OAKLEY, Calif. — Highridge Costa Development Co. and SVA Architects Inc. have released plans for Twin Oaks Senior Residence, a mixed-use project in Oakley, located between Sacramento and the Bay Area. The three-story community will feature 98 one-bedroom and 32 two-bedroom units for people age 62 and older. Units are reserved for those earning between 50 percent and 80 percent of the area median income. The project will also include 5,667 square feet of street-fronting commercial space, 188 parking spaces and over 63,000 square feet of open space on the …
California
DANVILLE, Calif. — Eskaton has completed its affiliation with The Reutlinger Community, a nonprofit residential care and skilled nursing facility in Danville, approximately 30 miles east of San Francisco. The Reutlinger Community will maintain its existing name and branding as it is brought into the Eskaton network. The affiliation will allow the two organizations to combine resources and expand services. The affiliation, finalized on April 21, follows two years of negotiation and government approvals. “The mission and values of Eskaton and The Reutlinger Community are very compatible, and we are …
Mogharebi Group Arranges $15.5M Sale of Cinnamon Ridge Affordable Community in Ontario, California
by Jeff Shaw
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, …
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 …