SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000 square foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.
EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of operating subsidiaries that provide home health, hospice and senior living services, has appointed Brent Guerisoli, current president of Pennant, to succeed Daniel Walker as Chief Executive. Walker will continue to serve as chairman of Pennant’s board of directors. “After careful reflection, I have made the decision to reduce my professional obligations in consideration of family circumstances, to pursue charitable causes unrelated to Pennant or its businesses,” says Walker. Since joining the organization in 2012, Guerisoli has directed …
DETROIT — Blueprint Healthcare Real Estate Advisors has arranged the sale of four communities in the Detroit and Saginaw metro areas. The buyer, Comfort Care Senior Living, is the operator of the properties. The seller was the former REIT landlord. The four communities total approximately 236 assisted living and memory care units with vintages ranging from 2013 to 2019. Consolidated with its REIT partner across multiple transactions, these communities constituted approximately a quarter of Comfort Care’s portfolio across the state. The communities exhibited strong performance trends pre-COVID, but faced occupancy …
MADISON, Wis. — Ridgeline Management Company has hired Jarett Yach as executive director of The Ridge at Madison in Madison. Yach started working with the senior population as a nutritional aide at the age of 15. He became a Certified Nursing Assistant at the age of 16 and has been in senior care since. Yach has advanced in his career throughout the years by working as a director of resident services, director of community relations and as a certified CBRF administrator.
KIRKLAND, Wash. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle. The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets. The community is the first new, high-quality …
LOUISIANA — VIUM Capital has provided $36.3 million in financing for a portfolio of five skilled nursing facilities in Louisiana. The bridge loan refinances several tax-exempt bond issuances and bank term loans for the nonprofit borrower. VIUM partnered with a local bank to provide the funds. The long-term goal is to replace the financing with HUD-insured loans in the future.
SOUTHERN CALIFORNIA — Bayview PACE, a division of Silver Hill Funding, has arranged $11.5 million in C-PACE financing for the construction of a senior living community in Southern California. The development is 77,200 square feet and consists of 107 units of assisted living and memory care. The financing will support energy-efficient improvements including HVAC, lighting and windows, as well as seismic strengthening projects. MD Energy served as the PACE developer for the project. The borrower is a privately owned real estate development firm. Further details on the property were not …
BERLIN and MOUNT HOLLY, N.J. — Tryko Partners has acquired two skilled nursing facilities in Berlin and Mount Holly, both located across the Delaware River from Philadelphia. Virtua Health sold the two communities for an undisclosed price. Tryko plans to rebrand the assets as Berlin Rehabilitation & Healthcare Center and Mount Holly Rehabilitation & Healthcare Center, respectively. Tryko facilities are supported by Marquis Health Consulting Services, a nursing home consulting company. The standalone Mount Holly facility features 180 licensed beds. The 128-bed Berlin facility is part of a larger Virtua …
BUTTE, Mont. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Big Sky Senior Living in Butte. The community features 159 units of independent living, assisted living and memory care. The 87,000-square-foot asset was built in 1997 and sits on 11.3 acres of land. The seller is a locally based regional owner-operator. The buyer is a regional owner-operator based in the West that is expanding in the Mountain West. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.
CLEVELAND — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 335-unit skilled nursing and seniors housing portfolio in the Cleveland metro area. The seller was a regional owner-operator seeking to exit the industry. A private equity buyer based in New York acquired the portfolio for an undisclosed price. Further details on the portfolio were not disclosed.
