BOSTON — California-based owner-operator Kisco Senior Living will develop The Newbury at Brookline, a 159-unit complex that will be located on the west side of Boston. The site is located on the historic former Newbury College campus. The facility will ultimately comprise 81 independent living units, 38 assisted living residences and 40 memory care units via 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House. The complex is scheduled to open next fall.
SAN ANTONIO — Artemis Real Estate Partners has purchased Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Artemis is taking over as equity partner for Chicago-based Harrison Street while retaining Franklin Park as part owner in the joint venture. Franklin Park Alamo Heights features 117 independent living units, 64 assisted living units and 40 memory care units. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of JLL arranged the recapitalization of the property. Allison Holland, also with JLL, arranged a Freddie Mac loan for the new ownership entity. Neither the price nor the amount of the financing were disclosed.
MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai. Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations. Aron Will, John Sweeny and Scott Bray of CBRE represented B2K Development and its partner, Chicago-based Harrison Street, in the transaction and procured the buyer, New York-based Fairfield Properties. A CBRE team of Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan arranged Freddie Mac acquisition financing for the deal.
AURORA, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Renew Saddle Rock Memory Care in Aurora, approximately 20 miles southeast of Denver. The asset features 40 units and 52 beds and was built in 2015. The property totals 38,585 square feet on approximately 4.7 acres of land. The seller was an out-of-state private equity group with a third-party operator divesting the asset to exit the senior living space. The buyer was an experienced Denver-based owner-operator looking to grow its portfolio. The price was not disclosed. Vince Viverito, Ryan Saul and Jason Punzel of SLIB handled the transaction.
WASHINGTON TOWNSHIP, N.J. — Chelsea Senior Living has opened The Chelsea at Washington Township, an assisted living and memory care community in Washington Township, a suburb of Philadelphia. Capitol Seniors Housing (CSH) owns the property. The number of units was not disclosed. This will be Chelsea’s second community in Bergen County, 18th in New Jersey and 23rd overall. Chelsea and CSH are working together on their next community in the New York City suburb of West Orange, New Jersey, which is projected to open in 2025.
MOUNT PROSPECT, ILL. — Standard Communities has led a public-private partnership that acquired Huntington Towers in Mount Prospect for an undisclosed price. The transaction preserves affordability for the 214-unit senior living community for the next 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. Located at 551-571 W. Huntington Commons Road, Huntington Towers was built in 1978. Planned renovations include new flooring, kitchen cabinet hardware, countertops, ranges, refrigerators, microwaves and toilets. Light fixtures will be replaced, hallways will be painted and new carpet will be installed. New amenities will include a fitness center and business center. A new rooftop solar system will reduce the property’s carbon footprint by more than 215 tons of carbon dioxide per year. A resident services coordinator will be added to the staff.
Woda Cooper, Housing Services Alliance Open Affordable Seniors Housing Community in Walton, Kentucky
WALTON, KY. — Affordable housing developer Woda Cooper Cos. Inc. and Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati. Haven Crossing is a three-story, elevator-served building that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI). Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank. Primary financing for the $13.2 million property was supported through the allocation of Low-Income Housing Tax Credit (LIHTC) equity by Kentucky Housing Corp. Marble Cliff Capital invested in the tax credits to provide equity financing. First Financial Bank invested in the project via MCC, and provided the construction loan. Cedar Rapids Bank & Trust is providing permanent debt for the project. Other partners on the project included Grimm Architecture, Chadan Engineering Inc. and Woda Construction Inc. Woda Management & Real Estate will handle leasing and management.
WORCESTER, MASS. — The United Group of Cos. Inc. has received a $35 million construction loan for The Arbella at Bramble Hill, a 123-unit active adult project that will be located in the central Massachusetts community of Worcester. The property will span 17 acres and offer one- and two-bedroom apartments across three buildings. The community will also feature an 8,500-square-foot clubhouse. JLL arranged the debt through The Washington Trust Co. on behalf of United Group. Construction is scheduled for an early 2025 completion.
The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects. The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees the possibility of even slower inventory growth in the near term. “We’ve got a development pipeline, but we’re sort of parking it. Construction costs remain high. We’re starting to see early signs that maybe those are softening a bit, but nothing has really softened materially,” said Grape during the keynote interview at the seventh annual InterFace Seniors Housing Northeast conference in Philadelphia on Wednesday, Nov. 29. Laura Cambria of KARE, senior vice president of operations at KARE, a senior living staffing app that connects caregivers with operators, conducted the interview. France Media’s InterFace Conferece Group and Seniors Housing Business hosted the conference at the Hilton Philadelphia at Penn’s Landing. The daylong event …
ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.