NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan for the refinancing of Capitol Apartments, a Section 8 seniors housing property in Midtown Manhattan. The loan carried a 10-year term, a 30-year amortization period and a fixed interest rate. The borrower, Fifty First Capitol Associates, will use the proceeds to pay yield maintenance, make capital improvements to the property and monetize its existing equity. Originally built in 1925 as a hotel, the property offers 278 studio and one-bedroom apartments, including 250 age-restricted units. Rob Meehan and Jon Morales of Greystone originated the loan.
BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has opened The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River located approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. Apartments range from 605 square feet to 1,040 square feet, with monthly rents starting at $7,350. The site was formerly housed Briarcliff Lodge, a grand resort hotel built in the early 1900s.
MESA, ARIZ. — Alliant Capital and Dominium have unveiled plans for Solstice of Mesa, an affordable seniors housing community in Mesa. All 237 units will be reserved for those over age 55 and earning up to 60 percent of area median income. Development is slated for completion in October 2021.
FLAGSTAFF, ARIZ. — Arizona real estate developer Desert Land Group and Texas-based senior living management company Civitas Senior Living have started construction on their newest senior living boutique project, The Bluffs of Flagstaff. Totaling approximately 210,572 square feet, the community will feature 120 independent living, 66 assisted living and 18 memory care apartments. The Bluffs of Flagstaff is scheduled for completion in fall 2021. The architect for the project is Kaas Wilson, with Greenberg Construction as general contractor. Senior By Design is providing additional design services.
CINNAMINSON, N.J. — Capitol Seniors Housing has completed construction of a new clubhouse and two of the remaining five residential buildings at Siena, an active adult community in Cinnaminson, an eastern suburb of Philadelphia. The owner is currently working to complete the community’s master plan that will consist of 12 buildings and 204 units upon full build-out. The new residences range from 1,114 to 1,873 square feet. Capitol Seniors Housing acquired Siena in 2018, and Cove Property Management operates the community.
KENDALL, FLA. — Allegro Dadeland has opened a 212-unit senior living community at 7400 SW 88th St. in the Miami suburb of Kendall. The high-rise, pet-friendly Dadeland complex offers one-, two- and three-bedroom layouts. Communal amenities include housekeeping, transportation, dining venues, a bar, fitness center, salon, theater, valet parking, common areas and a pool. The community is situated in mixed-use neighborhood, adjacent to restaurants and the Dadeland Mall.
IRVING AND PLANO, TEXAS — Cushman & Wakefield has brokered the sale of two seniors housing communities totaling 265 units in the Dallas area. The communities include MacArthur Hills in Irving and Prestonwood Court in Plano. The two Class A, infill properties offer a combination of independent living, assisted living and memory care services. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Jim Dooley and Chris Remeika. The buyer and sales price were not disclosed.
JERICHO, N.Y. — Jericho-based developer Engel Burman has opened Encore Luxury Living, a 102-unit seniors housing community in the Long Island hamlet of Jericho. The 160,000-square-foot property offers active adult living with 59 one-bedroom units, 42 two-bedroom units and one three-bedroom unit. Unit sizes range from 826 to 1,500 square feet, and rents start at $8,400 per month. Encore will share a campus with Engel Burman’s existing 200,000-square-foot assisted living community, The Bristal at Jericho.
WYNDMOOR, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, a northern suburb of Philadelphia. The building totals 214,288 square feet. A regional buyer acquired the property for an undisclosed price with plans to reposition it. Steve Thomes, Michael Segal and Dan Mahoney of Blueprint were the lead advisors on the transaction.
BREWSTER, MASS. — OREC Securities has brokered the sale of Pleasant Bay Nursing and Rehabilitation Center in the Cape Cod town of Brewster. The community houses 135 skilled nursing beds and 59 assisted living units. Although the original plan was to split the community into two separate sales, a regional owner-operator bought the properties as a single asset. Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the transaction for OREC. The seller and price were not disclosed.