Seniors Housing

LONG ISLAND, N.Y. — Harrison Street Real Estate Capital has purchased seven Class A seniors housing properties, located in Nassau and Suffolk counties, for $380 million. The seven assets total 1,047 beds, 80 percent of which are designated for assisted living and the rest for patients with memory care needs. Across the portfolio, residents pay an average of $4,200 per month to rent assisted living units and $5,500 for memory care units. The firm also formed a joint venture with the Engel Burman Group, which developed the assets. Engel Burman made an equity investment in the joint venture and will continue to manage the properties.

EASTON, PA. — Tryko Partners LLC has acquired New Eastwood Care & Rehabilitation Center, a skilled nursing facility, for $6.3 million. Located at 2125 Fairview Ave. in Easton, about 15 miles east of Allentown, the two-story nursing home includes 97 beds. Tryko Partners plans to renovate and upgrade New Eastwood’s therapy gym, rehabilitation rooms and common areas. The firm will also complete cosmetic upgrades in patient rooms. Chicago-based The Private Bank provided financing to Tryko Partners for the New Eastwood acquisition. The New Eastwood purchase marks Tryko Partners’ continued expansion and investment emphasis in the skilled nursing sector. The company currently owns or manages more than 1,500 skilled nursing beds.

LAKEWOOD, N.J. — Beech Street Capital LLC has closed a $20.6 million FHA 232/223(f) loan to refinance Leisure Chateau Care & Rehabilitation Center, a 242-bed skilled nursing facility in Lakewood. Constructed three years ago, Leisure Chateau is situated 70 miles south of New York City and 70 miles east of Philadelphia. The first-time borrower plans to use the loan to refinance existing eligible debt, complete minor repairs and to establish a replacement reserve account. Joshua Rosen of Beech Street Capital originated the transaction.

MONROE TOWNSHIP, N.J. — A joint venture between Chelsea Senior Living and Focus Healthcare Partners and Artemis Real Estate Partners has acquired The Residence at Forsgate for $7.1 million via a court-ordered receivership sale. The 69,000-square-foot assisted living facility was developed in 1996 and was 64 percent occupied at the time of sale. The three-story property has 89 units of assisted living and a separate 28-unit memory care wing.