July 10, 2020, Ben Swett, SeniorCare Investors - MedCore Partners and The National Realty Group announced their purchase of a seven-property senior living portfolio on the West Coast. The deal included five senior living communities in Washington State and two in California.
Among the Washington properties were the 60-unit Birchview Memory Care in Sedro-Wooley, the 55-unit Discovery Memory Care in Sequim, The Sequoia in Olympia with 92 units, the 72-unit Cooks Hill Manor in Centralia and lastly, and the largest, The Village in Tacoma with 136 units. In California, there was Del Obispo Terrace in San Juan Capistrano with 91 units and the 76-unit Westminster Terrace in Westminster.
Their operator, Tacoma-based Senior Services of America, will stay on to manage the portfolio. Senior Services has operated some of these properties since 2001. MedCore plans to invest more than $13 million in capital expenditures too. In total, there are 582 units of independent living, assisted living and memory care.
To fund the deal, BMO Harris Bank provided the senior loan, while Locust Point Capital also helped to secure financing.