USACRC Project III is pleased to report that on April 20, 2022, Continental East Fund VII, LLC. successfully sold Renaissance Village Rancho Belago (RVRB) for $22 million to an affiliated entity of Oregon-based Mosaic Development Services, LLC. To date, most Project III investors have completed the redemption process and received repayment of their initial investment plus any outstanding preferred returns.
Mosaic is expanding its senior housing brand to California and currently has a project under construction in Redding, CA. The acquisition of our Moreno Valley project was Mosaic’s first in Southern California. You can find additional information on Mosaic at the following website: www.mosaicms.com
RVRB’s Selling Process
The selling process for RVRB took over eight (8) months and was quite complicated as the purchase required the approval of the California Department of Social Services. Continental Regional Center would like to give special thanks to Lydia Percia, Continental East Development’s Senior Vice President. From the onset of opening the project back in 2014, Lydia was responsible for the community’s daily operations. As the lead
broker, she located a buyer and negotiated the completion of the sale of RVRB. During the last days of the pending sale, Lydia finalized the buyer’s and seller’s purchase terms, which permitted the sale of RVRB to move forward and close escrow. Mosaics Management rehired most RVRB employees, and CEF VII will remain involved as a financial lending partner.
Growth at Renaissance Village Rancho Belago
We celebrate the successful sale of Renaissance Village Rancho Belago, which under its new management was renamed Manzanita Village. We’re proud of the tremendous growth we saw over the last seven (7) years as the owners of RVRB and know that the community is in good hands under the leadership of Mosaic Development. When developing RVRB, our goal was to bring to market a product that improved the senior living landscape and enhanced the city of Moreno Valley. The sale of RVRB further illustrates CED’s ability to deliver desirable offerings and CRC’s commitment to its investors. As a result of the successful sale of Renaissance Village Rancho Belago, all investors who met their sustainment period and requested repayment of their investment have been repaid.
Movement for Investors
Due to the successful sale, USACRC Project III investors who have their met sustainment period were given the opportunity for repayment. Investors reside across the U.S., including California, Florida, and Texas. In addition, with the restoration of the EB-5 program, we are seeing some activity within USCIS regarding appointments to remove conditional status and expect more I-829 adjudications to come in the fall. Five (5) investors are awaiting adjudication of their I-829 application, while the remaining five (5) have already received their permanent visas. Based on the successful sale of Renaissance Village Rancho Belago, all investors who met their sustainment period and requested repayment of their investment have been repaid.
To learn more about Renaissance Village Rancho Belago, visit Continental East – Fund VII, LLC