TEMECULA, Calif. — The City of Temecula Planning Commission has unanimously approved the construction of Solana Way, an assisted living and memory care facility that Griffin Living is developing on a vacant site that was previously unusable due to water runoff. Located approximately midway between Los Angeles and San Diego, the 91,002-square-foot community will feature 75 assisted living units and 32 memory care units in a two-story building. “The Temecula site was both a nuisance and an eyesore at a major intersection, and now will feature a new, thoughtfully designed …
California
Sunshine Retirement Hires Shannon Hundley as Executive Director of Community Under Construction in Southern California
by Jeff Shaw
FOUNTAIN VALLEY, Calif. — Sunshine Retirement Living has hired Shannon Hundley as the executive director of Park View Estates Assisted Living & Memory Care in Fountain Valley, approximately 35 miles southeast of downtown Los Angeles. Sunshine recently opened model apartments at the community, with plans to hire up to 50 staffers as the property nears its grand opening. Hundley is a licensed vocational nurse with a Residential Care Facilities for the Elderly (RCFE) Administrator License. He has 15 years of experience, most recently as executive director of another community near …
Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles
by Jeff Shaw
LOS ANGELES — Paragon Mortgage has funded $16.3 million in financing for All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service. “The refinancing of All Saints Healthcare is at an ideal time for a vital community health provider to recapitalize their debt at a much lower interest rate, while providing capital repair funding and improvements,” says Kim …
Kisco Hires Patricia Gustin as Executive Director, Moves Her Into Community During Pandemic
by Jeff Shaw
ANAHEIM, Calif. — Kisco Senior Living has hired Patricia Gustin as executive director of Emerald Court, a seniors housing community in Anaheim. Following her hiring, Gustin moved into the community to ride out the COVID-19 pandemic from inside. Gustin previously worked at another Kisco community in Fresno, nearly 300 miles away. Knowing it is critical for directors to know the team members they lead and the residents they care for, she decided to move into the community to live there among the residents, according to Kisco. Since starting at Emerald …
Hunt Capital Partners, Chinese Consolidated Benevolent Association Receive $4.4M Acquisition Financing for Affordable Community in San Diego
by Jeff Shaw
SAN DIEGO — Hunt Capital Partners and the Chinese Consolidated Benevolent Association (CCBA) have received $4.4 million in federal Low-Income Housing Tax Credit (LIHTC) and federal solar tax credit equity financing. The funds will be used for the acquisition and rehabilitation of CCBA Senior Gardens. Located in the Gaslamp district of San Diego, CCBA Senior Gardens is a four-story affordable apartment complex that will feature 45 newly renovated units for seniors age 55 and older. CCBA is the managing general partner, developer and guarantor for the project. Built in 1999 …
SACRAMENTO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regency Place Senior Living, a 72-unit independent living, assisted living and memory care community in Sacramento. The seller, a private ownership group, acquired the property in 2015 and improved performance through renovations, the addition of memory care and a change of operator. A California-based owner-operator acquired the property for an undisclosed price, and has elected to keep Northstar Senior Living as the operator.
Berkadia Provides $50M in HUD Financing for Skilled Nursing Facilities in Florida, California, Maryland
by Jeff Shaw
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare Group has secured $50 million in loan closings for skilled nursing facilities in Florida, California and Maryland. Jay Healy and Senior Director Bianca Andujo secured a $22.2 million HUD refinancing for a 157-bed skilled nursing facility in Worchester County, Maryland. The loan represents an 80 percent loan-to-value ratio and carries a term of 35 years. Loan proceeds were used to pay off the existing debt. Healy and Andujo also secured an $11.8 million HUD loan for a California-based borrower. The loan, which …
RANCHO BERNARDO, Calif. — Ryan Cos. has completed construction of Silvergate Rancho Bernardo, an 11-acre seniors housing campus in Rancho Bernardo, approximately 25 miles north of San Diego. AmeriCare Health & Retirement developed the community, which Ryan Cos. built. The development features of 20 cottages, 108 apartments, six penthouse units and 48 memory care units, and was 90 percent pre-leased. The apartments range from 400 square feet to 1,200 square feet, while the cottages run between 1,400 square feet and 1,600 square feet. Silvergate Rancho Bernardo is AmeriCare’s third development …
MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California
by Jeff Shaw
WASHINGTON and CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units Cooks Hill Manor in Centralia with 72 units The Village in Tacoma with 136 units The transaction also …