Related Companies, Atria Expand Luxury Coterie Pipeline
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.
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.