Merrill Gardens found a new majority partner for a small portfolio of four senior living communities on the West Coast it had either developed or acquired in the last couple of years. Previously a minority owner with an affiliate of Heitman (a real estate investment management company based in Chicago), the Seattle-based operator had developed three of the communities in the Orange County, San Francisco and Silicon Valley markets of California in 2014/15, and had acquired the fourth community in Seattle back in 2014 after already operating it for a couple of years. Featuring a combination of independent living, assisted living and memory care, the California properties were all stabilized with occupancy in the mid-90s, while the Seattle one can be seen as a value-add. Now, the joint venture between Merrill and its new unidentified partner bought out the Heitman affiliate’s majority stake in the portfolio for an undisclosed price. Merrill will continue to operate the communities as well. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Michael Kane and Timothy Hosmer of Cushman & Wakefield handled the sale, and also arranged a $145 million seven-year senior mortgage, with a highly competitive interest rate, which was provided by Cornerstone Real Estate Advisers acting on behalf of an institutional investor.