California

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Jeff Shaw October 14, 2021

CAMARILLO, Calif. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI) with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to …

October 14, 2021

Acquisitions Affordable Housing California News

Avanath Acquires 360-Unit River Run Senior Affordable Community in Corona, California

by Jeff Shaw October 12, 2021

CORONA, Calif. — Avanath Capital Management, LLC has acquired River Run Senior, a 360-unit affordable seniors housing community in Corona, located in Riverside County. The price and seller were not disclosed. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. River Run is the company’s second acquisition in Riverside County; the first, Woodside Senior, was acquired by Avanath in 2014. It is also Avanath’s third acquisition in Southern California in the past nine months. “The property is consistently 99 percent …

October 12, 2021

California CCRC Development Finance News

Ziegler Arranges $120M Bond Financing for Nonprofit Owner-Operator HumanGood

by Jeff Shaw October 8, 2021

PLEASANTON, Calif. — Ziegler has arranged $120 million in tax-exempt bond financing for HumanGood, a nonprofit owner-operator based in Pleasanton. HumanGood was formed with the merger of American Baptist Homes of the West and be.group in 2017. The company owns and operates 14 continuing care retirement communities (CCRCs throughout California, totaling 2,188 residential living apartments, 477 assisted living apartments, 161 memory support suites and 656 skilled nursing beds. The bonds will be used to fund capital projects and renovations at 13 of its 14 campuses. Projects will include upgrades to …

October 8, 2021

Assisted Living California Development Finance News

Blueprint Arranges Construction Financing for Cadence Tracy in Tracy, California

by Jeff Shaw October 4, 2021

TRACY, Calif. — Blueprint Healthcare Real Estate Advisors has arranged an undisclosed amount of construction financing for Cadence Tracy, a seniors housing development in the Bay Area city of Tracy. The borrower is a joint venture between Summit Senior Life, a Newport Beach-based developer, and Cadence Living, a Scottsdale, Arizona-based operator. The capital providers were Link Development and Medcore Partners. Cadence Tracy will sit on a 2.8-acre parcel of land and consist of 77 assisted living and 24 memory care units. The site is adjacent to Lennar at Tracy Hills, …

October 4, 2021

Affordable Housing California Development Finance News

Hunt Capital Partners Negotiates $5.6M LIHTC Financing for St. Stephen’s Retirement Center in San Diego

by Jeff Shaw September 21, 2021

SAN DIEGO — Hunt Capital Partners, in collaboration with CRP Affordable Housing and Community Development LLC and its affiliate Castellan Holdings LLC, has arranged $5.6 million in Low-Income Housing Tax Credit (LIHTC) equity financing for St. Stephen’s Retirement Center. Located in San Diego, St. Stephen’s Retirement Center is the acquisition and rehabilitation of 60 affordable housing units for seniors. The development will provide a variety of supportive services. As of the closing date of May 12, 2021, this transaction was the first development in California and the fifth in the …

September 21, 2021

California Colorado Finance News Skilled Nursing Wyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Jeff Shaw September 15, 2021

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Director Tim Eberhardt originated the transaction for Capital Funding Group.

September 15, 2021

California Memory Care News People

Anthem Memory Care Appoints Arlene Crawford as Executive Director for community in Murrieta, California

by Jeff Shaw September 10, 2021

MURIETA, Calif. — Anthem Memory Care has named Arlene Crawford as executive director for Vineyard Place, an Anthem community in Murrieta. In this capacity, she will oversee all daily care, programming and operations. Crawford previously was operations manager of Clearwater South Bay in Torrance. She has also served as operations manager at Elmcroft Senior Living in San Diego. Crawford brings over 16 years of senior living experience, including 10 years as executive director, to her new position. She completed coursework in public health administration at California State University in Los …

September 10, 2021

Affordable Housing California Development News

RAAM Construction Completes $29M Arboleda Apartments in La Puente, California

by Jeff Shaw September 9, 2021

LA PUENTE, Calif. — RAAM Construction has completed the construction of Arboleda Apartments, an affordable seniors housing development in La Puente, approximately 20 miles east of Los Angeles Development costs for the 74-unit, 71,499-square-foot property are estimated at $29 million. Of the total apartments, 38 are full ADA-accessible units. “The need for affordable housing has grown in recent years due to rising home prices and an overall housing shortage, and the COVID-19 pandemic has exacerbated that need immensely,” says Richard Lara, president and CEO of RAAM Construction. RAAM worked closely …

September 9, 2021

California Development Independent Living News

Revel Communities Begins Pre-Leasing at Independent Living Community in Folsom, California

by Jeff Shaw September 7, 2021

FOLSOM, Calif. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has launched pre-leasing at its newest community, Revel Folsom. Expected to open spring 2022, Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units …

September 7, 2021

Assisted Living California Development Finance News

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Jeff Shaw August 13, 2021

ROLLING HILLS ESTATES, Calif. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built, 87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story, 65,000-square-foot seniors housing community to be operated by Cadence Living. A large regional bank provided the financing.

August 13, 2021

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