MARANA, ARIZ. — Stellar Senior Living has acquired La Sonora at Dove Mountain, a seniors housing community located in Marana, roughly 20 miles northwest of Tucson. Totaling 152 units, the property features independent living, assisted living and memory care residences. The seller and sales price were not disclosed. Stellar Senior Living, which was founded in 2011, is headquartered in Salt Lake City.
BEVERLY, MASS. — A partnership between two nonprofit owner-operators, Beacon Communities ad Harborlight Homes, has completed a multifamily adaptive reuse project in Beverly, a northeastern suburb of Boston. Beverly Village for Living & The Arts is a redevelopment of the former Briscoe School, which was originally built in 1923 and closed in 2018, into an affordable seniors housing complex. Of the complex’s 91 units, 85 are subject to income restrictions, while the other six units will be rented as live-work studios at market rates. The conversion involved preserving historic elements of the building, such as the windows and façade, while also installing sustainable utility systems.
‘AIEA, HAWAII — EAH Housing has started leasing at Aloha lā Halewilikō, a $62 million affordable rental community for older adults in ‘Aiea. Located at the former site of the ‘Aiea Sugar Mill at 99-385 Pōhai Place, Aloha lā Halewilikō offers 83 studio apartments, 56 one-bedroom apartments and a manager’s unit. The rents are set at affordable rates for households earning 30 percent, 50 percent and 60 percent of the area median income. The community features a multipurpose room, walking paths, fitness facilities, community gardens and digital literacy programs. Lanakila Pacific, a local nonprofit partner, will provide onsite services, including Meals on Wheels and wellness programming to support aging in place.
NEW YORK CITY — MonticelloAM has provided $218 million in financing for a skilled nursing portfolio in Kentucky. Comprising 18 facilities, the portfolio totals 1,500 beds across the commonwealth. In addition to a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the undisclosed borrower plans to use to restructure and upsize existing debt, the financing includes a $10 million working capital line of credit that will be used to cover the day-to-day operational needs of the facilities. New York City-based MonticelloAM originally financed the portfolio in May 2024.
TUSTIN, CALIF. — Los Angeles-based Meta Housing Corp. has completed the sale of Coventry Court, a mixed-income seniors housing property in Tustin, to Jonathan Rose Cos. for $83 million. Completed in 2012, Coventry Court offers 240 market-rate and income-restricted apartments for residents age 55 or older. Of the 240 units, 153 are designated as affordable at 50, 60 and 110 percent of area median income (AMI), qualifying the property for a 40 percent tax abatement. The remaining 87 units are rented at market rates. Jim Fisher, Vince Norris, Mike Smith and Tommy Yates of Northmarq represented the seller in the deal.
NEW YORK CITY — Lument has provided a $26.8 million HUD-insured loan for the refinancing of three affordable seniors housing properties totaling 203 units in Brooklyn. West End Gardens I and II are both located in the Borough Park neighborhood, while Webster Terrace is located in the Kensington submarket. All three properties are reserved for renters aged 62 and above and mobility-impaired individuals. Paul Weissman and Andrew Nicoll of Lument originated the financing, which was structured as a scattered-site loan and carries a fixed interest rate and a fully amortized 35-year term, through HUD’s 223(f) program. The borrower was HDF Cos.
FOUNTAIN VALLEY, CALIF. — Shopoff Realty Investments has received unanimous approval from the Fountain Valley Planning Commission for Euclid + Heil, an 18-acre residential housing project in Fountain Valley. In partnership with Lennar and National CORE, Euclid + Heil will feature 304 market-rate apartments units, 83 affordable seniors housing units, 36 two-story, for-sale triplexes and 183 three-story, for-sale townhomes. Planned community amenities include pools, parks, game areas, grilling stations, play areas and more designed to foster a vibrant and inclusive neighborhood. After acquiring the site in 2021, Shopoff began working closely with the City of Fountain Valley and its residents to plan and integrate new housing into the community. Shopoff submitted the project entitlement package in January 2024, and the firm has now secured all necessary approvals to proceed to the next phase of development. Shopoff and Lennar plan to begin grading the site later this year. The market-rate apartments and senior affordable housing components are slated for completion by summer 2028, while the for-sale homes will be delivered in phases, with the first phase opening in summer 2028 and the final phases extending into spring 2029.
BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CSTO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …
DALLAS — New York City-based Lument has provided a $33.6 million Freddie Mac construction loan for The Culbreath, a 364-unit affordable seniors housing project in Dallas. The Culbreath will be reserved for seniors age 62 or older and will consist of 270 one-bedroom units and 94 two-bedroom units. Amenities will include a clubhouse, fitness center, library, game room, multipurpose room, pool, pickleball and bocce ball courts and two dog parks. The opening is slated for summer 2027. Tracy Peters and Dale Giffey led the transaction for Lument on behalf of DHA Housing Solutions of North Texas and Volunteers of American National Services.
PASADENA, CALIF. — NAI Capital Commercial has arranged the sale of a former assisted living facility located at 1450 N. Fair Oaks Ave. in Pasadena. Agri Capital sold the asset to 1450 N Fair Oaks LLC for $5.1 million, or $180 per square foot of building area and $147 per square foot of land. Stephen Lam, Guillermo Olaiz and John Archibald of NAI Capital represented the seller in the deal. The 28,512-square-foot, 42-unit former nursing facility is situated on a 34,980-square-foot lot and was vacant at the time of sale. The owner plans to repurpose the building as a temporary housing facility focused on mental health support and substance use prevention.
