NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and..
FORT WORTH, TEXAS — Methodist Retirement Communities (MRC), a non-profit seniors living developer operator based in The Woodlands, will develop Stevenson Oaks, a 259-unit seniors housing property that will be situated on 19 acres in Fort Worth. The project will deliver 159 independent living units, 36 assisted living units, 24 memory support suites, 24 rehab suites and 16 skilled nursing suites. Located off Chisholm Trail Parkway at Bryant Irvin and Altamesa boulevards, the property will..
GLENDALE, ARIZ. — Multifamily developer P.B. Bell is returning to the seniors housing industry with the development of Inspira Arrowhead, a 165-unit community in the Phoenix suburb of Glendale. The property will be located within the 75-acre Aspera mixed-use development. It will feature 123 units split between independent living and assisted living, as well as 42 memory care units. Inspira Arrowhead will complement the 286-unit Velaire at Aspera, P.B. Bell’s luxury multifamily..
WEXFORD, PA. — The Waters Senior Living has started pre-leasing for The Waters of Wexford, a 143-unit independent living, assisted living and memory care community in Wexford, approximately 15 miles north of Pittsburgh. The community is scheduled to open in June 2018. Once completed, it will feature 114 apartments for independent living with assisted living services available, as well as 29 memory care studios. The property is located on an 18-acre plot that The Waters acquired in November..
FREMONT, CALIF. — Eden Housing has broken ground on Mission Court Senior Apartments, an affordable seniors housing community in the San Jose suburb of Fremont. KTGY Architecture + Planning designed the property for the nonprofit developer, which is building the community along with the City of Fremont. The 90 units are reserved for those over 62 years of age making between 30 percent and 50 percent of the area median income. The three-story building will be located in the Warm Springs..
CLEVELAND — KeyBank Real Estate Capital has arranged a $74.6 million loan for the refinancing of a portfolio of seniors housing properties located in various markets throughout Texas. The portfolio consists of six skilled nursing facilities totaling 806 beds. John Randolph, Grant Saunders and Peter Trazzera of KeyBank arranged the financing through the FHA’s 232/223(f) mortgage insurance program. The borrower was a joint venture between Capital Senior Ventures, a subsidiary of..
TOMS RIVER, N.J. — Love Funding has closed an $8.1 million refinancing for Magnolia Gardens Assisted Living Facility, a 79-unit community in Toms River, located near the coast east of Philadelphia and south of New York City. Love Funding’s Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to..
ANDOVER, MASS. — Capitol Seniors Housing is developing Stonehill of Andover, an assisted living and memory care seniors housing community in Andover. Located at 141 Elm St., the $36.5 million community will feature 96 units. Operated by The Northbridge Cos., the 81,500-square-foot community will feature a bistro, activity room, fitness room, theater, salon and courtyard. Construction will begin on the property later this month, with an opening scheduled for the fourth quarter of 2018.
RICHMOND, VA. — LifeSpire has broken ground on a $64 million expansion at Lakewood, a continuing care retirement community (CCRC) in Richmond. The project is part of the community’s 40th anniversary celebrations and will take place on the West End campus of the property. The expansion includes the four-story Lakeview Clubhouse, including a new community entrance, 44 apartments, underground parking, walking paths, gardens, fire pits and a waterfall feature. The first floor will include a..
CHICAGO — Montclare Senior Residences SLF of North Lawndale has opened in Chicago. The $27.7 million supportive living community, located at 4339-47 W. 18th Place, features 120 studio and one-bedroom apartments. Amenities include a main dining room, recreation room, general store, library, wellness clinic and barbershop. City assistance for the project included $3 million in multifamily loans, $2 million in Tax Increment Financing (TIF) and $1.1 million in low-income housing tax credits..