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Massachusetts

ConnecticutFinanceMassachusettsNewsSkilled Nursing

Ziegler Arranges $85.5M Bond Financing for Ascentria Care Alliance

by Jeff Shaw

WORCESTER, Mass. — Ziegler has arranged $85.5 million in bond financing for Ascentria Care Alliance, a Worcester-based skilled nursing operator. The bonds will support three of the borrower’s facilities: Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Massachusetts, featuring 147 skilled nursing beds. Lutheran Home of Southbury (LHS) in Southbury, Connecticut, featuring 120 skilled nursing beds and 14 assisted living units. Lutheran Rehabilitation and Skilled Nursing Center in Worcester, featuring 107 skilled nursing beds and 43 rest home care beds. Proceeds of the bonds issued through the National Finance …

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AcquisitionsDevelopmentMassachusettsNews

Cushman & Wakefield Negotiates $14.6M Sale of Two Entitled Development Sites in Massachusetts

by Jeff Shaw

NATICK and MILLIS, Mass. — Cushman & Wakefield has arranged the sales of two entitled seniors housing development sites in Natick and Millis, located approximately nine miles from each other between Boston and Worcester. Barberry Homes sold the assets to Anthology Senior Living for $14.6 million. The Natick site, when complete, will consist of 86 assisted living and memory care units on 5.5 acres and the Millis site will feature 105 independent living, assisted living and memory care units on 7.7 acres. The Cushman & Wakefield team that led the …

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FinanceM&T Realty Capital CorporationMassachusettsNewsSkilled Nursing

M&T Provides $17.6M Loan for Refinancing of Metro Boston Skilled Nursing Facility

by Jeff Shaw

CHELSEA, Mass. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.

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ConnecticutFinanceM&T Realty Capital CorporationMassachusettsNewsOregon

M&T Provides $36M in Financing for Three Seniors Housing Communities

by Jeff Shaw

FARMINGTON, Conn., CHELSEA, Mass. and OREGON — The M&T Realty Capital Corp. (MTRCC) Seniors Housing Team has provided three financing transactions for seniors housing communities totaling $36 million. In the first transaction, M&T provided a $7.1 million FHA-insured loan for the refinance of a 73-unit assisted living facility located in Farmington. The loan was completed under the 232/223(a)(7) program. In the second transaction, M&T provided a $11.4 million bridge-to-HUD loan for the acquisition of a 95-unit assisted living and memory care community located in Southern Oregon. In the final transaction, …

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Affordable HousingDevelopmentMassachusettsNews

Arch Communities, WinnDevelopment Begin $25.7M Historic School Redevelopment in Southbridge, Massachusetts

by Jeff Shaw

SOUTHBRIDGE, Mass. — Arch Communities and WinnDevelopment have started a $25.7 million project that will transform the 104-year-old Mary E. Wells School in Southbridge into seniors housing. The property is located along the Connecticut border southwest of Worcester. Upon completion, the community will feature 62 apartments for seniors over age 55, with 48 of the apartments restricted for residents earning up to 60 percent of the area median income (AMI), eight reserved for up to 30 percent of AMI and six at market rates. The Massachusetts Department of Housing and …

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AcquisitionsMassachusettsNewsSkilled Nursing

Cushman & Wakefield Brokers Sale of 135-Bed Skilled Nursing Facility on Cape Cod

by Jeff Shaw

HARWICH, Mass. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.

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AcquisitionsAffordable HousingMassachusettsNews

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Jeff Shaw

CAMBRIDGE, Mass. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds. Located across the Charles River from Boston, Harry S. Truman Apartments is part of the …

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DevelopmentMassachusettsNews

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

by Jeff Shaw

MEDWAY, Mass. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.

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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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