Capitol Seniors Housing Refinances California Community
Five years on from its acquisition of an 83-unit senior living community in Tustin, California, Capitol Seniors Housing is refinancing the property with a $15 million loan secured by Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing. Originally built in 1985, this community consists of mostly assisted living units, with a memory care component as well. We have heard that it was acquired from Harrison Street Real Estate Capital five years ago for around $250,000 per unit and at a market cap rate close to the average for AL communities (around 8%). Since then, Capitol Seniors Housing has invested in capital improvements and modern updates to better compete with other... Read More »
CBRE Refinances Chico Expansion Project
After expanding its Chico, California senior living community a couple of years ago, Westmont Living refinanced the new development with a Freddie Mac loan arranged by Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE. Set next to a lake within a master planned age-restricted community, the 80-unit assisted living expansion opened in 2017 to join the existing 138-unit senior living community that offers independent living, assisted living and memory care services. Since Westmont took over operations in early 2006, the property has experienced consistently strong occupancy above 90%. In 2016, CBRE had arranged a $32.3 million Fannie Mae loan, with a 10-year, fixed-rate term... Read More »
CBRE Refinances California Community
A Bay Area senior living community recently refinanced with the help of the A-team at CBRE that included Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg. The borrower was a joint venture between northern California owner/operator Carlton Senior Living plus Piedmont Properties Group, a large multifamily/senior living investor. They bought the 153-unit independent living community in 2007 for approximately $17.65 million, or $115,400 per unit. Located in Concord, California, the property was originally built in 1991 less than two miles from the top-ranked adult specialty care hospital in the country, John Muir Medical Center. At the time of the acquisition, its debt (which included... Read More »
CCRC With Potential Sells in Northern Virginia
The team at IPA Seniors Housing highlighted a CCRC’s highly desirable location in the affluent Washington, D.C. suburb of Fairfax, Virginia, to sell the asset to an affiliate of Focus Healthcare Partners. Andrew Hilding, Mark Myers and Joshua Jandris represented the seller, Thompson Associates, in the sale, which did not disclose a price. The property, built in phases from 1980 to 1986, consisted of 306 total beds, including 96 skilled nursing beds and the rest coming with either independent living or assisted living services. Age apparently is holding the community back from competing well in the high-income market, so Focus plans to complete a substantial renovation of it. It has the... Read More »Schedule a demo
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