SAN JOSE, Calif. — Forbright Bank has provided a $44.2 million HUD loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the San Jose area of California. Provided under the HUD 232/223(f) program, the 35-year fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022.
SACRAMENTO, Calif. — Developer and operator ONELIFE Senior Living has acquired The Woodlake Senior Living, a 137-unit community located in Sacramento. Amenities at the property, which offers assisted living and memory care residences, include a movie theater, game room, fitness center, salon, library and arts and crafts room. This marks the fourth senior living community in California for ONELIFE, which merged with Ally Senior Living earlier this year. “The Woodlake Senior Living represents a strategic expansion of our California presence,” says Dan Williams, CEO of ONELIFE. According to the company, the …
SAN DIEGO — As of Jan. 1, Mark Myers has joined SVN Senior Living Advisors (SVN SLA) as a managing director. Myers will also serve as a member of the executive committee. Myers joins an existing team that includes Tony Yousif, Torey Riso, Don Husi, John Klement, Joshua Salzman, Aaron Thompson, Jacob Bennema, Fabio Riso, Shelly Bird and Michael Watson. According to a press release issued by the firm, Myers specializes in large, complex transactions. He recently facilitated the sales of a 76-facility, 5,000-unit portfolio and a 400-bed portfolio. “We’re thrilled …
Wilmington, N.C. — Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California. Upon completion, the property will feature 140 assisted living and memory care units. Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million CPACE loan provided by Nuveen Green Capital. A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners is the borrower.
FRESNO, Calif. — MonticelloAM has provided an $87.2 million bridge loan for an assisted living portfolio in Fresno. The portfolio totals 39 communities. Proceeds from the loan will be used to refinance the existing debt on the properties, and the undisclosed borrower plans to secure long-term financing.
WESTLAKE VILLAGE, Calif. — LTC Properties, a real estate investment trust that invests primarily in seniors housing and health care properties, has announced the appointment of two new co-chief executive officers, Pam Kessler and Clint Malin. Kessler and Malin previously served as co-presidents of the company, with Kessler also acting as chief financial officer since 2007 and Malin holding the position of chief investment officer since 2004. The new appointments become effective Dec. 31 of this year. Wendy Simpson, who has acted as LTC Properties CEO since 2007, will continue to …
IRVINE, Calif. — JLL’s Capital Markets group and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims …
TORRANCE, Calif. — Cogir Senior Living has opened Cogir of South Bay, a 159-unit seniors housing community in Torrance, approximately 20 miles outside downtown Los Angeles. Situated near the Del Amo Fashion Center and two miles from the ocean, the property features independent and assisted living residences. Amenities at the community include multiple dining venues, a bistro, fitness center, theater, salon, art room and an outdoor amenity deck with a pool. Ryan Cos. US Inc. constructed the development on behalf of Cogir Senior Living.
HEALDSBURG, Calif. — David Smart has been named the new executive director of Ensō Village, a seniors housing community reserved for residents ages 60 and up in Healdsburg. Smart, who has more than two decades of experience in senior living and community management, will take on the role in January 2025. A collaborative initiative between the San Francisco Zen Center and The Kendal Corp., Ensō Village is a Zen-inspired Kendal Life Care Community, with a focus on mindful aging, sustainability and contemplative care. “There are so many things about Ensō Village …
SACRAMENTO, Calif. — DHI Hellenic Apartments L.P., a California-based limited partnership, has completed the renovation and rehabilitation of Hellenic Senior Apartments, an affordable senior’s housing property in the Pocket-Greenhaven area of Sacramento. Renovations included replaced roofs and siding, new energy-efficient systems and updates to common areas such as the clubhouse, leasing office and laundry facilities. All 70 units received new windows, sliding glass doors, energy-efficient appliances, dishwashers, modern kitchen cabinets and countertops. Fourteen units were upgraded to be fully ADA compliant, and several units received additional modifications to accommodate residents …
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