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 …
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. …
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.
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 …
ANAHEIM HILLS, Calif. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety …
ANAHEIM, Calif. — Kisco Senior Living has announced the memory care expansion at Emerald Court in Anaheim is scheduled to open within the next two weeks. The all-new memory care section, named Connections, will include 16 studio apartments, a private courtyard, a musical lounge and updated dining configurations. “Before this addition, we would have to transition out our seniors who started developing cognitive issues since we did not have the facilities to care for them,” says Libbi Hash, national director of wellness and memory care for Kisco. “Now that we …
NOVATO, Calif. — Sundt Construction Inc. has completed the historic renovation of Elegance Hamilton Hill, a senior living community in the Bay Area city of Novato. The property is situated on the former site of the Hamilton Army Airfield used during World War II. The assisted living and memory care community’s architectural integrity was preserved and rehabilitated during construction. Admired for its Spanish-inspired architecture, the four-story hospital sits on a nearly four-acre site in the Hamilton neighborhood. The $27 million project features 48 assisted living units and 32 memory care …
SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into …
RANCHO CUCAMONGA, Calif. — NorthMarq has arranged a $31 million refinancing for Merrill Gardens Rancho Cucamonga. The 112-unit community was built in 2018 and offers independent living, assisted living and memory care. The property is situated on 4.21 acres in the heart of Rancho Cucamonga, approximately 35 miles east of downtown Los Angeles. Stuart Oswald and Gordon Mickelson led the transaction for NorthMarq. A correspondent life insurance company provided the permanent, fixed-rate loan for the borrower, a joint venture between Merrill Gardens and AEW Capital Management. The loan, structured prior …
SANTA ROSA, Calif. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both …