Alabama Investor Pays $50M for Sacramento-Area Senior Housing

Harbert Management Corp. purchased the 134-unit property through one of its investment funds, with financing from Greystone.
The Pines at Rocklin
The Pines at Rocklin. Image courtesy of Greystone

Bridge Investment Group has sold The Pines at Rocklin, a 134-unit, 142-bed senior community in Rocklin, Calif., for $50 million, per public records. Harbert Management Corp. acquired the property through its investment fund Harbert Seniors Housing Fund II L.P. Greystone provided a $37.3 million Fannie Mae loan for this purchase. The 10-year financing carries an adjustable rate and a five-year interest-only term.

Located at 500 W. Ranch View Drive, The Pines at Rocklin was built in 2015 on a 6.9-acre site. The facility has studios, one- and two-bedroom apartments for independent living, assisted living and memory care. Amenities include a movie theater, a fitness area, a salon and meeting spaces. Anytime dining, transportation options and wellness programs are among the services offered. Merrill Gardens Senior Living is the community’s operator and joint venture partner.

The Pines at Rocklin is some 27 miles northeast of downtown Sacramento, Calif., less than a mile east of Rocklin Bypass. Rocklin Placer Center for Health and Sutter Medical Plaza Lincoln Lab are both within a 1-mile radius of the community.

In December, Greystone originated a $68.5 million Fannie Mae loan to refinance a 278-unit senior housing property in Manhattan, N.Y. The financing bears a 30-year amortization period and a 3.16 percent interest rate.