The joint venture between Agemark Senior Living and Trellis Real Estate Group just executed on their third investment together, acquiring a 101-unit senior living community in Concord, California (San Francisco MSA). No purchase price was disclosed, but Aron Will of CBRE arranged an $11.2 million floating-rate loan, with a five-year term and 36 months of interest only, from a national bank to finance the deal.
Originally built in 1970, the community is situated on 2.7 acres of irreplaceable land in the Bay Area. Plus, it is located within three miles of two large medical centers totaling 799 licensed beds and within five miles of both downtown Concord and downtown Walnut Creek, along with all the amenities there. To take advantage of that location, the JV will spend several million dollars in capital upgrades and rebranding the community.
