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Transactions & Financings: Financing Secured for Atria’s Next Coterie Project; Northmarq Closes AL, IL Sale

Financings

Related California, part of Related Companies, announced $690 million in construction financing for a luxury residential development in Santa Clara, California that will include a senior living community.

Otera Capital provided a $360 million construction loan for 509 luxury residences and PNC Bank provided a $130 million construction loan for 191 luxury senior living units.

The senior living portion of the development is the latest in the $3 billion Coterie pipeline, a joint venture between Atria Senior Living and Related Companies announced last year.

Real estate investment trust Welltower (NYSE: WELL), a capital partner on the Coterie brand, provided capital for the senior living portion of the development.

This March, Coterie, which is focused on the affluent New York City and San Francisco markets, opened its first community called Coterie Cathedral Hill — a 209-unit community in San Fransico. Coterie will open its New York-based Hudson Yards community later this year.

Captial Funding Group Closes $18M Refinancing

Capital Funding Group (CFG) announced the closing of an $18 million refinancing loan for a Highland, California-based senior living community.

The community — called Brightwater Senior Living of Highland — is a 99-bed assisted living and memory care community developed in 2014 by Brightwater who is the current owner and operator of the community.

Sales

Northmarq Closes Sale in Southwest

Northmarq announced that is has brokered the sale of a senior living community to Tailwind Investment Group.

The community — called Vista Grande — is a 168-unit active adult rental community that sits on more than 100,000 square feet in Rio Rancho, New Mexico.

Northmarq’s investment sales team led by Cynthia Meister, Trevor Kockovich, Bill Hahn and Jesse Hudson brokered the deal by representing the seller, Aspen, Colorado-based Cooper Street Capital.

The post Transactions & Financings: Financing Secured for Atria’s Next Coterie Project; Northmarq Closes AL, IL Sale appeared first on Senior Housing News.

Source: For the full article please visit Senior Housing News

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