Berkadia handled the sale and financing of two Class-A independent living, assisted living, and memory care communities: Grand Living at Citrus Hills and Grand Living at Bridgewater. The pair of seniors housing communities have a combined total of 337 units, and are located in Hernando, Florida, and Coralville, Iowa, respectively.
Managing Directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers led the deal on behalf of the sellers, PGIM Real Estate and Ryan Companies. Managing Directors Austin Sacco and Steve Muth, Senior Director Garrett Sacco, and AVP Alec Rosenfield secured acquisition financing through Freddie Mac.
The buyer was Chicago Pacific Founders and its subsidiary, CPF Living Communities. The communities will be renamed The Summit of Coralville and The Summit of Citrus Hills, and will be operated by CPF Living’s affiliate property management company, Grace Management, Inc.
Grand Living at Bridgewater is situated just north of the University of Iowa campus in Iowa City, VA Medical Center, and Iowa City Municipal Airport. Built in 2018, it features 170 independent living, assisted living and memory care units with amenities including various dining venues, a private chapel and meditation center, a chauffeured luxury vehicle for scheduled transportation, and a theater with over 150 seats.
Grand Living at Citrus Hills affords convenient access to HCA Florida Citrus Hospital, multiple golf courses, and shopping centers. The property was built in 2017 and features 167 independent living, assisted living and memory care units with amenities such as formal, casual, and private dining venues, a state-of-the-art fitness studio and spa, outdoor recreation areas, and a heated indoor pool. The property is the only Class-A seniors housing community in the Homosassa Springs market.
