SunTrust Banks has provided $69.5 million in financing to support Watermark Retirement Communities and Kayne Anderson’s acquisition of three senior living communities in California, the firm announced.
Two communities, Whittier Place and Raincross at Riverside, are located outside Los Angeles and provide assisted living and memory care. The third, The Watermark by the Bay, formerly known as Bayside Park, provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley.
“In conjunction with Watermark, we recognized a unique opportunity to improve and differentiate these senior living communities from competitors in the California market,” said Kayne Anderson Capital Markets Managing Director Brian Cannella. “We’re thrilled to partner with Watermark and work alongside an organization with an unwavering commitment to delivering the highest quality of life to its residents.”
Watermark manages 63 communities in 21 states (seven under development or redevelopment), including continuing care retirement communities, standalone independent living, assisted living, memory care communities, rehabilitation and skilled nursing facilities.
