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Massachusetts

Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts $19.2M Conversion of Historic Mill into Affordable Housing in New Bedford, Massachusetts

by Jeff Shaw

NEW BEDFORD, Mass. — WinnDevelopment has started redevelopment work to convert the remainder of the historic Cliftex Mill building in New Bedford, approximately 60 miles south of Boston, into 71 units of mixed-income housing for adults 55 and older. The adaptive reuse of the 114-year-old, five-story brick building will complete the residential development of Manomet Place, a 76-unit, age-restricted apartment community that WinnCompanies opened in a portion of the renovated mill in 2013. There are currently 170 applicants on the wait list for Manomet Place, which WinnResidential manages. “We first …

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FinanceFloridaMassachusettsNewsSkilled Nursing

Eastern Union Arranges $57M in Financing for Four Skilled Nursing Facilities in Florida, Massachusetts

by Jeff Shaw

NEW YORK CITY — The Healthcare Group of Eastern Union, a New York-based commercial real estate finance firm, has secured a $57 million bridge financing package that encompasses two skilled nursing facilities in Florida and two in Massachusetts. The four facilities total 544 beds. The two facilities in Florida represented $26 million of the overall transaction. The first was a 133-bed facility in Naples that provides a combination of skilled nursing and assisted living services. The second asset was a 146-bed center in Venice that delivers assisted living, memory care …

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Affordable HousingDevelopmentMassachusettsNews

Pennrose Breaks Ground on Julia Bancroft School Adaptive Reuse Project in Auburn, Massachusetts

by Jeff Shaw

AUBURN, Mass. — Pennrose and the Town of Auburn have broken ground on the historic rehabilitation of the Julia Bancroft School, a 60-unit, mixed-income development for seniors 62 and older. The site is located in Auburn, a suburb just south of Worcester. Plans for the redevelopment include renovating the original 1920s school building, demolishing the later-built addition and replacing it with a new, four-story building. The project is slated for completion in summer 2022. Designed to meet LEED Silver sustainability standards, the community will include studio, one-, and two-bedroom apartments. …

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AcquisitionsMassachusettsNewsSkilled Nursing

JLL Brokers Sale of Nursing Home Near Boston for Conversion to Multifamily

by Jeff Shaw

WEYMOUTH, Mass. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property to a workforce housing asset. The seller and price were not disclosed. Located on 2.11 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. The transit-orientated property is also in close proximity to various public transportation …

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AcquisitionsMassachusettsNews

Cushman & Wakefield Negotiates Sale of Seniors Housing Campus in Norton, Massachusetts

by Jeff Shaw

NORTON, Mass. — Cushman & Wakefield has arranged the sale of The Residences at Norton, a 72-unit assisted living property, and Wingate at Norton, a 106-bed skilled nursing facility. The properties are located on a single campus in Norton, approximately 30 miles south of Boston. The institutional seller was a pension fund investor that is exiting the senior living space. The buyer is a joint venture between Harrison Street, an institutional private equity firm and LCB Senior Living. The price was not disclosed. LCB, a regional operator, plans to upgrade …

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AcquisitionsFinanceMassachusettsNews

Newmark Arranges Acquisition Financing for The Residence at Watertown Square in Massachusetts

by Jeff Shaw

WATERTOWN, Mass. — Newmark has arranged an undisclosed amount of financing for the acquisition of The Residence at Watertown Square, a 90-apartment senior living community located in the high-end Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano represented the buyer, a joint venture partnership between Harrison Street Real Estate Capital and LCB Senior Living (LCB), in the placement of financing for the property. …

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AcquisitionsAssisted LivingFinanceMassachusettsNews

Oxford Finance Provides $23.5M Credit Facility to Prosper Life Care for Two Acquisitions in Massachusetts

by Jeff Shaw

MASSACHUSETTS — Oxford Finance LLC has provided a $23.5 million senior credit facility and revolving line of credit to Prosper Life Care Inc. The proceeds were used for the acquisition of two assisted living/memory care facilities located in Massachusetts totaling 214 units. Further details were not disclosed.

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Affordable HousingLegal IssuesMassachusettsNewsPeople

2Life Communities Names Jeff Sacks as Chairman of the Board

by Jeff Shaw

BOSTON — 2Life Communities, a Boston-based developer, owner and operator, has named Jeff Sacks as the company’s chairman of the board. He replaces Donna Kalikow, who will continue to serve on the board. Sacks, a partner with Nixon Peabody, is a community development attorney who represents for-profit and nonprofit developers of affordable and seniors housing. Through his work with public housing authorities, he has helped to transform outdated public housing projects in the state into vital communities that continue to serve their low-income residents. Sacks served as a commissioner of …

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AcquisitionsAssisted LivingMassachusettsNews

Blueprint Brokers Sale of Two Assisted Living Communities in Massachusetts

by Jeff Shaw

MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities totaling 195 units in Massachusetts. The properties were over 96 percent occupied at the time of sale. The buyer was a partnership between a New York-based operator and an experienced investor with a home health business in the state. Further details on the seller, price and properties were not disclosed.

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Assisted LivingDevelopmentFinanceMassachusettsNews

Cushman & Wakefield Arranges $29.8M Construction Financing for Benchmark Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged a $29.8 million loan for the construction of Benchmark of Hanover, approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. The Cushman & Wakefield team involved in the transaction includes Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone. “Hanover is a quintessential South Shore Boston suburb with excellent access to …

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