tennessee. Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian negotiated the two transactions, which will refinance existing debt on the properties. In the first transaction, Meridian arranged $27.5 million for four memory care facilities totaling 264 beds in Ohio and Georgia. The five-year loan features a fixed rate and limited personal guarantees. In the …