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Development

Affordable HousingDevelopmentFinanceNew YorkNews

Asland, Pembroke Receive $100M in Financing for Affordable Housing Project in The Bronx

by Jeff Shaw

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Apartments will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall …

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Assisted LivingDevelopmentNewsTexas

Journey Capital, SilverPoint Senior Living Plan 101-Unit Edition Senior Living of Fort Worth

by Jeff Shaw

FORT WORTH, Texas — SilverPoint Senior Living and Journey Capital have unveiled plans for the development of Edition Senior Living of Fort Worth. Initial plans call for 101 units of assisted living and memory care in a 100,000-square-foot community on nine acres. There are also long-term plans to expand and add independent living facilities. This community will be the fifth collaboration between SilverPoint and Journey Capital. Construction is scheduled to begin close to the end of this year.

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DevelopmentMemory CareNewsTennessee

Solinity Opens Remember Me Senior Care in Cleveland, Tennessee

by Jeff Shaw

CLEVELAND, Tenn. — Solinity has opened Remember Me Senior Care, an assisted living and memory care neighborhood in the East Tennessee city of Cleveland. The five-home, farmhouse-style neighborhood focuses on memory care services. Solinity leads the operations and also serves as the marketing agency with sister company, Solinity Marketing. The homes are situated in a subdivision-like design with walking paths, a gazebo and pavilion. Each home includes a private family gathering room, living room, private apartments, a residential-style kitchen, outdoor common spaces and large hallways. Project partners included DKLEVY Architectural …

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Affordable HousingDevelopmentMassachusettsNews

Pennrose Opens 55-Unit Mary D. Stone Mixed-Income Community in Auburn, Massachusetts

by Jeff Shaw

AUBURN, Mass. — Pennrose has opened Mary D. Stone Apartments, a 55-unit, mixed-income seniors housing community in Auburn, a suburb of Worcester. The project was the historic rehabilitation of a 1920s-era school building, including the demolition of later-built wings and the construction of a new addition. Mary D. Stone was designed to help address the widespread shortage of affordable housing in Massachusetts, where the National Low Income Housing Coalition estimates there are only 48 available affordable rental homes for every 100 low-income households. Eighty percent of the units at Mary …

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Assisted LivingDevelopmentNewsTennessee

Meridian Realty Advisors Opens 100-Unit Cloverland Park in Brentwood, Tennessee

by Jeff Shaw

BRENTWOOD, Tenn. — Meridian Realty Advisors LP and Integral Senior Living have opened Cloverland Park Senior Living, a 100-unit seniors housing community in the Nashville suburb of Brentwood. Partners on the project include Pi Architects, SCI Construction, Thomas & Hutton, TDI Engineering and MEP Associates Design Group Inc. Located on 6.6 acres, Cloverland features 72 assisted living and 28 memory care units. “As part of this project, we donated seven acres of land to the city of Nashville for a planned park and walking trail site and look forward to …

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CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $68M Financing for Expansion Project at Cypress Cove in Fort Myers

by Jeff Shaw

FORT MYERS, Fla. — Ziegler has arranged $68 million in financing for Cypress Cove at HealthPark Florida, a continuing care retirement community in Fort Myers. The community currently features 377 independent living units, 44 assisted living units, 44 memory support units and 64 skilled nursing units on a 48-acre campus. The financing will fund the addition of a 12-acre gated community known as The Oaks at Cypress Cove, which will include 24 independent living villas, 24 independent living apartments and new common areas in a five-story building. The financing comprises …

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Active AdultDevelopmentNew JerseyNews

Kaplan Cos. Opens 222-Unit Amaranth at North Brunswick Active Adult Community in New Jersey

by Jeff Shaw

NORTH BRUNSWICK, N.J. — Kaplan Cos. has opened Amaranth at North Brunswick, a 222-unit active adult community in North Brunswick, approximately midway between New York City and Philadelphia. Apartments range from 823 to 1,397 square feet. The property is Kaplan’s first active adult community. The company is already underway on its second Amaranth development in nearby East Windsor.

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Assisted LivingDevelopmentNew YorkNews

The Bristal Assisted Living Opens 132-Unit Community in Manhattan

by Jeff Shaw

NEW YORK CITY — The Bristal Assisted Living, an owner and operator focused on Long Island and New Jersey, has opened its 23rd community, its first in the borough of Manhattan. Located at the intersection of York Avenue and 86th Street on the Upper East Side, The Bristal at York Avenue features 132 units, including 44 that offer memory care services. “New York City’s 65-plus population has increased by nearly 30 percent in the past decade,” says Faraz Kayani, regional director of operations for The Bristal. “The 1.2 million New …

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CaliforniaDevelopmentFinanceMemory CareNews

JLL Arranges Construction Financing for 54-Unit Mountain View Memory Care in California

by Jeff Shaw

MOUNTAIN VIEW, Calif. — JLL Capital Markets has arranged an undisclosed amount of construction financing for the redevelopment of Italian restaurant Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed, private-pay memory care community in the Bay Area city of Mountain View. JLL worked on behalf of the borrower, the D’Ambrosio Family, and its operating partner, Calson Management, to secure the construction financing through a local bank. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! …

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Affordable HousingDevelopmentNew YorkNews

Catholic Charities Opens 135-Unit Pope Francis Affordable Community in Brooklyn

by Jeff Shaw

NEW YORK CITY — Catholic Charities Brooklyn and Queens has opened the doors on Pope Francis Apartments at Loreto, a 135-unit affordable seniors housing community in Brooklyn’s Brownsville neighborhood. RKTB Architects designed the community, which features a mix of units for formerly homeless seniors, independent residences and supportive housing. Built on the former site of a church, the building rises eight stories. The property is designed to match with the adjacent Baretta Apartments, which RKTB designed utilizing the firm’s Affordable Infill Prototype (AIP) design template. Pope Francis Apartments include rooftop …

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