BOSTON — MassHousing has provided $28.5 million in financing for Council Tower, a 145-unit affordable seniors housing property in the Roxbury neighborhood of Boston. Excluding the property manager’s unit, all of Council Tower’s 28 studios and 117 one-bedroom units are subsidized by a Section 8 Housing Assistance Payment contract. The borrower, the Council of Elders Housing Corp., will use proceeds to refinance existing debt, fund capital improvements and preserve the affordability of the 17-story building.
KEENE, N.H. — Covenant Living Communities & Services has agreed to purchase Hillside Village Keene, a seniors housing community located just north of the Massachusetts-New Hampshire border. Covenant is purchasing the community out of bankruptcy in a deal that is scheduled to close in early 2022. Hillside Village opened in 2019 with 141 independent living units, 43 assisted living units, 18 assisted living/memory care units and 20 nursing care suites. The price was not disclosed.
SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty Capital Corp.’s Richmond office led the transaction.
LA PUENTE, CALIF. — Meta Housing Corp., Western Community Housing Inc. and the City of La Puente have opened Arboleda Senior Apartments, an affordable, 74-unit multifamily community for adults age 62 years and older. The property features one- and two-bedroom units with rents ranging from 40 percent to 70 percent below market rate. Meta Housing partnered with Bank of America, California Community Reinvestment Corp., Los Angeles County Development Authority and the California Tax Credit Allocation Committee to finance the project.
NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.
PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan being refinanced in under seven months. Steven Muth of M&T Realty Capital’s Richmond office led the transaction, in collaboration with Chris Tesla.
SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs of seniors. The financing includes a $43 million Merchants Bank of Indiana construction loan, $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also secured a forward commitment for $24 million from Fannie Mae for permanent financing with the mortgage-backed security being purchased by the AFL-CIO Housing Investment Trust (HIT).
LOS ANGELES — Avenir Senior Living has opened Avenir Memory Care Westside, a seniors housing community in Los Angeles’ Westchester neighborhood. The community features 88 memory care units using a specialized program that aligns residents who have similar cognitive abilities. “We call this the cognitive lifestyle,” says Jason Gurash, vice president of sales and marketing for Avenir Senior Living. “Taking it a step further, every neighborhood is intentionally designed to look exactly the same. That way, everything is familiar. Residents feel comfortable and at home even if they need to move to a higher level of support.”
BALA CYNWYD, PA. — Ziegler has arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia. Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three continuing care retirement communities in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. The portfolio totals 482 independent living units, 56 personal care units, 118 assisted living units and 178 skilled nursing units. Proceeds refinance existing bonds from 2015 and fund capital expenditures, among other uses.
MCKINNEY, TEXAS — Touchmark, an Oregon-based seniors housing owner-operator, will develop an 81-acre project in the northern Dallas suburb of McKinney. Designed by architectural firm three, Touchmark at Emerald Lake will be built in two phases. The first phase will consist of 149 independent living apartment homes, six casitas (duplex residences), 84 assisted living units and 32 memory care residences. Project partners include Andres Construction (general contractor), StudioSix5 (interior design), Kimley-Horn (civil engineer) and Talley Design (landscape architect). Completion of Phase I is scheduled for 2023.