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CaliforniaDevelopmentIndependent LivingNews

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

by Jeff Shaw

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 …

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Assisted LivingCaliforniaDevelopmentFinanceNews

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

by Jeff Shaw

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.

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CaliforniaDevelopmentMemory CareNews

Advocacy Development Partners, Frontier Management Open Memory Care Community in San Dimas, California

by Jeff Shaw

SAN DIMAS, Calif. — Advocacy Development Partners and Frontier Management have opened The Terraces of Via Verde, a memory care community in San Dimas, approximately 25 miles east of Los Angeles. Totaling 32 units on 1.2 acres, the developers claim the property to be the first memory care-only community in San Dimas. The location is near Via Verde Park and Via Verde Plaza, a grocery-anchored shopping plaza. The asset is separated into two separate, secured, 15,000-square-foot neighborhoods with 16 units each.

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Assisted LivingCaliforniaFinanceNews

Oxford Finance Provides $28M Credit Facility to AvantGarde Senior Living

by Jeff Shaw

TARZANA, Calif. — Oxford Finance LLC has provided a $28 million senior credit facility to AvantGarde Senior Living. The funds are being used to refinance existing debt on one facility located in Tarzana. Founded in 2008, AvantGarde owns and operates two luxury assisted living facilities in California. The subject facility was acquired in 2010 as a 100-room senior living hotel and converted to a 138-bed assisted living community.

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AcquisitionsCaliforniaNews

Mogharebi Group Brokers $18M Sale of Country Club Apartments in San Bernardino, California

by Jeff Shaw

SAN BERNARDINO, Calif. — The Mogharebi Group has arranged the sale of Country Club Apartments, a 79-unit seniors housing community in San Bernardino. The buyer and seller were both private investment groups based in Los Angeles. The property sold for $18 million, or $228,000 per unit. “Due to the proven value-add upside, and close proximity to San Bernardino’s largest employers, the buyer pool was large,” says Otto Ozen, executive vice president of TMG. Ozen and Alex Mogharebi of TMG represented the seller in the transaction. Built in 1986, Country Club …

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CaliforniaNewsOperations

JCH Negotiates Lease of 68-Unit Community in Modesto, California

by Jeff Shaw

MODESTO, Calif. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento. The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation hearing. A local operator seeking to convert the building to an adult residential facility was the successful bidder. The …

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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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