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Seniors Housing

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Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

USA Properties Fund, Pinyon Group Open $21M Affordable Age-Restricted Property in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Roseville, Calif.-based USA Properties Fund and Los Angeles-based The Pinyon Group have opened Vintage at Marja Acres, an affordable age-restricted community in Carlsbad. Located at 4660 Garden Hill Loop, Vintage at Marja Acres offers 47 apartments, a community room, wellness/health center and onsite laundry. The one-bedroom apartments feature energy-efficient appliances and light fixtures, and low-flow faucets, showers and toilets. The units are designated for residents at least 55 years old who earn 30 percent to 60 percent of the area median income for San Diego County, Calif. Vintage at Marja Acres is a public-private partnership that includes the City of Carlsbad, Riverside Charitable Corp. and WNC Inc. JPMorgan Chase is the construction and permanent lender for the $21 million project. IHP Capital Partners and KB Homes are also partners on the project, which is in infill community that is named after a former longtime nursery on the property.

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Affordable HousingDevelopmentSeniors HousingSoutheastVirginia

True Ground Housing Breaks Ground on $64M Affordable Seniors Housing Community in Metro DC

by John Nelson

CHANTILLY, VA. — True Ground Housing Partners has broken ground on a $64 million affordable seniors housing community in Chantilly, roughly 30 miles outside Washington, D.C. Dubbed Avonlea Senior, the development will be situated within the Avonlea Town Center master-planned community developed by Peterson Cos.  The project team includes general contractor Bozzuto Construction, Advanced Project Management (APM), Grimm + Parker Architects, Moya Design Partners, Allen + Shariff Corp. and civil engineer Urban Ltd. Upon completion, the community will comprise 137 units for residents age 55 and older. The property will also feature a wellness suite, business center and two community rooms. Completion of the project is slated for summer 2026.  Financing for the development includes low-income housing tax credits (LIHTC) from Virginia Housing; more than $6 million from Loudoun County’s affordable multifamily housing loan program; $7.5 million from Amazon REACH; $1.4 million in Virginia Housing Trust Fund financing; and $4 million from Virginia’s Housing Innovations in Energy Efficiency (HIEE) program. Additionally, Truist has purchased approximately $29 million in tax credit equity. Formerly Arlington Partnership for Affordable Housing, True Ground Housing Partners is a nonprofit affordable housing developer.

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AcquisitionsMarylandSeniors HousingSoutheast

Solera Acquires 113-Unit Assisted Living, Memory Care Community in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.

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LoansMidwestMinnesotaMultifamilySeniors Housing

Colliers Mortgage Provides $24M HUD-Insured Loan for Refinancing of Minnesota Senior Living Community

by Kristin Harlow

MANKATO, MINN. — Colliers Mortgage has provided a $24 million HUD-insured loan for the refinancing of The Pillars of Mankato, a 118-unit senior living community in southern Minnesota’s Mankato. The property, situated on nearly 4 acres, provides assisted living and memory care. Amenities and services include 24-hour care, full-service dining, housekeeping, community and activity rooms, a library, beauty salon and fully landscaped outdoor space with putting green. Sam Butler of Colliers Mortgage originated the 35-year loan on behalf of the borrower, Tunbridge Peak LLC.

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CaliforniaMultifamilySeniors Housing

Harbert South Bay Partners to Open 140-Unit Assisted Living, Memory Care Community in Dublin, California

by Amy Works

DUBLIN, CALIF. — Developer Harbert South Bay Partners will open The Whitford of Dublin, a new assisted living and memory care community, in Dublin in fall 2026. Totaling 140 units, the property will feature residences in studio, one- and two-bedroom layouts. The largest floor plans will comprise 1,499 square feet. Momentum Senior Living will manage the community. 

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AcquisitionsAffordable HousingCompany NewsLoansMultifamilyNew YorkNortheastSeniors HousingTexasTop Stories

Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings

by John Nelson

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

F.H. Paschen Breaks Ground on 80-Unit Seniors Housing Community in Franklin Park, Illinois

by Kristin Harlow

FRANKLIN PARK, ILL. — General contractor F.H. Paschen has broken ground on an 80-unit seniors housing community in the western Chicago suburb of Franklin Park, which is part of Leyden Township. Evergreen Real Estate Group is the developer for the project, which is named Leyden Senior Apartments. The four-story residential building will also feature the new Carl Fiorito Senior Center, a one-story community center that will complement the apartments. Designed by Weese Langley Klein Architects and scheduled to open in summer 2026, the development is a collaborative effort between Leyden Township, Evergreen, owner Leyden Apartments LP and F.H. Paschen. Evergreen will also serve as property manager. The project site is 2.8 acres of vacant land located at the intersection of Mannheim Road and Nevada Avenue. The development is financed through multiple sources, including the Illinois Housing Development Authority, Bank of America, Hudson Housing, Leyden Township and the Cook County Department of Planning and Development. Mesirow Financial participated in the underwriting syndicate for the IHDA financing and served as the lead underwriter for Leyden Township’s General Obligation bond offering.

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First-&-Market-Pittsburgh
Affordable HousingLoansMultifamilyNortheastPennsylvaniaSeniors Housing

KeyBank Provides $41.4M in Financing for Pittsburgh Affordable Seniors Housing Redevelopment

by Taylor Williams

PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Tutera Acquires 75-Unit Seniors Housing Community in Suburban Chicago, Plans Reopening

by Kristin Harlow

MATTESON, ILL. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community in Matteson, about 30 miles south of Chicago, for an undisclosed price. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring. Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living units and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and art studio; barbershop, beauty salon and spa; therapy room and gym; movie theater, library and chapel; bistro; courtyard with walking paths; and common areas. The acquisition brings Tutera’s portfolio to 77 communities operated across 10 states. 

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AcquisitionsColoradoMultifamilySeniors HousingWestern

Meridian Senior Living Buys Pine Grove Crossing Assisted Living, Memory Care Community in Parker, Colorado

by Amy Works

PARKER, COLO. — An affiliate of Meridian Senior Living (Meridian) has acquired Pine Grove Crossing, a seniors housing property in Parker, from a real estate private equity group for an undisclosed price. Meridian will manage the community on behalf of an institutional investor. Completed in 2018, Pine Grove Crossing offers 100 assisted living and 27 memory care units in a three-story building. The community offers weekly shuttle bus excursions, a private transport services for appointments, beauty salon and barbershop, gym with daily fitness classes, library and outdoor patio space. Additionally, the property includes all-day, full-service dining and an onsite bistro for coffee and pastries. At the time of sale, Pine Grove Crossing was 90 percent occupied. The property is situated on 4.4 acres at 19160 Cottonwood Drive. JLL Capital Markets Seniors Housing team represented the seller in the deal.

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