Transactions & Financings: Green Courte Buys 3 Cottage-Style Communities; Castle Lanterra’s First Foray into Active Adult

Acquisitions

Green Courte Partners Announces Three Active Adult Acquisitions

Green Courte Partners has announced that its investment fund, Green Courte Real Estate Partners V, and its affiliates have acquired three active adult cottage communities in the Oklahoma City area.

The acquisitions bring the firm’s active adult portfolio to 17 communities, all of which are managed by the company’s wholly-owned operating platform, True Connection Communities.

The communities – Chateaux at Mon Abri, Laurel Springs, and Grace Pointe Living – have 315 cottages and one 35-unit apartment building.

Castle Lanterra Properties Acquires First Active Adult Property

Castle Lanterra Properties announced the acquisition of Diamond Oaks Village, an active adult community located in Bonita Springs, Florida.

The purchase represents a move into the active adult space for the New York City-based Castle Lanterra to add to its multifamily-centric portfolio.

Financings

CBRE Refinances Houston-Area Community

CBRE National Senior Housing has arranged a refinancing of The Village at Woodlands Waterway, a senior living community with independent living, assisted living, and memory care units in The Woodlands, Texas.

CBRE acted on behalf of the Saudi Economic and Development Company and Madison Marquette in securing a $54.4 million non-recourse, three-year floating-rate loan.

The community will continue to be managed by LCS, which has operated the community since 2017.

Transactions

ISL Assumes Management of Two Communities

Integrated Senior Living (ISL) has assumed management of Cedar Creek in Madera, California, and Lotus Park in West Haven, Utah.

The communities will continue to be operated under the ownership of the real estate investment trust (REIT) Griffin-American Healthcare REIT III.

JLL Capital Markets Announced JV, Arranges $31M in Construction Financing

JLL Capital Markets has arranged $31.3 million in construction financing and a joint-venture equity partnership between borrower Calson Management and RSF Partners for the development of an assisted living and memory care facility in California.

The community, Bascom Senior Living, is planned to have 83 assisted living units and 93 memory care beds in San Jose, California.

Sales

Blueprint Arranges Sale of Oregon Community

Blueprint Healthcare Real Estate Advisors announced the successful sale of Regent Court Senior Living $11 million. Blueprint acted on behalf of Summit Healthcare REIT.