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Massachusetts

Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts $55.3M Adaptive Reuse of Historic Mill Complex in Western Massachusetts

by Jeff Shaw

HOLYOKE, Mass. — WinnDevelopment has broken ground on a $55.3 million adaptive reuse transformation of a long-vacant, historic mill complex that will be transformed into 88 affordable apartment homes for seniors age 55 and older. The project is located in Holyoke, a suburb of Springfield. The redevelopment at the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building …

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AcquisitionsMassachusettsNewsSkilled Nursing

Blueprint Negotiates Sale of 53-Bed Skilled Nursing Facility in Boston for Apartment Conversion

by Jeff Shaw

BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility in Boston. The asset was originally constructed in 1960 and located just south of downtown. The building was well maintained, according to Blueprint, and spans over 18,000 square feet and a variety of unit configurations, along with close proximity to several large mixed-used developments and regional hospitals. The buyer was a family office that intends to convert the property into multifamily apartments. Details on the seller and price were not disclosed. Kyle Hallion …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassHousing Funds Upgrades Shawme Heights Affordable Community in Sandwich, Massachusetts

by Jeff Shaw

SANDWICH, Mass. — MassHousing has provided $6.2 million in financing to Sandwich Senior Housing Corp. The funds will be used to improve the physical plant of Shawme Heights Apartments, an affordable seniors housing community in the Cap Cod town of Sandwich. The nonprofit Sandwich Senior Housing Corp. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD …

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MassachusettsNewsOperationsSkilled Nursing

ESI Arranges a Lease Transaction for a Massachusetts Skilled Nursing Portfolio

by Jeff Shaw

MASSACHUSETTS — Evans Senior Investments (ESI) has negotiated a new tenant for an institutional landlord in the state of Massachusetts, finalizing a five-year lease for a 500-bed skilled nursing portfolio. The portfolio comprises five communities. Prior to the onset of COVID-19, the portfolio exhibited a stabilized annual revenue of $46 million and a census of 90 percent. At the time of marketing, the portfolio was 76 percent occupied and losing over $2 million in net operating income annually. However, the portfolio’s strong historical performance highlighted great potential to bring occupancy …

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Active AdultDevelopmentMassachusettsNews

NEI General Contracting Completes 72-Unit Maple on Franklin in Holbrook, Massachusetts

by Jeff Shaw

HOLBROOK, Mass. — NEI General Contracting has completed construction of Maple on Franklin in Holbrook, approximately 15 miles south of Boston. NeighborWorks Housing Solutions is developer of the $18.5 million project. The 67,000-square-foot, four-story apartment building features 72 one-bedroom units for residents 62 and older. The four-acre site is within the town center and walking distance to a number of town services and a block away from the town’s senior center. NEI demolished two aging buildings on the site before beginning construction. Designed by The Narrow Gate, more than 500 …

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CCRCDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $5M Bond Financing for Improvements at Glenmeadow in Longmeadow, Massachusetts

by Jeff Shaw

LONGMEADOW, Mass. — MassDevelopment has issued $5 million in tax-exempt bond financing on behalf of Glenmeadow Inc., a nonprofit life plan community. The borrower will use proceeds to complete several projects at its campus in Longmeadow, located along the Connecticut border just south of Springfield.  Projects include completing the demolition of the existing natatorium building and constructing a new building to house a natatorium and a wellness center; renovating dining venues; upgrading electric, plumbing and HVAC systems; installing rooftop solar panels; and buying equipment, fixtures and furniture.  This financing complements …

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Affordable HousingDevelopmentFinanceMassachusettsNews

2Life Communities Receives $7.6M HUD Grant Funding for 127-Unit Affordable Project in Boston

by Jeff Shaw

BOSTON — 2Life Communities has received more than $7.6 million from the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs.  The funding is part of HUD’s recent announcement of $160 million in grants awarded to nonprofit organizations across the country that support the development of new or redeveloped affordable multifamily rental housing and ongoing project-based rental assistance for low- and very-low-income seniors.  The Section 202 Supportive Housing for the Elderly grant funding for 2Life will go towards creating 127 new affordable apartments for seniors with …

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Affordable HousingDevelopmentMassachusettsNews

Pennrose Starts Construction of 93-Unit Littleton Drive Affordable Community in Wareham, Massachusetts

by Jeff Shaw

WAREHAM, Mass. — Pennrose and Wareham Redevelopment Authority (WRA) have begun construction on Littleton Drive, a 93-unit mixed-income development for families. The project is being built on a vacant, 16-acre plot in Wareham, a South Coast city along Buzzards Bay and just west of Cape Cod. It is scheduled for completion in summer 2024. Plans for Littleton Drive include a 49-unit family development with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors age 62 and older. One-, two-, and three-bedroom apartments will be available …

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AcquisitionsMassachusettsNewsSkilled Nursing

Blueprint Negotiates Sale of 128-Bed Skilled Nursing Facility in South Dennis, Massachusetts

by Jeff Shaw

SOUTH DENNIS, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 128-bed skilled nursing facility in the Cape Cod town of South Dennis. Through a bifurcated process between Blueprint’s seniors housing group and behavioral healthcare group, the broker approached a targeted variety of skilled nursing investors and alternative use investors. Housing Assistance Corp. Cape Cod acquired the asset and embarked on a capital expenditure plan to revitalize the asset and will ultimately convert the community into housing. The seller and price were not disclosed.  The Blueprint …

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MassachusettsNewsOperationsPeople

LCB Names New Executive Directors at Two Communities in Massachusetts

by Jeff Shaw

BEDFORD and HINGHAM, Mass. — LCB Senior Living has named executive directors at The Residence at Bedford in Bedford and The Residence at Penniman Hill in Hingham. Both properties offer assisted living and memory care. Arzu LeBlanc is the new executive director at The Residence at Bedford. LeBlanc has nearly a decade’s worth of experience in the senior living industry, having previously served as an executive director for EPOCH Senior Living and Benchmark Senior Living, where she was named the company’s Executive Director of the Year in 2017.  Lea Goddard …

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