After recently renovating its senior living community in Carmichael, California (Sacramento MSA), Auctus Capital Partners is refinancing the property, retaining the team of Aaron Rosenzweig, Sam Dylag, Rick Swartz and Jay Wagner of Cushman & Wakefield to get the deal done. Originally built in 1975 and renovated in 2000, it was sold in 2003 to Nicol Investment for $6 million, or $71,400 per unit, and then in 2015 to Auctus for an undisclosed price.
Cushman & Wakefield arranged first mortgage financing for that purchase, with Owens Financial, a San Francisco-based lender, providing the loan. Since Auctus took over, it has executed on a strategic renovation and unit conversion program, finishing up in 2018. It now features 98 units of independent living, with Altum Senior Living as the operator. Regions Bank’s healthcare real estate finance group provided the loan to refinance existing debt.
