Transactions and Financings: Atria’s $52M Newport Beach Refi; Christian Horizons Lists 10 Properties for Sale in Ch. 11

Financings

Atria Newport Beach refinanced secures $52M refinancing

JLL Capital Markets announced on Aug. 15 that it secured $52 million in refinancing for Atria Newport Beach in Newport Beach, California.

According to a press release, JLL represented the borrower, a partnership between a national real estate investment trust and Atria Senior Living.

The community was built in two phases, with the south building opening in 2021 and the north building seeing full renovations in 2023. The community was previously dubbed the “community of the future.”

Transactions

Christian Horizons lists 10 communities for sale

Nonprofit Christian Horizons has 10 communities listed for sale in the midwest.

Reporting from The State Journal-Register states the communities are located in Illinois, Indiana, Iowa and Missouri.

The nonprofit is in the process of selling its communities as part of a restructuring after filing for Chapter 11 bankruptcy in July.

Joint venture acquires MorningStar at Arcadia

A joint venture between Sabal Investment Holdings, 12 North Capital LLC and affiliates of MorningStar Senior Living announced the acquisition of MorningStar at Arcadia on Aug. 14.

According to a press release, the venture is planning a targeted capital expenditure program at the asset to facilitate a series of enhancements aimed at improving resident experience. MorningStar Senior Living will be retained as the property manager.

Improvements include a cosmetic refresh to common areas and reconfiguring smaller assisted living units to be larger to meet demand.

Management

SRI Management adds Virginia community to portfolio

SRI Management is collaborating with Impact Senior Living to add Carriage Hill Retirement to its portfolio.

The community specializes in assisted living and memory care services, according to a press release.

“This partnership marks a new frontier for SRI Management, and we’re excited to welcome Carriage Hill Retirement into our portfolio. We look forward to bringing our shared vision of exceptional senior care to this wonderful community,” SRI Management President Todd Filippone said in the release.