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Active AdultCaliforniaNewsPeople

Living Out Hires Ernie Shaffer to Lead LGBTQ-Focused Community in Palm Springs, California

by Jeff Shaw

PALM SPRINGS, Calif. —Living Out has appointed Ernie Shaffer as president of its new flagship community in Palm Springs, located in the Sonoran Desert and slated to open Spring 2023. The active adult retirement community is designed to meet the needs of LGBTQ+ residents. Shaffer has over 30 years of experience in the industry. He served as a board member of The LGBTQ Community Center of the Desert, then known as the Golden Rainbow Senior Center. Shaffer’s experience includes leading numerous teams as director of operations overseeing various types of …

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Active AdultCaliforniaFinanceNews

JLL Funds $30.3M Refinancing for Nantucket Creek Active Adult Community in Los Angeles

by Jeff Shaw

LOS ANGELES — JLL Capital Markets has provided a $30.3 million loan to refinance Nantucket Creek, a 172-unit, garden-style, age-restricted apartment community in the Chatsworth neighborhood of Los Angeles. JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. Proceeds from the loan also provided a return of equity to Universe’s balance sheet, which the company plans to use toward future acquisitions. Nantucket Creek comprises one- and two-bedroom units ranging from 623 to …

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CaliforniaDevelopmentFinanceMemory CareNews

JLL Arranges Construction Financing for 54-Unit Mountain View Memory Care in California

by Jeff Shaw

MOUNTAIN VIEW, Calif. — JLL Capital Markets has arranged an undisclosed amount of construction financing for the redevelopment of Italian restaurant Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed, private-pay memory care community in the Bay Area city of Mountain View. JLL worked on behalf of the borrower, the D’Ambrosio Family, and its operating partner, Calson Management, to secure the construction financing through a local bank. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! …

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Assisted LivingCaliforniaDevelopmentNews

Clearwater Living Nears Completion of 117-Unit Community in Glendora, California

by Jeff Shaw

GLENDORA, Calif. — Clearwater Living has opened the sales office at Clearwater at Glendora, a 117-unit assisted living and memory support community in Glendora, approximately 25 miles east of Los Angeles. Construction on Clearwater at Glendora began in spring of 2021. The two-story, 117,000-square-foot property is being built on nearly three acres. When it is completed later this year, the community will feature 88 assisted living and 29 memory care apartments with studio, companion, one-bedroom and two-bedroom layouts.

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Negotiates Sale of 94-Unit Community in Moreno Valley, California

by Jeff Shaw

MORENO VALLEY, Calif. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Rancho Belago, a 94-unit assisted living and memory care in the Inland Empire city of Moreno Valley. Totaling 125 beds, the community was built in 2014, totals approximately 98,700 square feet and is situated on approximately 7.3 acres of land. The seller was a local developer based in greater Los Angeles area. The buyer is a group based on the West Coast that was looking to expand their presence within California. The buyer plans to optimize …

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AcquisitionsCaliforniaIndependent LivingNewsWashington

Merrill Gardens, NHI Acquire Six-Property Independent Living Portfolio in California, Washington

by Jeff Shaw

CALIFORNIA and WASHINGTON — A joint venture between owner-operator Merrill Gardens and publicly traded REIT National Health Investors (NYSE: NHI) has acquired six independent living communities located on the Pacific Coast. The communities were formerly managed by Holiday Retirement, and more recently, Atria Senior Living. The price and seller were not disclosed. The communities will be rebranded as part of the Truewood by Merrill brand. The properties include: Truewood by Merrill, Fig Garden; Fresno, Calif.; 103 units Truewood by Merrill, Modesto; Modesto, Calif.; 120 units Truewood by Merrill, Pinole; Pinole, …

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Assisted LivingCaliforniaDevelopmentFinanceNews

JLL Arranges $16.3M Loan for Two Development Sites in Bay Area

by Jeff Shaw

LIVERMORE and SOQUEL, Calif. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Acquires St. John’s Manor Affordable Community in Costa Mesa, California

by Jeff Shaw

COSTA MESA, Calif. — Avanath Capital Management LLC has acquired St. John’s Manor, a 36-unit affordable seniors housing community in the Orange County city of Costa Mesa, for $11.8 million. Built in 1984 and renovated in 2007, St John’s Manor is currently 100 percent occupied. This acquisition comes on the heels of Avanath’s acquisition of The Overlook at Anaheim Hills, a 261-unit seniors housing community in Anaheim, and The Grove Senior, an 85-unit seniors housing community in Garden Grove. “We entered the Orange County market earlier this year, and plan …

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CaliforniaDevelopmentNews

Calson Management Buys Development Parcel for 128-Unit Community in Livermore, California

by Jeff Shaw

LIVERMORE, Calif. — Hunter Street and Mana Investments have sold a nine-acre parcel of land in the Bay Area city of Livermore to Calson Management, a California-based specialist in senior living construction and operations. Located within The Well at Sunset mixed-use project, the site is approved for a 130,000-square-foot, 128-unit seniors housing complex. Construction is scheduled to begin late this year for completion in late 2024. The property will include independent living, assisted living and memory care services. The design’s footprint will preserve green space and walking trails around the …

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CaliforniaFinanceMemory CareNews

JLL Arranges $21.5M Financing for Bay Area Memory Care Portfolio

by Jeff Shaw

SUNNYVALE and MENLO PARK, Calif. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is …

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