ONTARIO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Cinnamon Ridge, a 101-unit affordable seniors housing community in Ontario, a city east of Los Angeles. Built in 1989, Cinnamon Ridge Apartments totals 48,520 rentable square feet on a 2.3-acre site. Residents must be over age 55 and meet income requirements. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Southern California-based investor. Another private investor based in Southern California bought the asset for $15.5 million in a 1031 exchange. “Cinnamon Ridge Apartments is an affordable, …
California
Harborview, Meridian Arrange $93.7M in Financing for 19-Property Skilled Nursing Portfolio in the West
by Jeff Shaw
NEW YORK CITY — Harborview Capital Partners and Meridian Capital Group’s Senior Housing and Healthcare team have arranged $93.7 million in financing to a West Coast-based operator. The financing funded the acquisition of the real estate and operations of six nursing facilities and the leasehold rights of 13 additional facilities in California, Washington and Nevada. The $93.7 million loan consists of $65.7 million of senior financing and an additional $28 million revolver provided by a commercial bank. The portfolio consists of 14 nursing facilities in California, four in Washington, and …
NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has completed the sale of three seniors housing communities in California. The portfolio totals 599 units. An undisclosed buyer purchased the properties for $47 million. These sales were part of Newton-based DHC’s previously announced disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. DHC expects to use the proceeds from these sales to repay debt and for general business purposes.
RIVERSIDE, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 207-unit independent living, assisted living and memory care community in Riverside, approximately 50 miles east of Los Angeles. The seller, a joint venture between Capitol Seniors Housing and Welbrook Senior Living, completed an $8 million renovation at the property in 2014. The buyer and price were not disclosed.
POWAY, Calif. — Cadence Living has hired Jay Johnson as executive director at Cadence at Poway Gardens in the San Diego suburb of Poway. Johnson has almost 30 years of experience in senior living including multiple positions as executive director. He spent 17 years with ActiveCare both in assisted living and memory care settings. Johnson has managed communities for Catholic Health Initiatives and Anthem Memory Care.
CBRE Arranges Construction Financing for 100-Unit Clearwater Living Development Near Los Angeles
by Jeff Shaw
NORTH TUSTIN, Calif. — CBRE has arranged an undisclosed amount of financing for construction of Clearwater of North Tustin in Orange County. The borrower is a joint venture between Clearwater Living and an institutional investor. The development will feature 72 assisted living units and 28 memory care units on an infill, 7.5-acre plot. Within a one-mile radius of the property, average home values are over $1 million and incomes are over $192,000. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the non-recourse, five-year, floating-rate loan with full-term, interest-only …
CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of two assisted living communities in California. The first community totals 49 beds in Riverside County. A local owner seeking to grow its portfolio paid $5 million for the property. The second property was a 15-unit boutique community in Orange County. A local buyer interested in entering the seniors housing market paid $3.3 million for the asset. Both sellers were family owner-operators looking to retire. Jim Hazzard, and Cindy Hazzard handled the transaction process in both sales. The specific …
Artis Buys 176,269 SF Site in California Mixed-Use Development for Seniors Housing Project
by Jeff Shaw
MORGAN HILL, Calif. — Artis Senior Living has acquired 176,269 square feet within the Evergreen Village mixed-use development in Morgan Hill, a city at the southern tip of Silicon Valley. Artis plans to build a memory care community on the four-acre site, though details and a timeline have not yet been released. Frans Construction Inc. is the general contractor on the site and MH Engineering Co. is the civil engineer. Evergreen Devco Inc., a retail and multifamily development company in the West, is building Evergreen Village on 20.4 acres. The …
CIT Arranges Financings Totaling $93.7 Million for New Generation Health, Genesis Healthcare
by Jeff Shaw
NEW YORK CITY — CIT Group Inc. (NYSE: CIT) has served as the lead arranger of $93.7 million in combined financing for 19 healthcare facilities in California, Nevada and Washington between New Generation Health LLC and affiliates of Genesis Healthcare Inc. New Gen, a healthcare consulting firm specializing in the operation of skilled nursing facilities in the Western portion of the United States, will provide management and/or consulting services for the 19 healthcare facilities. Affiliates of Genesis will continue to provide certain administrative, back-office and therapy services to the facilities. …