PGIM, Kisco Acquire 187-Unit Bay Area Community

WALNUT CREEK, Calif. — A joint venture between PGIM Real Estate and Kisco Senior Living has acquired Byron Park, a 187-unit independent living and assisted living community in Walnut Creek.

Although the purchase price was not disclosed, BMO Harris Bank arranged and was lead lender on $61.8 million in financing in connection with the transaction. The loans were structured as $50.1 million in term loan financing and $11.7 million in construction financing, which will fund the addition of a 40-unit assisted living and memory care building on the campus.

Byron Park is PGIM Real Estate’s third joint venture partnership with Kisco Senior Living, which will continue to operate the community. Kisco has owned and operated Byron Park since 2012 as part of a joint venture with an investment partner that sold its stake as part of the transaction.

Byron Park sits on a 7.3-acre site 20 miles east of San Francisco. Kisco completed a $5 million renovation to the common areas and grounds in 2016.

The new joint venture will maintain Byron Park’s relationship with Rossmoor, an active adult community one mile away that co-sponsors resident events.

In addition to renovating existing apartments, PGIM Real Estate and Kisco intend to expand Byron Park’s with the construction of a two-story, 40-unit assisted living and memory care building. The new building will include an activity room, dining room, kitchen, wellness center and courtyard. The owners plan to break ground on the expansion in mid-2018. 

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