SAN FRANCISCO — San Francisco Campus for Jewish Living (SFCJL) is preparing to open the Lynne and Roy M. Frank Residences, a $140 million expansion to the property. The 270,000-square-foot expansion adds 113 assisted living apartments and 77 memory care suites. Byer Square, a new multi-generational community center, will feature a fitness center, pool, cinema, performance center, art studio and café. Construction began in mid 2017. Residents are expected to begin moving in during spring 2020. In conjunction with the expansion, SFCJL has created partnerships with Alzheimer’s Association, Creative Aging …
California
Cambridge Provides $16.3M Refinancing for Anberry Transitional Care in Merced, California
by Jeff Shaw
MERCED, Calif. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.
VENTURA, Calif. — Venture West Funding Inc. has arranged a $24.7 million loan to refinance Ventura Townehouse in Ventura, a coastal city northwest of Los Angeles. Ventura Townehouse is a luxury seiniors housing community totaling 299 units. Assisted living, memory care and respite care services are available to residents. Jean-Marc Herrouin of Venture West Funding arranged the financing through Walker & Dunlop. The non-recourse, 10-year, fixed-rate loan includes two years of interest-only payments. The borrower was not disclosed.
RANCHO CORDOVA, Calif. — Marcus & Millichap Capital Corp. has arranged the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, a suburb of Sacramento. The 80,000-square-foot property, one of Summerset Senior Living’s two locations, offers assisted living and memory care. It was built in 2016. The new loan replaces $17 million in bridge financing that Marcus & Millichap also arranged. The refinancing features a 10-year term and a fixed rate. The lender was not disclosed.
CAMARILLO, Calif. — Oakmont Senior Living has opened Oakmont of Camarillo, an assisted living and memory care community in the Ventura County city of Camarillo. The 86,839-square-foot property offers 91 units on a three-acre plot. The community is Oakmont’s first in the county. Ted Burgess serves as executive director of the property.
HEALDSBURG, Calif. — Ziegler has closed a $12.4 million, tax-exempt bond anticipation note for the development of Enso Village, a continuing care retirement community in Healdsburg, a city in Sonoma County’s wine country. A bond anticipation note is a short-term security issued in anticipation of future, larger bond financing for the project. The borrower is Kendal at Sonoma, a nonprofit partnership between The Kendal Corporation, Greenbrier Development and the San Francisco Zen Center. The community will feature 200 market-rate independent living apartments, 20 below-market independent living apartments to accommodate retired …
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.
NATIONAL CITY, Calif. — NorthMarq has arranged the sale of Southern Highlands Independent Senior Living, a 151-unit independent living property in National City, just south of San Diego. Lincoln Avenue Capital acquired the community from Shefflin Investments for $22.1 million. The three-story building was constructed in 1999 on 1.03 acres. The units are a mix of studios and one-bedroom apartments. NorthMarq’s Southern California investment sales team of Kyle Pinkalla and Shane Shafer arranged the sale.
ROCKLIN, Calif. — Greystone has provided a $37 million Fannie Mae structured adjustable rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only …
Alliant Capital Invests in Blue Mountain Terrace Affordable Development Near Sacramento
by Jeff Shaw
WINTERS, Calif. — Alliant Capital has completed an investment in Blue Mountain Terrace, a 63-unit affordable seniors housing development in Winters, a rural city approximately 25 miles west of Sacramento. Domus is developing the community, which will serve those age 62 and older earning between 25 and 60 percent of the area median income. The size of Alliant’s investment was not disclosed. “California’s demand for affordable housing is high statewide,” says Dudley Benoit, executive vice president at Alliant Capital. “In particular, the need for quality housing for low-income seniors is …