NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has broken ground on Parkchester Gardens, a 221-unit affordable senior living project in the Parkchester area of The Bronx. Wells Fargo is financing the project in conjunction with the New York City Housing Development Corp. and the Department of Housing Preservation & Development. Completion is slated for the middle of
MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not
DENVER, BERTHOUD and BOULDER, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Colorado:Boulder Canyon Health and Rehabilitation, a 140-bed skilled nursing facility located in Boulder. Berthoud Care and Rehabilitation, a 76-bed skilled nursing facility located in Berthoud. South Valley Post-Acute Rehabilitation, a 106-bed skilled nursing facility located in Denver.These acquisitions are subject to a long-term, …
CHESAPEAKE, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit, mixed-income seniors housing community in Chesapeake. The property is located at 1921 Robert Hall Blvd., near the coast and the North Carolina border. Standard worked with NorthMarq in coordinating this transaction. The total capitalization was about $68 million, which includes renovation and other costs. The seller was not disclosed.Standard is …
NASHVILLE, TENN. — Bridgewood Property Co., a Houston-based developer of senior living properties, has acquired land at 3808 Cleghorn Ave. in Nashville for the development of a mid-rise, luxury retirement community. With guidance and input from zoning counsel; Tune, Entrekin & White PC; the Metropolitan Planning Department; and local neighborhood groups, the property received zoning approval in February 2021 to build 205 senior living units within a 12-story facility.The new Bridgewood …
WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C.Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. …
CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership …
WEST WHITELAND TOWNSHIP, PA. — Capitol Seniors Housing has opened Arbor Terrace Exton, an 88-unit seniors housing community in West Whiteland Township, about 30 miles west of Philadelphia. The 78,000-square-foot facility offers personal and memory care services. Amenities include a bistro, clubroom, library with children’s nook, salon, theater and a multi-purpose art room. Meyer Senior Living Studio designed the project, and IMC Construction served as the general
NEW BEDFORD, MASS. — WinnDevelopment has broken ground on the $19.2 million redevelopment of the historic Cliftex Mill building in New Bedford, about 60 miles south of Boston. The project will convert the 114-year-old building into a 71-unit mixed-income housing development for adults 55 and older. The majority of the units (56) will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center and a resident lounge. Completion is slated …
OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f)
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