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CaliforniaIndependent LivingNewsOperationsPeople

Koelsch Communities Hires Executive Director at The Park at Laguna Springs in Elk Grove, California

by Jeff Shaw

ELK GROVE, Calif. — Koelsch Communities has named Irene Charnell as executive director of The Park at Laguna Springs, a 129-unit independent living community in the Sacramento suburb of Elk Grove. Charnell brings more than 15 years of senior living experience to the community. She started as an active living director at a retirement community and has held a variety of positions within the industry including activity director, director of resident services and marketing director, and previously served as executive director of another community in California. Koelsch also hired Terrie …

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AcquisitionsAssisted LivingCaliforniaNews

JCH Brokers Sale of 80-Unit Community in Stockton, California

by Jeff Shaw

STOCKTON, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of an 80-unit assisted living and memory care community in Stockton, located south of Sacramento and east of the Bay Area. JCH represented the sellers, a family-owned owner-operator looking to retire from the space. A local owner seeking to grow in the area acquired the property for $5.8 million. Jim Hazzard and Cindy Hazzard handled the transaction process.

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AcquisitionsCaliforniaIndependent LivingNews

TMG Negotiates $7.2M Sale of Bernardine Senior Independent Living in San Bernardino, California

by Jeff Shaw

SAN BERNARDINO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says …

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CaliforniaFinanceKeyBankNewsSkilled Nursing

KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California

by Jeff Shaw

LIVERMORE, Calif. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a health care real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio …

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CaliforniaNewsOperations

Blueprint Arranges Operator Transfer in Culver City, California

by Jeff Shaw

CULVER CITY, Calif. — Blueprint Healthcare Real Estate Advisors has arranged a management transition at an independent living and assisted living community in Culver City, a suburb of Los Angeles. Blueprint negotiated a third-party management agreement with an operator looking to expand its regional footprint within the state. Details on the owner and name of the property were not released.

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CaliforniaDevelopmentNews

Urban Catalyst Purchases Final Plot for Delmas Senior Living Center in Downtown San Jose

by Jeff Shaw

SAN JOSE, Calif. — Urban Catalyst, a Silicon Valley-based Opportunity Zone Fund, has acquired the final parcels of property for its Delmas Senior Living project, the first seniors housing project to be built in downtown San Jose in decades. The six-story, 175,000-square-foot property will feature a mix of studios, one- and two-bedroom assisted living units, along with memory care studios. It will house 165 units, with 49 of them dedicated memory care units. Delmas, located in Downtown West, is in its final rounds of comments with the City of San …

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CaliforniaFinanceKentuckyNews

Capital Funding Group Arranges $40.4M Bridge Loan for Two-Property Skilled Nursing Acquisition

by Jeff Shaw

CALIFORNIA and KENTUCKY — Capital Funding Group has arranged $40.4 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in California and Kentucky, feature 270 beds. The borrower previously operated these facilities, and through this transaction was able to purchase the real estate. Patrick McGovern and Tommy Dillon originated the transaction for Capital Funding Group.

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CaliforniaDevelopmentNews

Clearwater Opens Model Apartment at Community Under Construction in North Tustin, California

by Jeff Shaw

NORTH TUSTIN, Calif. — Clearwater Living has opened a model apartment at Clearwater at North Tustin, an assisted living and memory care community under construction in the Orange County municipality of North Tustin. Clearwater at North Tustin will offer 110 assisted living and memory support apartments with both private and semi-private living options. A timeline for completion was not released.

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Affordable HousingCaliforniaFinanceNews

Lument Closes $28M Loan for Affordable, Age-Restricted Apartment Community in Sacramento

by Jeff Shaw

SACRAMENTO, Calif. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance …

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CaliforniaNewsPeople

Cadence Living Hires Sloane Buchanan as Regional Vice President of Operations for West Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Sloane Buchanan as vice president of operations for the West region. Buchanan will have principal responsibility over operations of the Cadence Living managed communities in Southern California. Buchanan has been in senior living for eight years after a successful career in university enrollment and a five-year stint in the U.S. Army. Before Joining Cadence, she served in both regional operations and regional sales roles with Frontier Management. She also held operational roles with Holiday Retirement, Brookdale and Prestige Care, as well as owning …

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