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CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $297M Financing for Ensō Village Development in Sonoma County

by Jeff Shaw

HEALDSBURG, Calif. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg. The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds. Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are …

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AcquisitionsCaliforniaNevadaNews

Harrison Street Agrees to Acquire 24 Seniors Housing Assets, Sell 14 Medical Office Properties for $1.6B

by Jeff Shaw

CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 …

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Negotiates Sale of 77-Unit Community in Whittier, California

by Jeff Shaw

WHITTIER, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Posada, a 77-unit assisted living and memory care community in Whittier, a suburb of Los Angeles. The facility was built in 1984 with a renovation in 2017. It totals 41,658 square feet on approximately 0.72 acres of land. The seller was a regional owner-operator looking to divest from the senior care space. The buyer is a local owner-operator that plans on making some renovations to the property. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled …

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CaliforniaDevelopmentNews

Kayne Anderson, Watermark Open 189,000 SF Adaptive Reuse Community in Los Angeles

by Jeff Shaw

LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- …

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Affordable HousingCaliforniaDevelopmentNews

AO Completes 419-Unit Metro East Senior Park Apartments in Santa Ana, California

by Jeff Shaw

SANTA ANA, Calif. — AO, an architectural services firm, has completed Metro East Senior Park Apartments, a six-story, 461,535 square-foot affordable seniors housing community that borders the cities of Santa Ana and Tustin. Designed for developers AMG, The Pacific Cos. and Jamboree Housing Corp., the community comprises 419 residential units with a mix of studio, one- and two-bedroom apartments with floor plans ranging from 402 to 821 square feet. “We’re breathing new life into Santa Ana’s Metro East mixed-use zone with a senior affordable housing community,” says Ed Cadavona, partner …

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Affordable HousingCaliforniaDevelopmentNews

Century Housing Opens 160-Unit The Beacon Affordable Community in Long Beach, California

by Jeff Shaw

LONG BEACH, Calif. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more …

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AcquisitionsCaliforniaNewsSkilled Nursing

CareTrust REIT Acquires El Centro Post-Acute Center in California

by Jeff Shaw

EL CENTRO, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired El Centro Post-Acute Center, a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center. El Centro is located in Imperial County near the border with Mexico. The facility has been added to CareTrust’s existing master lease with San Diego-based Bayshire Senior Communities, which sourced the off-market transaction and turned to CareTrust to finance and close the deal. Terms of the transaction were not disclosed. Scott Kirby, Bayshire’s CEO, found the El Centro opportunity after the …

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CaliforniaDevelopmentNewsSkilled Nursing

Rudolph and Sletten to Build $269M Expansion at Yountville Veterans Home of California

by Jeff Shaw

YOUNTVILLE, Calif. — Rudolph and Sletten, a subsidiary of Tutor Perini Corp., was awarded a $269 million design-build contract for an expansion project at Yountville Veterans Home of California, located in the Napa Valley town of Yountville. The California Department of General Services (DGS) awarded the contract on behalf of the California Department of Veterans Affairs (CalVet). Founded in 1884, VHC-Yountville is the oldest and largest veterans home in California, and also the largest such facility in the United States, and provides long-term care to 1,000 aged or disabled veterans. …

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AcquisitionsAssisted LivingCaliforniaNews

Merrill Commercial Real Estate Arranges $18M Portfolio Sale in Redding, California

by Jeff Shaw

REDDING, Calif. — Merrill Commercial Real Estate has arranged the sale of a two-property portfolio made up of 151 units of assisted living and memory care in Redding. The properties went under contract pre-pandemic. Since that time, the occupancy dropped nearly 20 percent as a COVID outbreak in one of the locations took a toll. Despite this, the buyers stuck with the deal. A private equity group looking to expand in California acquired the properties from an independent owner-operator for $18 million. Tyler Merrill arranged the transaction.

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Affordable HousingCaliforniaFinanceNews

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Property in Pomona, California

by Jeff Shaw

POMONA, Calif. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is …

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