NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development Co. and JASA has completed Linden Grove, a 153-unit affordable seniors housing project in the Bushwick neighborhood of Brooklyn. Residences at the 13-story building are reserved for renters earning 30 to 40 percent of the area median income, with 46 units reserved for formerly unhoused seniors. Amenities include a fitness room, arts and crafts area, laundry room, a rooftop terrace, outdoor dining areas and community gardens.
GALLOWAY, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $16.5 million taxable construction loan, a $9.4 million federal Low Income Housing Tax Credit (LIHTC) equity investment and an $8.2 million state LIHTC investment for the construction of Clover Glen II in Galloway near Columbus. National Church Residences is developing the 96-unit affordable housing project for seniors age 55 and older. KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2 million. KeyBanc Capital Markets served as bond underwriter and underwrote $13.8 million in tax-exempt bonds for the project. Clover Glen II will feature 15 units restricted to residents earning up to 50 percent of the area median income (AMI), 76 units restricted to 60 percent AMI and five units for 70 percent AMI. Amenities at the four-story property will include a clubhouse, fitness center, central laundry, onsite management, surface parking and picnic areas. David Lacki and Ryan Olman of KeyBank CDLI structured the financing, while Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote the bonds. In October 2022, CDLI, through an investment with Ohio Capital Corp. for Housings, closed the Clover Glen I transaction.
LYNNWOOD, WASH. — JLL Capital Markets has brokered the sale of Fairwinds Brighton Court, a 182-unit senior living community located in Lynnwood, roughly 16 miles north of Seattle. Residences at the community, which was built in 1988, include independent living and assisted living units in studio, one- and two-bedroom layouts. Amenities at the 4.4-acre property include a full-service restaurant, bistro, fitness center, salon, library, billiards room and courtyard. Leisure Care will continue to manage the community on behalf of the buyer, a publicly traded REIT. Jay Wagner, Rick Swartz, Aaron Rosenweig, Dan Baker and Dean Ferris of JLL represented the undisclosed seller in the transaction.
HORSESHOE BAY, TEXAS — Nuveen Green Capital has provided $38.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the development of a new seniors housing community in Horseshoe Bay, roughly 50 miles northwest of Austin. The borrower and developer is Falcon Senior Housing. Dubbed The Statesman at Horseshoe Bay, the community will total 313,714 square feet upon completion and will feature 180 independent living, assisted living and memory care units. Financing for the project also includes EB-5 immigration investment funds.
HOUSTON — Focus Healthcare Partners has acquired The Buckingham, a continuing care retirement community in West Houston. The property’s unit count was not disclosed. Focus acquired the 23-acre property through a court-supervised auction process at the beginning of this year and has since rebranded The Buckingham as Laural Parke Senior Living. LCS will operate the independent living, assisted living and memory care units on behalf of Focus. Ignite Medical Resorts will operate the skilled nursing services at the property.
TUSCALOOSA, ALA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and memory care community located in Tuscaloosa. Built in 1994 and 2003, the property comprises 54 units. Dan Geraghty, Jeff Binder and Brad Clousing of SLIB represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
PHOENIX — LTC Properties has acquired MorningStar at Arcadia, an assisted living and memory care community located in Phoenix, for $54 million. The community is being added to LTC’s seniors housing operating portfolio (SHOP). MorningStar will continue to operate the property, which totals 104 units, on behalf of LTC. LTC launched its SHOP platform in May 2025. “Since our platform launch, we have partnered with 11 SHOP operating partners, nine new to LTC,” says Michael Bowden, senior vice president of investments at LTC. “We continue to build our acquisition pipeline with a healthy volume of potential SHOP acquisitions, supporting our strategy to position LTC for higher intrinsic growth.”
WHEAT RIDGE, COLO. — Denver-based MGL Partners will develop an affordable seniors housing community in Wheat Ridge, approximately 10 miles outside downtown Denver. The community will be situated within the redevelopment of the former Lutheran Hospital campus. MGL Partners recently executed a purchase-and-sale agreement with E5x Management, which is leading the redevelopment of the hospital campus, for the project site. Dubbed Legacy Terrace Apartments, the community will feature 50 units for residents age 62 and older earning between 30 and 80 percent of the area median income. MGL Partners plans to pursue Low-Income Housing Tax Credit financing and Colorado state tax credits in February 2027. Construction is anticipated to begin following financing approvals.
DAYTON, OHIO — Red Oak Capital Holdings LLC has provided $11.1 million in financing for the acquisition and capital improvements of Cottages of Clayton, a 90-unit assisted living community in Dayton. The bridge loan features an 18-month initial term and a loan-to-stabilized value of 69 percent. Stratos Athanassiades of Red Oak originated the loan, which was underwritten by Thomas Gorski and administered by James Myatt. The borrower, Clayton Realco LLC, is a private investor group that owns and operates 12 senior living communities. Built in 1999, Cottages of Clayton features seven cottage-style buildings with 90 studio units. Each building contains its own kitchen, laundry facilities and resident lounge areas. Amenities include a dining room, activity room, salon and outdoor spaces.
DALLAS — Harbert South Bay has broken ground on The Marianne on Inwood, a 162-unit seniors housing project in Dallas. The site is adjacent to the Highland Park area, and the 294,000-square-foot facility will offer independent living, assisted living and memory care residences. Amenities will include multiple dining venues, indoor and outdoor pools, a gym, hair salon, media lounge and a golf simulator. Project partners include Arcadis (architect), Bozzuto Construction (general contractor) and Momentum Senior Living (operator). Completion is scheduled for 2027.
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