TOTOWA, N.J. — The New Jersey Economic Development Authority (NJEDA) board has approved $35.3 million in tax credits for a new seniors housing project in Totowa, roughly 20 miles northwest of New York City. Upon completion, the development will feature 141 units. The project, known as Totowa Affordable Housing, is an adaptive reuse of the former Little Sisters of the Poor facility. Chrisitan Health is the lead developer. All of the residences, which will include eight studio units, 123 one-bedroom units, 10 two-bedroom units, will be designated as affordable housing. Financing …
MOORE COUNTY, N.C. — Berkadia has arranged a $12.5 million HUD-insured loan for the refinancing of a skilled nursing property located in Moore County, North Carolina. Built in 1992, the facility totals 144 beds. The borrower has operated the property since 2019. In 2024, the borrower exercised an option from the original lease to acquire the leased fee interest in the community. The new loan will be used to retire all acquisition-related financing. Jay Healy and Andrew Lanzaro of Berkadia secured the financing on behalf of the borrower.
NEW YORK CITY — MonticelloAM has provided a $36.5 million bridge loan for the acquisition of a senior living community located in Massachusetts. The borrower was not disclosed. The property totals 260 licensed beds and offers skilled nursing, assisted living, independent living and memory care. Karina Davydov of New York City-based MonticelloAM originated the financing.
DALLAS — Tradition Senior Living has recapitalized a portfolio of communities located in Texas through the formation of a joint venture with Kayne Anderson Real Estate. Moving forward, the portfolio, which comprises five communities, will be owned by the newly formed joint venture. TSL will continue to serve as the operator and manager of the properties. Chad Lavender, Ryan Maconachy, Sarah Anderson, Mills Poynor and Ben McElroy of Newmark arranged the joint venture and secured financing on behalf of the joint venture.
WORCESTER, Mass. — United Group of Cos., through UW Senior LLC, has received a $39 million bridge loan for a recently completed active adult community located in Worcester. Henry Schaffer and Madeline Joyce of JLL Capital Markets secured the financing on behalf of the borrower. United Group completed the development of The Arbella at Bramble Hill, which totals 123 units, in the first quarter of this year. The community comprises three residential buildings with 57 one-bedroom and 66 two-bedroom apartments. Units at the property average 1,049 square feet. The Arbella also …
NORTH PALM BEACH, Fla. — Blueprint Capital Markets has arranged the refinancing of an assisted living and memory care community located in North Palm Beach in South Florida. Alta Senior Living is the borrower. The property totals 100 units and recently underwent a capital expenditure, operational turnaround and lease-up process. The undisclosed lender has provided a non-recourse bridge-to-HUD loan for an undisclosed amount. Kristen Ahrens, Pat Maloney and Ben Firestone of Blueprint secured the loan on behalf of Alta Senior Living.
NEW YORK CITY — MonticelloAM has provided $435 million in financing for a skilled nursing portfolio located in Maryland. Totaling more than 1,890 beds, the portfolio comprises 14 facilities. The borrower owns and operates roughly 115 skilled nursing and assisted living properties throughout the Eastern U.S. and Sunbelt. In addition to a $400 million acquisition loan, the financing includes a $35 million working capital line of credit. “This closing came down to conviction in the sponsor and the assets,” says Jack Lally of New York City-based MonticelloAM. “They’ve done these complex …
LINCOLN, Neb. — Lument has provided a $21.2 million HUD-insured loan for the refinancing of Pemberly Place Senior Living, a community located in Lincoln. Lument secured a commitment from the Federal Housing Administration (FHA) through its Express Lane program, which was launched last year to expedite the approval of certain low-risk, low-leverage transactions. Quintin Harris and Patrick Roan of Lument originated the financing. “The Express Lane is the result of HUD listening to lenders and borrowers and making meaningful changes that accelerate transactions,” says Harris. “FHA programs have long offered some …
NEW YORK CITY — MonticelloAM has provided $144 million for the financing of a skilled nursing portfolio located in the state of Washington. Totaling six facilities, the portfolio comprises 720 licensed beds. The financing includes a $140 million bridge loan and a $4 million working capital line of credit, with a 36-month initial term. The borrower was not disclosed.
HORSESHOE BAY, Texas — Nuveen Green Capital has provided $38.6 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the development of a new seniors housing community in Horseshoe Bay, roughly 50 miles northwest of Austin. Falcon Senior Housing is the borrower. Dubbed The Statesman at Horseshoe Bay, the community will total 313,714 square feet upon completion. The property will feature 180 independent living, assisted living and memory care units. Financing for the project also includes EB-5 immigration investment funds. “Nuveen Green Capital and Texas PACE Authority allowed us to …