NEW BRUNSWICK, N.J. — A partnership between Pennrose and The New Brunswick Housing & Redevelopment Authority has broken ground on Hildebrand Commons, 66-unit affordable seniors housing project that will be located in Central New Jersey. The six-story building will offer one- and two-bedroom apartments that will be reserved for households earning 20 to 60 percent of the area median income. Five apartments will be set aside for formerly homeless individuals. Amenities will include a community room, fitness center and an outdoor courtyard. The first move-ins are expected to begin in fall 2026.
MERRILL, WIS. — Marcus & Millichap has brokered the $9.5 million sale of Pine Crest Nursing Home facility in Merrill, a city in central Wisconsin. The 120-bed property is located at 2100 E. 6th St. Operated by North Central Health Care, the facility features 117 units, including 105 private rooms and 15 semi-private rooms. The asset has served the area for nearly 70 years with several phases of construction, including the recent addition of a memory care unit, rehabilitation center and special care units. Ray Giannini of Marcus & Millichap represented the seller and procured the buyer. The property is the only skilled nursing facility in Merrill and was 70 percent occupied at the time of sale, according to Giannini.
FREDERICKSBURG, TEXAS — Capital Square has acquired Woodland Cottages, a 62-unit active adult community located in the Central Texas city of Fredericksburg. Woodland Cottages offers 20 one-bedroom and 42 two-bedroom residences that have average sizes of 899 and 1,355 square feet, respectively. Amenities include a pool, fitness center, clubhouse and dedicated resident concierge services. The seller and sales price were not disclosed.
HARTLAND, MICH. — Lockwood Cos. has opened Lockwood of Hartland, a 146-unit senior living community in Hartland, about 50 miles northwest of Detroit. The $46 million project offers one- and two-bedroom independent living apartments, all with private patios or balconies. Sixty-one of the units are designated as affordable housing. The property is situated on 17 wooded acres with nature trails. Amenities include chef-prepared meals, a fitness room, life enrichment programs, a barber shop, beauty salon and theater.
RANCHO CORDOVA, CALIF. — Developer, owner and operator Hawthorn Senior Living has opened Bear Hollow Estates, a new independent living community located in Rancho Cordova, roughly 15 miles outside Sacramento. Totaling 149 units, the property features studio, one- and two-bedroom apartments. Amenities at the $46.5 million development include a fitness studio, movie theater, billiards lounge, pub, salon and library. Outdoor features include walking paths, raised garden beds and a fire-pit courtyard. This marks Hawthorn Senior Living’s sixth community in California. Hawthorn’s national portfolio comprises more than 70 communities.
MILPITAS, CALIF. — BWE has arranged $65 million in bond financing for Ivy Park at Milpitas, a seniors housing property in Milpitas. The financing was secured on behalf of a joint venture between Blue Mountain Enterprises and SRM Development. Oakmont Management Group is managing the property. Ryan Stoll and Taylor Mokris of BWE arranged the financing. The loan was structured as a 15-year bond issuance, credit-enhanced by a letter of credit from Poppy Bank, and features five years of interest-only payments along with a favorable covenant structure. The financing provides the sponsor with enhanced flexibility and a long-term runway to complete lease-up and drive operational performance. The four-story, 205,000-square-foot Ivy Park at Milpitas offers 199 independent living, assisted living and memory care units, as well as a subterranean parking garage. Community amenities include all-day dining at The Vine at Ivy restaurant, a fitness center, indoor heated pool, library, salon, movie theater and a landscaped outdoor courtyard. The community also offers 24-hour staffing, concierge services and a social calendar for residents.
NEW YORK CITY — Greystone has provided a $40 million bridge loan for the acquisition of Kittay House, a 295-unit affordable seniors housing property in The Bronx. Kittay House offers dozens of onsite social, recreational and educational programs, as well as meals, housekeeping and easy access to healthcare and supportive services. Eric Rosenstock and Jeff Englund of Greystone originated the nonrecourse, interest-only financing on behalf of the owner, a joint venture between Metropolitan Realty Group and Citadel Care Centers. The loan also carried a 24-month term with two six-month extension options.
JACKSON, MISS. — Regions Bank’s affordable housing group has provided a combined $117.3 million in financing to Vitus Group LLC for the acquisition and rehabilitation of three existing affordable housing communities in Jackson. The properties include Village Apartments, Commonwealth Apartments and Madonna Manor, which are now part of Jackson Trio, a collection of townhomes, garden-style apartments and a 13-story high-rise apartment building for seniors. The portfolio totals 77 buildings and 613 units, with 149 of the units dedicated to age-restricted housing for people age 62 and older. Jackson Trio will provide affordable housing to renters earning between 50 percent and 80 percent of the area median income. Regions Affordable Housing provided approximately $36.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity, a $19.7 million bridge loan and a $61 million Fannie Mae MTEB permanent loan. The properties feature a mix of one-, two-, three- and four-bedroom apartments with various amenities, including an exercise room, onsite property management and maintenance and kitchen appliances. Two developments also include playgrounds for children, and Madonna Manor includes free lunch by the City of Jackson for senior residents.
ATHENS, GA. — Active Senior Concepts (ASC) has broken ground on Celebration Village Athens, a new senior living community in Athens, roughly 80 miles northeast of Atlanta and home of the University of Georgia. Upon completion, the development will total 377 units, with 96 bungalows, 20 independent living cottages, 70 independent living villas, 96 concierge living apartments, 66 assisted living apartments and 29 memory care suites. Celebration Village Athens will also feature a 30,000-square-foot Celebration Club and 4,000-square-foot spa and wellness center. Other amenities will include pickleball and bocce ball facilities, pavilions with grill stations, fire pits, a putting green, walking paths, community gardens and a private lake, as well as onsite wellness programs, chef-prepared meals and a social calendar. The first phase of the project, which will comprise three-bedroom bungalows, is scheduled for completion in 2026. This marks the fifth Celebration Village community in Georgia, with existing properties located in Peachtree City, Snellville, Forsyth and Acworth.
CHARLESTON, W.VA. — BWE has provided a $37 million Fannie Mae loan for Harmony at Southridge, a seniors housing community in Charleston that is operated by Harmony Senior Services. Ryan Stoll and Taylor Mokris of BWE originated the 10-year loan on behalf of the borrower, Smith-Packett, Wessex Capital. The loan features five years of interest-only payments and a fixed interest rate. Built in 2020, Harmony at Southridge features independent living, assisted living and secured memory care units, as well as chef-prepared dining options, a therapy gym, movie theater, beauty salon, library and concierge services. The borrower converted 12 independent living units to assisted living in late 2024, according to BWE.