PARK CITY, UTAH — Blueprint Healthcare Real Estate Advisors has brokered the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.
RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.
RICHMOND, VA. — Enterprise Community Development (ECD) has completed construction of The Rosa, an affordable seniors housing community in Richmond’s historic Jackson Ward neighborhood. Partners on the project include the City of Richmond, the Richmond Redevelopment & Housing Authority, Virginia Housing (formerly VHDA), the Federal Home Loan Bank, the U.S. Department of Housing and Urban Development (HUD), Truist Financial Corp., Enterprise Housing Credit Investments and the Virginia Department of Housing and Community Development. Grimm + Parker served as the project architect, while Harkins Builders was the general contractor. The four-story building features 82 mixed-income apartments, including 36 affordable units designated for workforce housing. The Rosa is named after the former school on the site. Although primarily new construction, the project included the adaptive reuse of a historic convent into eight of the multifamily units, as well as the preservation of a garden established by the Catholic Diocese to commemorate the former site of St. Joseph’s Catholic Church, believed to be the first Catholic congregation for African-Americans in the South. The complex also features 6,000 square feet of retail space. All residents of The Rosa previously lived in Fay Towers, a 200-unit senior community built in 1976. The ribbon cutting of …
GREENBURGH, N.Y. — Capitol Seniors Housing has opened The Chelsea at Greenburgh, a 101-unit assisted living and memory care community in Westchester County. Designed by architecture firm Meyer and built by New Jersey-based March Construction, the 90,651-square-foot property features an open-concept kitchen area, a clubroom, library, art studio, salon, sports lounge, theater, fitness center and two separate dining rooms. Chelsea Senior Living is the operator of the property.
FOXBORO, MASS. — Benchmark Senior Living will expand New Pond Village, a seniors housing community located in the Boston suburb of Foxboro. The project will add 19 assisted living units, bringing the community’s total to 36 units. SEO Construction is building the project, which Udelsman Associates designed. StudioSix5 is handling the interior design. Since Benchmark acquired New Pond Village in May 2017, the property has undergone extensive renovations, including an $8 million project in 2018 to add new and refreshed common areas.
CORAM, N.Y. — Racanelli Construction Co. has completed construction of All American Assisted Living at Coram, a $12.6 million seniors housing project located in the Long Island hamlet of Coram. Kaplan Development Group owns the 58,000-square-foot property, which offers assisted living, memory care and respite care services. Engelbrecht & Griffin Architects designed the project. The number of units was not disclosed.
DALLAS — Ziegler has arranged $77.1 million of bond financing for Presbyterian Village North, a continuing care retirement community in North Dallas. The proceeds of the bonds will finance an expansion project that will add 112 new independent living units in a five-story building named The Hawthorne. The community sits on a 66-acre campus and currently consists of 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a health center operating 106 skilled nursing beds. Of the 97 units being marketed, 72 percent are already pre-sold. The project also includes renovations to the community’s existing common areas.
CEDAR FALLS AND MARSHALLTOWN, IOWA, AND AUSTIN, MINN. — Colliers Mortgage has provided three HUD 223(a)(7) loans totaling $18.8 million for the refinancing of three age-restricted multifamily properties in Iowa and Minnesota. The properties, totaling 162 units, include Village Cooperative of Cedar Falls, Village Cooperative of Marshalltown and Village Cooperative of Austin. The market-rate communities are restricted to residents age 62 and older. The refinancing enabled the undisclosed borrowers to reduce the interest rates and mortgage insurance premiums on the loans, creating substantial annual savings, according to Colliers.
BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.
BOSTON — A partnership between East Boston Community Development Corp. (EBCDC) and Affirmative Investments has broken ground on Grace Apartments, a 42-unit affordable seniors housing development in East Boston. Designed by locally based architecture firm DiMella Shaffer, Grace Apartments will feature one- and two-bedroom units ranging from 496 to 722 square feet. Completion is scheduled for spring 2022.