LONG BEACH, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Brittany House Memory Care Center in Long Beach, just south of Los Angeles. The seller is a San Diego-based developer and operator looking to focus its resources on a newly developed portfolio of communities throughout Orange and San Diego counties. The buyer is a Los Angeles-based high-net-worth family. The price was not disclosed. The Blueprint team included Jacob Gehl and Scott Frazier.
PHOENIX — Life Care Services has updated its executive team roster with two internal promotions and a new hire. Stewart Ingram was promoted to regional operations manager for Life Care Services (LCS). He has been working with Sagewood and its parent company, LCS, for more than 31 years and was Sagewood’s executive director for 17 years. In his new role, Ingram will oversee the operations of LCS-managed communities in the San Diego and San Francisco Bay markets. To fill the position of executive director at Sagewood, an LCS community in …
WALNUT CREEK, Calif. — Kisco Senior Living has named Joseph Villanueva as executive director at The Kensington at Walnut Creek. Villanueva brings more than 15 years of senior living experience to the community. He started as a licensed vocational nurse at a retirement community and has held a variety of positions within the industry including associate executive director, and previously served as executive director of another community in California.
CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California. The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities. The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed. Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one …
CALIFORNIA — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County. Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower. “California remains a center of the country’s housing crisis, so it’s critical that low-income housing developments like these have the financing they need to thrive and serve their residents,” says Killough. The five loans include:
LOS ANGELES — Page & Turnbull has completed the adaptive reuse project that converted the former Pierce Brothers Mortuary and attached garage in Los Angeles into a 120-unit affordable seniors housing community. Called Washington View Apartments, Page & Turnbull reconstructed and transformed the two-story mortuary and garage into modern living spaces that incorporate designs from the building’s Spanish Colonial revival-style, including a seismic upgrade and full ADA compliance. Designed by Meyer & Holler, the mortuary was designated as a City of Los Angeles Historic-Cultural Monument in 1993 as an excellent …
ALTADENA, Calif. — C.W. Driver Cos. has broken ground on its second and final phase of construction at Episcopal Communities & Services’ MonteCedro senior living community in Altadena, approximately 15 miles north of Los Angeles. Totaling approximately 101,862 square feet, the project adds four residential buildings, including 40 independent living apartments and a terrace restaurant. The new $56M villa-style buildings will be two and three stories in height, with two of the structures positioned over a below-grade parking garage podium level. All four buildings will be designated as California licensed …
WEST SACRAMENTO, Calif. — Avanath Capital Management LLC has acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, for $19 million. Constructed in 2008, Rivers Senior was built utilizing the California Tax Credit Allocation Committee’s Low-Income Housing Tax Credits (LIHTCs) along with bond financing via multiple agencies. Additionally, the asset benefits from the State of California’s Welfare Tax Exemption. The community features 96 one-bedroom and 24 two-bedroom units, 60 of which are reserved for residents earning up to 50 percent of area median income (AMI) and 59 …
GLENDALE, THOUSAND OAKS and FRESNO, California — Agemark Senior Living has taken over management at three seniors housing communities in California: Sage Glendale in Glendale, Sage Mountain in Thousand Oaks and Kingston Bay in Fresno. Ownership of these three communities is a joint venture between Mountain Capital Partners, Dekel Capital and Willis Development. Sophos Equities was the consulting asset manager for the transition. Agemark now having operates 29 communities. Agemark’s brands include Astoria, CountryHouse, Kensington-Evergreen, Holland Farms, Serra Sol, Symphony Pointe and TreVista.
SAN CLEMENTE, Calif. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.
