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 …
SIMI VALLEY, Calif. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living …
LA JOLLA, Calif. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rdoverall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director of the newly opened high-rise.
PASADENA, Calif. — R.D. Olson Construction, on behalf of owner BRIDGE Housing, has broken ground on Heritage Square South, a seniors housing property located at 710 N. Fair Oaks Ave. in Pasadena. Slated for completion by September 2023, the $28 million, 70,000-square-foot community will feature three three-story buildings offering 69 one-bedroom units and one two-bedroom unit. The three buildings are interconnected with walking bridges. Onsite amenities will include walking trails, flex rooms, a community room and 2,200 square feet of retail space. Additionally, the site has a bus stop on …
BRENTWOOD, Calif. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the …
TEMECULA, Calif. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment …
ANAHEIM, ESCONDIDO and LIVERMORE, Calif. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total value of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that …