HIGHLAND, Calif. — Capital Funding Group (CFG) has provided an $18 million loan for the refinancing of a 99-bed assisted living and memory care facility, Brightwater Senior Living of Highland, in the San Bernardino suburb of Highland. The borrower is Brightwater Senior Living, which developed the facility in 2014 and is the current owner-operator. Further details were not disclosed.
SIMI VALLEY, Calif. — Capital Funding Group (CFG) has provided a $40 million refinancing for Varenita of Simi Valley, an 81-bed seniors housing community in Simi Valley. The funds refinance the construction loan. The borrower is Griffin Living, which opened the community in February. This financing serves as the second transaction CFG has executed for Griffin Living’s California facility portfolio. In June 2022, CFG closed a $32.9 million construction loan for Griffin; the financing supported the ground-up development of Varenita of Temecula, a 108-bed assisted living and memory care facility …
SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior …
Cushman & Wakefield Arranges Equity, Construction Debt for $70M Avenida Folsom Project in California
FOLSOM, Calif. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity, and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center …
NAPA, Calif. — Chancellor Health Care Inc. has assumed operations and management The Inn on Villa Lane in Napa. Formerly known as Brookdale Napa, the community features 64 assisted living units and 14 memory care units. Kimberly Humphrey will stay on as executive director.
WALNUT CREEK, Calif. — Kisco Senior Living has acquired The Kensington at Walnut Creek, an assisted living and memory care community in the Bay Area city of Walnut Creek. The Kensington will serve as Kisco’s second community in Walnut Creek, along with sister community Byron Park. The property features 184 one- and two-bedroom units.
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based owner, has extended a $22.3 million secured loan in connection with the acquisition of a five-asset skilled nursing portfolio in California. The portfolio includes approximately 600 skilled nursing beds. The names and locations were not disclosed. The loan carries a three-year maturity with two one-year extensions and an annual SOFR-based interest rate with a minimum floor of approximately 8.5 percent. “On the heels of our recent loan funding in the Mid-Atlantic last month, we are excited to support …
LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction of Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 …
SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. …
SANTA ROSA, Calif. — Spellman Brady & Co. has completed the interior renovation of Arbol Residences, a seniors housing community in Santa Rosa. Spellman Brady’s scope of work included space planning, selection of interior finishes, furniture, and artwork for the common areas and amenities of the community’s assisted living building, as well as interior finishes for resident apartments. Spellman Brady partnered with developer LCS Development, architects Tactic Studios and contractor BNBuilders. Arbol Residences of Santa Rosa Village is a continuing care retirement community in the Sonoma area that offers a …