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AcquisitionsCaliforniaNewsSkilled Nursing

Ziegler Negotiates $35.6M Sale of Eskaton Skilled Nursing Portfolio in Metro Sacramento

by Jeff Shaw

SACRAMENTO, FAIR OAKS and CARMICHAEL, Calif. — Ziegler has acted as exclusive financial advisor to Eskaton Properties Inc. on the sale of a skilled nursing portfolio in the greater Sacramento area.  The 391-bed portfolio consists of Eskaton Care Center Fair Oaks, Eskaton Care Center Greenhaven and Eskaton Care Center Manzanita. The communities are in close geographic proximity of each other.  Fair Oaks was built in 1983, and has 148 beds on a three-acre lot in Fair Oaks. Greenhaven was built in 1978, and has 148 beds on a 4.92-acre lot …

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Affordable HousingCaliforniaDevelopmentNews

Community HousingWorks Opens Portola Senior Apartments in Lake Forest, California

by Jeff Shaw

LAKE FOREST, Calif. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest.  CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The building features 58 one-bedroom apartments (including one designated for an on-site property manager) for singles or couples age 62 years and older who earn 50 percent of the area median income (AMI) or less, which is approximately $50,000 per year. Over 750 people applied to live in Portola within three …

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AcquisitionsCaliforniaFinanceNewsSkilled Nursing

CFG Funds $30.3M Acquisition Loan for Skilled Nursing Portfolio in California

by Jeff Shaw

CALIFORNIA — Capital Funding Group (CFG) has provided a $30.3 million loan for the acquisition of three skilled nursing facilities.  The facilities, which are located in California, support 396 beds. The buyer was identified only as “a nationally recognized borrower.” The transaction marks one of the first acquisitions since the inception of a new approval process with the California Attorney General. Under the new state law, any transaction involving the sale or transfer of control of a nonprofit healthcare facility is required to secure the approval of the attorney general. …

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Arranges Sale of 55-Unit Sunny Rose Glen in Menifee, California

by Jeff Shaw

MENIFEE, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sunny Rose Glen, a 55-unit assisted living and memory care community in the Inland Empire city of Menifee. The community was built in 2010 and totals 30,000 square feet on a 1.8-acre plot. The seller was a single-asset owner looking to retire. The buyer was a California-based group looking to expand its portfolio in Southern California.  The new owner plans to operate the community itself following cosmetic improvements to the property. The price was not disclosed. Brad …

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CaliforniaCCRCFinanceNews

Cambridge Realty Capital Provides $15.4M Refinancing for Casa de Flores, Bayside Care Center in Morro Bay, California

by Jeff Shaw

MORRO BAY, Calif. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services.  Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. …

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Affordable HousingCaliforniaDevelopmentNews

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Jeff Shaw

SONOMA, Calif. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

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CaliforniaDevelopmentNews

Belmont Village Tops Out 177-Unit Community in San Ramon, California

by Jeff Shaw

SAN RAMON, Calif. — Belmont Village Senior Living has completed vertical construction of Belmont Village San Ramon, its fifth community in the Bay Area.  The property is located within the Bishop Ranch master-planned community, which includes retail, dining and entertainment. Harrison Street Real Estate is the development partner, with Synovus Bank and Cadence Bank providing debt. Belmont Village San Ramon is a six-story, 175,320 square-foot senior living community that is scheduled to open in late 2024.  With views of Mount Diablo and surrounding hills, Belmont Village San Ramon offers independent …

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AcquisitionsAssisted LivingCaliforniaNews

JCH Negotiates Sale of 25-Unit Community in California’s Central Coast

by Jeff Shaw

CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of a 25-Unit assisted living facility on the Central Coast of California.  The seller was a longtime family owner. The licensee of the property passed away during the sale process, leading the buyer to choose an alternate use for the asset. All residents were relocated to other senior living properties as a result. Cindy Hazzard and Jennifer Contreras led the JCH team. Further details on the transaction were not disclosed.

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AcquisitionsAffordable HousingCaliforniaNews

Standard Communities Acquires Six Affordable Communities in Metro Los Angeles for $122M

by Jeff Shaw

LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors housing. Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980. “Extending the affordability of all 407 apartment units isn’t just a matter of …

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CaliforniaDevelopmentNews

Confluent, MorningStar Plan 233-Unit Project in Tustin, California

by Jeff Shaw

TUSTIN, Calif. — Confluent Senior Living and MorningStar Senior Living have entered into an exclusive negotiating agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location …

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