CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller cottages out of four one-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units are reserved for seniors or special needs adults earning at or below 60 percent of the area median income (AMI). At least 40 percent of the units are for those earning at or below 50 percent of AMI and at least 10 percent are for 30 percent of AMI. Phase one of the project is scheduled to open in the summer of 2019. Financing for the Springdale Road development came from a variety of sources, including $2.4 million in conventional financing, $1 million in Township Affordable Housing Trust Funds, …
SAN ANTONIO — Berkadia has provided a $24 million construction loan for Brookwood Senior Apartments, a 197-unit community being developed in northwest San Antonio. Chad Bedwell, Franklin Brown and Lloyd Griffin of Berkadia secured the loan, which has a 4 percent fixed interest rate and a 40-year amortization schedule, through HUD’s 221(d)(4) program. The property will feature one- and two-bedroom units and amenities such as a pool, fitness center and a business center.
PERTH AMBOY, N.J. — Gebroe-Hammer Associates has negotiated the sale of Spring Cove Apartments, a 38-unit, age-restricted community for people age 55 and older in Perth Amboy. The asset traded for $5.6 million. Gebroe-Hammer represented the seller, 675 New Brunswick Avenue LLC, in the transaction. The buyer was a private investor. Located at 75 New Brunswick Ave., the four-story gated property features a lounge and activity area, in-unit washers and dryers, oversized windows, eat-in-kitchens and ceramic-tile floors.
LINCOLN, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of four plots of land in California totaling 21 acres for $14.7 million, with the buyers planning to develop assisted living on the land. The seller was PDC Capital, a private equity firm specializing in EB-5 investments. The plots had been placed in SEC receivership by order of a federal judge. The first plot is located in Lincoln, adjacent to an existing active adult community named Sun City of Lincoln Hills. Lincoln MCC US LLC, a division of MCC China, acquired those seven acres for $8.7 million. Carefield Senior Living acquired the remaining three plots, totaling 14 acres, for $6 million. The location of those properties was not disclosed. Blueprint’s Jacob Gehl, supported by Giancarlo Riso and Scott Frazier, handled the transactions.
BEAUMONT, TEXAS — Griffin-American, a partnership between American Healthcare Investors LLC and Griffin Capital Company LLC, has acquired Pinnacle Beaumont Assisted Living Facility in Beaumont for $19.5 million. Situated on 4.4 acres, the property features 79 units and consists of approximately 61,000 square feet of assisted living and memory care space. The acquisition was completed in a joint venture with an affiliate of Meridian Senior Living LLC, which will manage the property.
UVALDE, TEXAS — Hunt Capital Partners has closed $9.7 million in low-income housing tax credit (LIHTC) equity financing for the development of Monarch Estates, an affordable seniors housing community in Uvalde, about 100 miles west of San Antonio. Roundstone Development is planning the 80-unit community, which will be the first affordable seniors housing community in the area. The groundbreaking is scheduled for later this month with a July 2019 target completion.
MONTEBELLO, CALIF. — Hunt Mortgage Group has provided $20 million in refinancing for Beverly Towers, an affordable seniors housing property located at 1315 W. Beverly Blvd. in Montebello. The borrower is Montebello Senior Housing, a California limited partnership backed by key principal Stephen Doty. Built in 1975, the property features 189 units in a mix of one-bathroom efficiency units and one-bedroom/one-bathroom apartments. The community is restricted to residents age 62 or older and is a Section 8 Low-Income Housing Tax Credit property. The property currently operates subject to a HUD Section 236(e)(2) use agreement that became effective in 2003 when the pre-existing Section 236 financing was retired.
CINNAMINSON TOWNSHIP, N.J. — Capitol Seniors Housing has acquired Siena, an upscale active adult community in Cinnaminson Township, located across the Delaware River from Philadelphia. The price was not disclosed. Capitol plans to continue an existing master plan for the community, which includes the construction of a new clubhouse and seven residential buildings offering a total of 119 new units. The project will more than double the existing 85 units. The community sits on a 15-acre plot across the street from a large retail development. Residents must be age 55 or older to live at Siena. The expansion project is scheduled to begin this summer. The clubhouse will open in early 2019, followed by the residential buildings in mid-2019. Cove Property Management will operate the community. This is Capitol’s fourth seniors housing property in New Jersey, with three more currently under construction.
LOS ANGELES — KFA, a Santa Monica-based architecture firm, has started construction of The Curve @ West Angeles Senior Apartments, an affordable community in the Park Mesa Heights neighborhood of Los Angeles. The development is a project of West Angeles Community Development Corp. and Related Cos. of California. The 52,777-square-foot, five-story building consists of a total of 70 apartments reserved for seniors, with 40 low-income units, 29 very-low-income units, and 1 market-rate manager’s unit. The development is located just two blocks north of the Crenshaw/Slauson Station in Park Mesa Heights, which is currently under construction and slated to open in 2019.
PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of the Lightning Portfolio, eight skilled nursing facilities in the Philadelphia metro area. The seller sought to divest the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The portfolio totals 1,050 beds. The price and names of facilities were not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion led the transaction