Senior Living Dealbook: Stellar Senior Living Expands in Arizona; MorningStar, Ventas Announce New Relationship

Transactions

Stellar Senior Living expands in Arizona

Stellar Senior Living announced it has expanded its Arizona footprint with the addition of La Sonora at Dove Mountain in Marana, Arizona.

The community offers assisted living, independent living and memory care services, a press release states.

Features include “upscale amenities, restaurant-style dining, spacious apartments and an active calendar of resident-led clubs, classes and events,” according to the release. 

Berkadia announces financing, sale of two communities

Berkadia announced the sale and financing of Grand Living at Citrus Hills and Grand Living at Bridgewater.

The two communities total 337 units and are located in Hernando, Florida and Iowa City, Iowa, respectively, according to a press release.

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., the release states.

Blueprint assists in sale of Pennsylvania community

Blueprint announced its involvement in the sale of Independence Court of Quakertown, an assisted living community located in Bucks County, Pennsylvania.

The community was built in 1989 and struggled to recover from pandemic lows, according to a press release.

The community was ultimately sold to a partnership between CareOne and Cardinal Senior Living, and the deal closed July 2.

Blueprint secures lease for Harrisburg community

Blueprint announced its involvement in aiding a large New York-based senior living operator sell an 80-unit assisted living and memory care community in Harrisburg, Pennsylvania.

While the community was performing, it was noted to be non-core to the owner’s geographic portfolio footprint, according to a press release.

The owner ultimately selected a group that chose to retain Viva Senior Living as the manager, the release states.

Financings

Greystone arranges $43.5M refinance

Greystone announced it arranged a $43.5 million debt placement to refinance an independent living community in Oregon.

The 142-unit community features upscale amenities tailored for senior residents, a press release states.

Financing was sourced by Managing Director David Young.

Oxford Finance closes over $715M in 2025

Oxford Finance LLC announced its healthcare real estate and asset-based lending team closed 10 transactions totaling over $715 million in new loan commitments in the first half of 2025.

Loans were used for refinancing and acquisition purposes for a variety of community types, including skilled nursing facilities, behavioral health facilities and independent living communities, according to a press release.

Noted acquisitions took place in California, Michigan and Washington, the release states.

Cambridge Realty Capital provides $19.3M in HUD loans

Cambridge Realty Capital announced it provided $19.3 million in HUD-insured Section 223(f) financing for two communities in Texas and Missouri.

The financing in Texas was used to purchase Ashwood Court, a 120-bed assisted living facility located in North Richland Hills, and the Missouri financing was used to refinance Northland Rehabilitation and Healthcare Center, a 118-bed skilled care facility in Kansas City, Missouri, according to a press release.

Cambridge utilized its “Early Rate Lock” program, which allowed the communities to early rate lock before all HUD approvals were obtained, the release states.

Partnerships

MorningStar, Ventas announce new relationship

MorningStar Senior Living announced it has a new relationship with Ventas, Inc. (NYSE: VTR) in support of its Silver Lake community in Everett, Washington.

“MorningStar at Silver Lake will benefit by transitioning from one best-in-class owner to another, enabling us to bring the full value of MorningStar’s service excellence to its residents,” Jamie Ranzan, president and chief investment officer of MorningStar, said in a press release. “We are blessed to work alongside Ventas as we expand our respective portfolios.”

MorningStar assumed management of the community in 2021. Since then, it has gone from census challenged to nearly full occupancy, the release states.

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