[[{“value”:”
Berkadia Facilitates Sale and Financing of Rivertown Ridge Senior Living Community in Michigan
Berkadia has successfully arranged the sale and financing of Rivertown Ridge, a senior living community located in the Grand Rapids suburb of Wyoming, Michigan.
Originally developed in 2020, Rivertown Ridge encompasses 152 units offering independent living, assisted living, and memory care services. Under the management of Redstone Homes, which assumed operations in 2023, the community quickly achieved high occupancy rates and strong operating margins, demonstrating impressive performance.
The sale was facilitated by Berkadia Seniors Housing & Healthcare team, including Managing Directors Dave Fasano, Ross Sanders, Cody Tremper, and Mike Garbers, who represented Redstone Homes in the transaction.
On the financing side, Berkadia’s Managing Directors Austin Sacco and Steve Muth, along with Senior Director Garrett Sacco and Assistant Vice President Alec Rosenfeld, secured a 10-year fixed-rate loan through Freddie Mac for the new owner, CPF Living Communities.
As part of its expansion plans, CPF Living intends to develop additional cottages on an adjacent parcel of land. The community will now be operated by Grace Management Inc., CPF’s wholly owned management company.
“}]]
