We wrote of Chicago Pacific Founders’ acquisition of a Pittsburgh, Pennsylvania-area portfolio of independent living communities last week but have now learned that IPA Seniors Housing handled the transaction. The team of Joshua Jandris and Mark Myers, plus Marcus & Millichap’s broker of record in Pennsylvania, Sean Beuche, represented the seller, a partnership between Graziano Construction and Sweetbay Senior Living. Two of the communities were recently built, one in 2017 and the other opening earlier this year. The third property was developed in 2009 and is the only one that is fully stabilized.

Totaling 384 units, the portfolio sold for $75 million, or $195,300 per unit. Jordyn Berger of IPA’s National Seniors Housing Capital Markets team arranged acquisition financing on behalf of CPF in the form of a four-year floating rate, interest-only loan through Wells Fargo’s bridge lending program.