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CaliforniaDevelopmentNews

R.D. Olson Construction Breaks Ground on 70-Unit Heritage Square South in Pasadena

by Jeff Shaw

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 …

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AcquisitionsAssisted LivingCaliforniaNews

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Jeff Shaw

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 …

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Assisted LivingCaliforniaDevelopmentFinanceNews

CFG Provides $32.9M Construction Financing for Varenita of Temecula in California

by Jeff Shaw

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 …

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AcquisitionsAffordable HousingCaliforniaNews

Standard Communities Acquires 559-Unit Affordable Housing Portfolio in California

by Jeff Shaw

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 …

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Assisted LivingCaliforniaDevelopmentFinanceNews

Live Oak, Locust Point Provide $28M Construction Loan for 81-Unit Community in San Diego

by Jeff Shaw

SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000 square foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.

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Assisted LivingCaliforniaDevelopmentFinanceNews

Bayview Closes $11.5M C-PACE Financing for New Project in Southern California

by Jeff Shaw

SOUTHERN CALIFORNIA — Bayview PACE, a division of Silver Hill Funding, has arranged $11.5 million in C-PACE financing for the construction of a senior living community in Southern California. The development is 77,200 square feet and consists of 107 units of assisted living and memory care. The financing will support energy-efficient improvements including HVAC, lighting and windows, as well as seismic strengthening projects. MD Energy served as the PACE developer for the project. The borrower is a privately owned real estate development firm. Further details on the property were not …

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AcquisitionsCaliforniaNews

Kisco Senior Living Enters Upscale Segment with Acquisition of Crestavilla in Laguna Niguel, California

by Jeff Shaw

LAGUNA NIGUEL, Calif. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. Opened in 2018, the LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five …

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Assisted LivingCaliforniaDevelopmentNews

Oakmont Prepares to Open Two New Communities in California

by Jeff Shaw

COVINA and MOORPARK, Calif. — Oakmont Senior Living has opened model homes at its Moorpark and Covina locations in anticipation of completion this summer. The studio, one-bedroom and two-bedroom model apartment homes will allow guests to take tours and get a first-hand glimpse into the upcoming communities. The communities offer assisted living and memory care units. The numbers of units at each were not disclosed.

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AcquisitionsCaliforniaFinanceNewsSkilled Nursing

Capital Funding Group Provides $11.3M Acquisition Loan for Skilled Nusing Facility in Sacramento

by Jeff Shaw

SACRAMENTO — Capital Funding Group (CFG) has provided $11.3 million in bridge-to-HUD financing for the acquisition of a skilled nursing facility. The facility, which is located in Sacramento, features 121 beds. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the transaction. Further details were not disclosed.

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AcquisitionsCaliforniaCCRCCompany NewsNews

Welltower Buys Seven West Coast Communities for $344M

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL) has expanded its strategic partnership with Oakmont Management Group, a West Coast operator of Class A seniors housing communities. Welltower agreed to purchase seven senior living communities, subject to customary closing conditions, which Oakmont will operate under a RIDEA contract. The seven properties are located in affluent markets in California and include four rental properties and three continuing care retirement communities (both entry fee and rental), including Fountaingrove Lodge, the nation’s first LGBTQ-focused CCRC. The portfolio has geographic overlap with Welltower’s current footprint, …

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