Berkadia Announces Sale and Financing of Two Class A Senior Housing Communities
Florida and Iowa – July 17, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale and financing of two Class A independent living, assisted living, and memory care communities: Grand Living at Citrus Hills and Grand Living at Bridgewater. The pair of seniors housing communities have a combined total of 337 units, and are located in Hernando, Florida and Iowa City, Iowa, respectively.
Managing Directors Dave Fasano, Ross Sanders, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare led the sale on behalf of the sellers, PGIM Real Estate and Ryan Companies.
Managing Directors Austin Sacco and Steve Muth, Senior Director Garrett Sacco, and AVP Alec Rosenfield of Berkadia Seniors Housing & Healthcare secured acquisition permanent financing through Freddie Mac. The deal closed on July 2, and the buyer was Chicago Pacific Founders and its subsidiary CPF Living Communities. The communities will be renamed The Summit of Coralville and The Summit of Citrus Hills, and will be operated by CPF Living’s affiliate property management company, Grace Management, Inc.
Grand Living at Bridgewater is situated just north of the University of Iowa campus in Iowa City, VA Medical Center, and Iowa City Municipal Airport. Built in 2018, it features 170 independent living, assisted living, and memory care units with amenities including various dining venues, a private chapel and meditation center, a chauffeured luxury vehicle for scheduled transportation, and a theater with over 150 seats.
Grand Living at Citrus Hills affords convenient access to HCA Florida Citrus Hospital, multiple golf courses, and shopping centers. The property was built in 2017 and features 167 independent living, assisted living, and memory care units with amenities such as formal, casual, and private dining venues, a state-of-the-art fitness studio and spa, outdoor recreation areas, and a heated indoor pool. The property is the only Class A senior living community in the Homosassa Springs market.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for even the most complex active adult, independent living, assisted living, memory care and skilled nursing projects across the country. With deep market knowledge, Berkadia Seniors Housing & Healthcare offers a full set of capital markets advisory, underwriting, loan origination services and products including FHA/HUD, Fannie Mae, Freddie Mac, Life Company, and Proprietary Bridge Lending.
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