VISTA, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility in Vista, approximately 40 miles north of San Diego. Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities (a current tenant of CareTrust) pursuant to a new 15-year lease. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total …
CHICAGO — Ventas (NYSE: VTR), a Chicago-based REIT, has named three new operators for a portfolio of independent living communities in Texas, Florida and California. Sodalis Senior Living will take over management of 13 communities in Texas, while Priority Life Care will operate eight properties in Florida and Discovery Senior Living will operate five in California. Ventas “is expanding its successful existing relationships with the three managers to increase occupancy and performance in these communities,” the company said in a press release. The communities will be operated under management contracts. …
LONG BEACH, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Brittany House Memory Care Center in Long Beach, just south of Los Angeles. The seller is a San Diego-based developer and operator looking to focus its resources on a newly developed portfolio of communities throughout Orange and San Diego counties. The buyer is a Los Angeles-based high-net-worth family. The price was not disclosed. The Blueprint team included Jacob Gehl and Scott Frazier.
PHOENIX — Life Care Services has updated its executive team roster with two internal promotions and a new hire. Stewart Ingram was promoted to regional operations manager for Life Care Services (LCS). He has been working with Sagewood and its parent company, LCS, for more than 31 years and was Sagewood’s executive director for 17 years. In his new role, Ingram will oversee the operations of LCS-managed communities in the San Diego and San Francisco Bay markets. To fill the position of executive director at Sagewood, an LCS community in …
WALNUT CREEK, Calif. — Kisco Senior Living has named Joseph Villanueva as executive director at The Kensington at Walnut Creek. Villanueva brings more than 15 years of senior living experience to the community. He started as a licensed vocational nurse at a retirement community and has held a variety of positions within the industry including associate executive director, and previously served as executive director of another community in California.
CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California. The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities. The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed. Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one …
CALIFORNIA — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County. Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower. “California remains a center of the country’s housing crisis, so it’s critical that low-income housing developments like these have the financing they need to thrive and serve their residents,” says Killough. The five loans include:
LOS ANGELES — Page & Turnbull has completed the adaptive reuse project that converted the former Pierce Brothers Mortuary and attached garage in Los Angeles into a 120-unit affordable seniors housing community. Called Washington View Apartments, Page & Turnbull reconstructed and transformed the two-story mortuary and garage into modern living spaces that incorporate designs from the building’s Spanish Colonial revival-style, including a seismic upgrade and full ADA compliance. Designed by Meyer & Holler, the mortuary was designated as a City of Los Angeles Historic-Cultural Monument in 1993 as an excellent …
ALTADENA, Calif. — C.W. Driver Cos. has broken ground on its second and final phase of construction at Episcopal Communities & Services’ MonteCedro senior living community in Altadena, approximately 15 miles north of Los Angeles. Totaling approximately 101,862 square feet, the project adds four residential buildings, including 40 independent living apartments and a terrace restaurant. The new $56M villa-style buildings will be two and three stories in height, with two of the structures positioned over a below-grade parking garage podium level. All four buildings will be designated as California licensed …
WEST SACRAMENTO, Calif. — Avanath Capital Management LLC has acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, for $19 million. Constructed in 2008, Rivers Senior was built utilizing the California Tax Credit Allocation Committee’s Low-Income Housing Tax Credits (LIHTCs) along with bond financing via multiple agencies. Additionally, the asset benefits from the State of California’s Welfare Tax Exemption. The community features 96 one-bedroom and 24 two-bedroom units, 60 of which are reserved for residents earning up to 50 percent of area median income (AMI) and 59 …