YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan for the refinancing of Monastery Manor, a 147-unit affordable seniors housing property located just north of New York City in Yonkers. Units are designated for persons 62 years and older who earn no more than 50 percent of the area median income (AMI). The borrower, nonprofit owner-operator Finian Sullivan Corp., will use a portion of the proceeds to fund renovations and extend the property’s affordability status. Jim Gillespie and Ilya Weinstein of BWE originated the loan.
CORAL GABLES, FLA. — Belmont Village Senior Living, in partnership with Baptist Health South Florida, has opened Belmont Village Senior Living Coral Gables, a 232-unit seniors housing community located at 4111 Salzedo St. in Coral Gables. Corwil Architects designed the South Florida property, which features independent living, assisted living and memory care residences across 10 stories. Amenities at the community, which also offers ground-floor retail space, include indoor and outdoor socialization spaces, a pool surrounded by a full-service bistro and bar, outdoor lounge with a dining area and barbecue kitchen, fitness room, outdoor movie lawn, putting green, screening room, dog park and a beauty salon. As part of the collaboration with Baptist Health South Florida, Belmont Village Coral Gables will offer direct access to Live Healthy by Baptist Health, with Baptist Health Primary Care onsite. Moss Construction was the general contractor for the project.
HOUSTON — A subsidiary of The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Champions Healthcare at Willowbrook, a 242-bed seniors housing property located in northwest Houston. The healthcare campus consists of a 98-bed skilled nursing facility and a 144-bed assisted living facility. The seller and sales price were not disclosed.
WINCHESTER, VA. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a senior housing development located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. Constructed in 1982, the 87-acre property features 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. Currently, an independent living villa apartment expansion project is underway at the development. Ziegler financed the first phase, which includes 48 new independent living villa apartments, in 2022. The second phase of the project is being financed with the new bonds and includes an additional 49 independent living villa apartments, for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners. The two tranches include a $27.5 million, 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period and a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.
MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly rents at the property will range from $484 to $1,161. Funding for the project includes $21 million in low-income housing tax credits (LIHTC) syndicated through Raymond James, a $19.3 million construction loan provided by JP Morgan Chase Bank, a permanent $7.5 million Freddie Mac loan secured through Berkadia, a $4.3 million Florida Housing Finance Corp. viability loan and a $2.4 million loan provided by the Miami-Dade County affordable housing surtax program. The project team includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, interior designer B Pila Design Studio and landscape architect Witkin Hults + Partners. Completion of Oasis at Aventura is scheduled for spring 2025.
SPRING, TEXAS — JLL has arranged a $28 million loan for the refinancing of The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, a northern suburb of Houston. The community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care services, as well as 28 to-be-built independent living, duplex-style cottage units. Zane Sweet, Alanna Ellis, Zach Brantley and Kyle White of JLL arranged the four-year, fixed-to-floating-rate loan from an undisclosed life insurance company. The borrower, Harmony Communities, will use a portion of the proceeds to fund an expansion of the community.
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million in 9 percent tax credit equity to finance the new construction of Garrett Square Apartments in Cleveland. The 49-unit affordable seniors housing community will be situated in the city’s Glenville neighborhood. The four-story building will be reserved for seniors age 55 and older. The project will be partially subsidized with 19 units supported by 20-year project-based vouchers through Cuyahoga Metropolitan Housing Authority. The project site is currently home to a parking lot and vacant retail building, which will be razed prior to development. The borrower and developer is Volker Development Inc., and Marous Brothers Construction is the general contractor. The Famicos Foundation will serve as the property manager. Famicos will also offer supportive services such as financial literacy, cooking classes, gardening programs, emergency preparedness workshops, food delivery and distributions, neighborhood events, healthcare referrals, tax preparation and access to its legal clinic, Famicos CARES. Derek Reed and Greg Kiger of KeyBank CDLI structured the tax credit equity and debt financing. KeyBank is providing a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the …
SMITHTOWN, N.Y. — JLL has arranged $29 million in financing for Whisper Woods of Smithtown, a seniors housing property located on Long Island. Built in 2018, the property houses 136 beds across 101 units and offers assisted living and memory care services. The borrower is a partnership between Sculptor Real Estate and Benchmark Senior Living, and the direct lender was an undisclosed regional bank. Joel Mendes, Ted Flagg and Stephen Van Leer led the transaction for JLL.
ATLANTA — Canterbury Court, a continuing care retirement community in Atlanta’s Buckhead district, has doubled in size with its new expansion. The property now includes two new additions: The Garden Tower, a high-rise that features 105 independent living apartments and a ground-level restaurant; and Monarch Pavilion, a four-story building that offers seniors housing units, amenities and services in a neighborhood setting. Monarch Pavilion comprises Azalea View, a new assisted living community; Wisteria Park, a memory care destination centered around a courtyard garden; and Sage Glen, a skilled nursing neighborhood that features dedicated physical, speech and occupational therapists. The construction period for the expansion lasted approximately two years. Greystone Communities served as the project’s financial advisory and financial consultant, and JLL provided project management services. The design-build team included architect Rule Joy Trammell + Rubio and general contractor Brasfield & Gorrie.
MENIFEE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sunny Rose Glen, a 55-unit assisted living and memory care community in the Inland Empire city of Menifee. The community was built in 2010 and totals 30,000 square feet on a 1.8-acre plot. The seller was a single-asset owner looking to retire. The buyer was a California-based group looking to expand its portfolio in Southern California. The new owner plans to operate the community itself following cosmetic improvements to the property. The price was not disclosed. Brad Goodsell, Jason Punzel, Vince Viverito and Jake Anderson of SLIB handled the transaction.