PGIM Real Estate and Kisco Senior Living announced their acquisition of a 187-unit independent/assisted living community in Walnut Creek, California at the start of June, and BMO Harris Healthcare Real Estate Finance followed that up by announcing they financed the deal with a $61.75 million credit facility. The group acted as the administrative agent and lead lender on the facility which consisted of a $50.05 million term loan and a $11.7 million construction loan for a planned 40-unit expansion of the community’s assisted living and memory care services on the adjoining 1.22 acres. Located on a 7.3-acre campus about 20 miles east of San Francisco, the property was built in 1991 and had been owned by a joint venture between Kisco and an investment partner since 2012. The JV completed a $5 million renovation to the community in 2016 and also entitled the expansion project. Kisco will also stay on as the operator and will continue to strategically align with the Rossmoor community, a 55-and-over active adult community located about one mile away.
BMO Harris Funds PGIM Real Estate Deal
