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Massachusetts

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Assisted LivingDevelopmentFinanceIndependent LivingMassachusettsNewsSkilled Nursing

MassDevelopment Issues $134.9M Tax-Exempt Bond for Seniors Housing Project at Lasell University in Newton, Massachusetts

by Hayden Spiess

NEWTON, Mass. — MassDevelopment has issued a $134.9 million tax-exempt bond to Lasell Village Inc. for the renovation and expansion of a senior living community located on the campus of Lasell University in Newton.  The financing will fund the purchase of 1.4 acres of land owned by Lasell University and the construction of a new building. Upon completion, the new building will feature 42 independent living apartments, a bistro, fitness and wellness centers, a multipurpose room, common space and other amenities.  Lasell Village is a charitable corporation that was formed in …

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FinanceMassachusettsNews

Diversified Healthcare Secures Two Financings Totaling $94.3M, Retires Senior Notes

by Hayden Spiess

NEWTON, Mass. — Diversified Healthcare Trust (DHC), a Massachusetts-based real estate investment trust focused on healthcare properties, has secured two financings totaling $94 million.  The financings include a $64 million five-year mortgage loan and a $30.3 million ten-year Fannie Mae mortgage loan. DHC plans to use the loans to repay the remaining $100 million of the company’s 9.75 percent senior notes due June 2025.  A portfolio of six seniors housing communities managed by Five Star Senior Living secures the financings.  With a fixed interest rate of roughly 6.6 percent, the $64 …

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FinanceMassachusettsNews

Diversified Healthcare Trust Receives $109M Refinancing Through Freddie Mac

by Hayden Spiess

NEWTON, Mass. — Diversified Healthcare Trust (DHC), a Massachusetts-based REIT that owns roughly $7.2 billion of healthcare properties across 36 states, has received a $109 million mortgage financing through Freddie Mac.  The 10-year, fixed-rate loan is secured by seven senior living communities comprising 1,184 units. Five Star Senior Living, the operating division of AlerisLife Inc., manages the properties, which are located in five states.  DHC plans to use the proceeds to redeem a portion of its outstanding 9.750 percent senior notes due in 2025.  “This new 10-year loan through Freddie Mac …

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AcquisitionsMassachusettsNews

Diversified Healthcare Trust Closes $135M Portfolio Sale

by Hayden Spiess

NEWTON, Mass. — Diversified Healthcare Trust (DHC) has announced the closing of a $135 million portfolio sale.  Originally announced in September of last year, the sale involves the disposition of 18 triple-net leased senior living communities. Totaling 876 units, the properties are located across 10 states.  Brookdale Senior Living acquired the portfolio. Massachusetts-based DHC plans to use the proceeds from the transaction to pay down its senior secured notes due in January 2026.  “By divesting of these non-core assets, we are continuing to focus DHC’s portfolio on high-performing communities with significant …

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DevelopmentIndependent LivingMassachusettsNews

Elksy Development Completes 147-Unit Independent Living Community Near Boston

by Hayden Spiess

WEYMOUTH, Mass. — Elksy Development has completed the construction of and opened Cornerstone of Weymouth, a new independent living community located in Weymouth, roughly 15 miles south of Boston.  Architecture and design firm Meyer designed the building, which totals 154,962 square feet with 147 units. Amenities at the community include a theater room, game room, library, salon, fire pit, pickleball court, bocce court, outdoor grills and gardening beds. The property features three dining venues, including a coffee bar, pub and full-service restaurant.  Sona Senior Living will operate the community on behalf …

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Affordable HousingDevelopmentFinanceMassachusettsNews

2Life Communities Receives State Funding for 127-Unit Affordable Housing Project in Boston

by Hayden Spiess

BOSTON — 2Life Communities has received funding in the form of low-income housing tax credits, state bond funds and rental subsidies from the state of Massachusetts for the development of an affordable seniors housing community in the Boston neighborhood of Mattapan. Massachusetts Gov. Maura Healey’s administration awarded the funding.  Dubbed Brooke House at Olmsted Village, the project will comprise 127 apartments reserved for seniors earning at or below 60 percent of the area median income.  The property will also feature a 2,400-square-foot public community space with a small convenience store. Brooke House will …

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AcquisitionsIllinoisMarylandMassachusettsNewsPennsylvania

Harrison Street Sells 1,186-Unit Seniors Housing Portfolio to Morgan Stanley 

by Hayden Spiess

CHICAGO — Investment management firm Harrison Street has sold a 1,186-unit seniors housing portfolio to Morgan Stanley Real Estate Investing (MSREI), the private real estate investment arm of Morgan Stanley Investment Management.  Originally acquired by Harrison Street in a joint venture partnership with Brightview Senior Living in 2014, the portfolio comprises eight communities located in the Baltimore, Philadelphia and Boston-Providence metros.  Jay Wagner, Rick Swartz, Aaron Rosenzweig, Tim Hosmer and Sean Kirk of JLL National Seniors Housing Capital Markets brokered the sale on behalf of Harrison Street. Allison Holland and Alex …

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Affordable HousingDevelopmentMassachusettsNews

WinnCos., Westmass Open 95-Unit Mixed-Income Seniors Housing Community in Ludlow, Massachusetts

by Hayden Spiess

LUDLOW, Mass. — WinnCos. and Westmass Area Development Corp. have opened The Residences at Mill 8, a 95-unit mixed-income seniors housing community. Situated within a former mill building, the $43.2 million project features apartments for residents age 55 and older, with 43 units reserved for residents earning at or below 60 percent of the area median income (AMI), 40 market-rate units and 12 units reserved for residents earning at or below 30 percent of the AMI. All of the units have been leased, and full occupancy is expected by Dec. 1.  …

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Preference and Perception Gaps
FinanceMassachusettsNewsOperations

Boomers’ Plans to Age in Place May Be Driven by How They Want to Eat, Survey Reveals

by Channing Hamilton

BOSTON — Older adults aspire to be “ageless wonders” and prioritize food and nutrition as the No. 1 factor affecting their health and well-being, according to a newly released survey. The majority of today’s baby boomer population (69 percent) plan to age in place, the “Great Expectations” survey conducted by Age of Majority for Restaura found. A key factor in their desire to stay in their homes could be the significant gap the survey uncovered between how and what they like to eat and the perceived ability of senior living communities …

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Residences on Lincoln Square in Worcester, Massachusetts
Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment, WNC Break Ground on Affordable Housing Project in Worcester, Massachusetts

by Channing Hamilton

WORCESTER, Mass. — WinnDevelopment and WNC & Associates (WNC) have begun construction on The Residences on Lincoln Square, an affordable seniors houising community, located in downtown Worcester. The developers are preserving and converting the historic three-story Lincoln Square Boys Club building into 16 affordable housing units, while also constructing an adjacent five-story building with an additional 64 units.  A single-story glass enclosure will connect the buildings via the ground floor, allowing residents access between the two buildings. The 80-unit development for seniors age 55 and above is scheduled for completion in …

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