Brookdale Senior Living (NYSE: BKD) is making progress on its ongoing portfolio optimization initiative.
The largest senior housing provider in the U.S. recently exited management arrangements on four communities in California. Dallas-based Pegasus Senior Living assumed management of two communities in suburban Sacramento, which were rebranded as Elk Grove Park, in Elk Grove; and Sterling Court in Roseville, in Roseville.
Bayshire Senior Communities, based in Escondido, California, assumed operations of two continuing care retirement communities: Bayshire Carlsbad in Carlsbad; and Bayshire Rancho Mirage in Rancho Mirage. These properties were all former joint venture communities, a Brookdale representative told Senior Housing News.
Sales and operator transitions
Livingston Street Capital acquires Oregon independent living community
An affiliate of Livingston Street Capital acquired King City Senior Village, an independent living community in King City, Oregon.
The community consists of studio, one-, and two-bedroom apartment homes, as well as duplex cottages. The property features gardens and a greenhouse for resident use; an on-site beauty and barber shop; and a dining room, outdoor patio, and bistro lounge.
JLL facilitates $19M sale of Minnesota active adult community
JLL Capital Markets handled the $18.75 million sale of The Estates at Arbor Oaks, a 55+ active adult community near Minneapolis. JLL worked on behalf of the seller, a limited liability corporation, and represented the buyer in obtaining acquisition financing for the community.
The team representing the seller was led by Senior Directors Dan Linnell, Mox Gunderson, and Josh Talberg, and Director Adam Haydon. The financing team was led by Senior Managing Director Ken Dayton, Managing Director Matt Steffen, and Senior Vice President Russ Kappenman.
ESI completes $9M sale of Florida assisted living, memory care facility
Evans Senior Investments completed the $9.15 million sale of Plantation Oaks of High Springs, a 66-unit assisted living and memory care community in High Springs, Florida. ESI represented the seller, an independent owner/operator, in the transaction. The buyer, a regional owner and operator, secured a loan from the in-place lender on the property.
Blueprint sells Texas memory care facility
Blueprint Healthcare Real Estate Advisors Executive Managing Director and Co-Founder Jacob Gehl, along with Managing Director Humair Sabir, were the sole brokers in the sale of Villagio of Kerrville, a 36-unit, private-pay memory care facility in Kerrville, Texas. The buyer was New Haven Assisted Living & Memory Care, a Texas-based operator.
ES Senior Management assumes management of Illinois CCRC
ES Senior Management assumed operations of The Oaks at Bartlett, a CCRC in the Chicago suburb of Bartlett, Illinois. The campus, formerly known as Clare Oaks, exited bankruptcy last November with a restructured debt load that lessened service by $40 million, as well as $5 million allocated toward capital improvements.
Tim Lynch was named executive director.
Carnegie Capital completes 2 financing packages totaling $11.5M
Carnegie Capital Managing Partner JD Stettin closed on two financing packages totaling $11.5 million for the acquisition of a 61-unit independent living community in Montana, and a 46-unit assisted living facility in Wyoming. The borrower is an owner-operator with a sizable portfolio in the Midwest and West, along with a third partner operator. The loan amounts were $8 million for the Montana property, and $3.5 million for the Wyoming community.
Grandbridge completes 2 financing packages totaling $36 million
A Grandbridge Seniors Housing and Healthcare Finance Team led by Senior Vice President Richard Thomas completed two loans totaling $36.254 million for Chattanooga, Tennessee-based Brightspace Senior Living. Funding for the loans was provided through Freddie Mac.
Comerica Bank provides $18M construction loan for Florida assisted living facility
Comerica Bank is providing an $18.2 million construction loan to Protea Senior Living, a developer based in Laguna Niguel, California. Proceeds will be used to build Protea Senior Living Boca Raton, a 116-bed assisted living and memory care facility in Boca Raton, Florida, BizJournals South Florida reports.