Seniors Housing

The-Kenzi-at-Barlett-Station-Boston

BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.

FacebookTwitterLinkedinEmail
Cedarwood-Homes-Pittsburgh

PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

FacebookTwitterLinkedinEmail
Estancia-Senior-Living-Fallbrook-CA

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.

FacebookTwitterLinkedinEmail

MAPLEWOOD, MINN. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Amenities include a fitness center, outdoor patio, community room, salon, indoor pool and heated underground parking. Located at 1957 English St., Frost English Silver is within walking distance of parks, lakes, trails and golf courses. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, Sherman Associates. Jeff Lepley of JLL arranged acquisition financing on behalf of the buyer, an affiliate of Axial Real Estate Advisors LLC. JLL is providing the seven-year, fixed-rate Fannie Mae loan.

FacebookTwitterLinkedinEmail

TULSA, OKLA. — New York City-based Hudson Realty Capital has provided a bridge loan for the refinancing of Stonehaven Square, a seniors housing community in Tulsa that provides assisted living and memory care services. The amount of the loan was not disclosed, but the financing was secured as part of $37.7 million package for Stonehaven Square and a Florida property, The Landing at Lake Worth. Eric Johnson of Ziegler arranged the financing on behalf of the borrower, Columbia Pacific Advisors.

FacebookTwitterLinkedinEmail

LONDONDERRY, N.H. — Massachusetts-based Edgewood Senior Solutions Group has broken ground on The Baldwin, a 190-unit continuing care retirement community (CCRC) in Londonderry, approximately 45 miles northwest of Boston. Designed by DiMella Shaffer, The Baldwin will offer amenities such as an indoor pool, fitness center, art studio and gallery, library and a woodworking shop. Construction is scheduled for a summer 2023 completion.  

FacebookTwitterLinkedinEmail
River-Run-Senior-Corona-CA

CORONA, CALIF. — Avanath Capital Management has purchased River Run Senior, an affordable seniors housing property located at 863 River Road in Corona. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. Built in 2004, River Run consists of six three-story, garden-style residential buildings totaling 216,684 square feet. The community offers a mix of 306 one-bedroom units and 54 two-bedroom units. Units feature air conditioning, dishwashers, vinyl plank flooring, walk-in closets and private balconies or patios. Residential amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building and a gated entry. Avanath will implement social programming at River Run, in addition to its Wellbeats partnership program that allows residents to exercise from home. The company also plans to upgrade the property’s mechanical systems; replace roofs, HVAC systems and boilers; add a maintenance shop; and install security cameras near access gates. Avanath Communities will manage the asset.

FacebookTwitterLinkedinEmail
The-Bridge-Grants-Pass-OR

GRANTS PASS AND MEDFORD, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Bridge in Grants Pass and The Orchards in Medford. The properties are approximately 30 miles apart in the southwest corner of the state. The Bridge was constructed in 2001 and offers independent living and assisted living. The Orchards was built in 2000 and offers assisted living. The communities offer a total of 148 units in a combined 103,455 square feet across 3.6 acres of land. A local ownership group with only these two seniors housing properties sold the assets. An Oregon-based owner-operator acquired the communities for $17 million. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “The new owner-operator is continuing to expand their footprint and these communities fit in well with their long-term strategic plan,” says Punzel.

FacebookTwitterLinkedinEmail

PLAINFIELD, CONN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private investor, and the buyer was a New England-based owner-operator that now owns three communities in Connecticut. The price was not disclosed. Dave Balow of SLIB handled the transaction.

FacebookTwitterLinkedinEmail
Eliseo-Tacoma-WA

TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units (consisting of 50 apartments and 41 villas) and a new dining venue, as well as renovations to multipurpose and meeting rooms, administrative offices and the entrance to the health center. In addition to funding the project, the bonds will refinance bonds from 2013 and repay a loan used for pre-development expenses.

FacebookTwitterLinkedinEmail