MENLO PARK and SUNNYVALE, Calif. — Calson Management has sold two senior living communities located in California to Kalesta Healthcare. Kalesta acquired the properties for $24.3 million. The communities — Silver Oaks Memory Care and Crescent Oaks Memory Care — are located in Melo Park and Sunnyvale, respectively. Calson originally acquired the properties as value-add opportunities. Last year, Calson secured HUD financing for the properties. Grant Goodman, founder of G Capital, arranged the financing. Anita Zerounian of Hanson Bridgett represented the buyer in the acquisition. Kevin Kinigstein of Cox Castle represented …
MUKWONAGO, Wis. — Azura Living has completed the development of a new assisted living and memory care community in Mukwonago, roughly 30 miles southwest of Milwaukee. The property, Azura Mukwonago, totals 72 units. McShane Construction Co. acted as the general contractor on behalf of the developer. EUA designed the community, which features two assisted living buildings and one memory care building situated on a 6.4-acre site. Amenities at the property include community rooms, dining rooms, kitchens, sunrooms, a fitness center, spa, salon, community garden, putting green, walking paths and bocce ball …
LAS VEGAS — A joint venture between a fund managed by Clarion Partners and Stellar Senior Living has acquired San Martin Senior Living, a seniors housing community located in Las Vegas. The property, which will be renamed as The Grand at Southern Hills, comprises 174 units. Completed in two phases between 2008 and 2010, the community features 144 independent living and assisted living residences, with a separate, 30-unit memory care building. Amenities at the property include a clubhouse with a pub and bistro, theater, dog park and fitness center. Memory care …
LAKEVILLE, Minn. — Berkadia has arranged the sale and financing of The Pillars of Lakeville, a senior living community located in Lakeville, a suburb situated roughly 25 miles south of downtown Minneapolis. Totaling 100 units, the property features independent living, assisted living and memory care. Amenities at the community include a fitness center, wellness programs, heated underground parking, a salon and spa, game room and pickleball court. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller, a joint venture between Harrison Street Asset Management and Oppidan …
ATHENS, Ga. — Landmark Properties, a real estate firm that develops, constructs, invests in, acquires and operates residential communities, has announced its expansion into the seniors housing sector. “Seniors housing sits at an attractive inflection point, having made a meaningful recovery from a unique black swan event and now exhibiting a pronounced supply-demand imbalance,” says Walt Templin, president and chief investment officer of Landmark. “This dynamic creates a compelling entry point for Landmark to leverage its vertically integrated platform.” Landmark has appointed Shashank Goel to lead the company’s entry into seniors …
PALM COAST, Fla. — Continuum Advisors has arranged the sale of Tuscan Gardens of Palm Coast, an assisted living and memory care community located in Palm Coast. Totaling 130 units, the property features 86 assisted living and 22 memory care units, as well as 22 “enhanced assisted living” residences. The community was sold in receivership, with William King acting in the role of receiver. Jay Jordan and David Kliewer of Continuum led the court-approved sale process, which resulted in more than 15 written letters of intent and multiple rounds of bidding. …
AVENTURA, Fla. — Owner and operator Belmont Village Senior Living has opened Belmont Village Aventura, a new luxury community in South Florida. Belmont Village Aventura totals 153 residences across 11 stories, with two floors of penthouse units. Amenities at the property include a chef-led restaurant, full-service bistro and bar, fitness center, screening room, art studio, salon and swimming pool. Belmont Village partnered with Turnberry — a developer, owner and operator of luxury assets across the hospitality, restaurant, residential, retail and mixed-use sectors — on the development. “We chose to partner with …
PHILADLEPHIA — Cushman & Wakefield has brokered the sale of The Terrace at Chestnut Hill, a 108-unit assisted living and memory care community located in northwest Philadelphia. MVJ Ventures acquired the property from an undisclosed seller. Brett Gardner, Joshua Jandris and Jason Skalko of Cushman & Wakefield represented the seller in the transaction. Jason Stroiman and Brendan DeSilva of Evans Senior Investments represented the buyer. Originally built in 1987, The Terrace at Chestnut Hill was renovated in 2012. Viva Senior Living will operate the community, which was 85 percent occupied at …
NEW YORK CITY — Merchants Capital has secured $26.3 million in financing for Three Arts Club, a historic 62-unit property in New York City being rehabilitated as affordable seniors housing. The West Side Federation for Senior and Supportive Housing (WSFSSH) is the borrower. The financing includes an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. Upon completion of the conversion, Three Arts Club will provide permanent and supportive housing for residents age 62 and older earning at or below 50 percent of …
RIVERVIEW, Fla. — A partnership between Smith & Henzy Affordable Group, Mt. Zion AME Church of Riverview, Adonai’s Second Chances, The Tampa Housing Authority and Hillsborough County has completed the development of a new affordable seniors housing community located in Riverview, a city situated on Tampa Bay. FK Architecture designed the community, which totals 75 units reserved for residents earning at or below 30 to 70 percent of the area median income. Amenities at the property, dubbed Zion Village, include a clubroom, gathering areas, an outdoor pavilion, fitness center, library, movie …