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Massachusetts

Assisted LivingDevelopmentMassachusettsNews

Benchmark Nears Completion of 97-Unit Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Benchmark Senior Living has begun reserving apartments in preparation for Benchmark at Hanover, a 97-unit assisted living and memory care community in Hanover, approximately 23 miles south of Boston. The community is scheduled to open this summer. It will be Benchmark’s 64th community in the Northeast. Benchmark at Hanover totals 91,000 square feet. The site is located next to a YMCA and near shopping, dining and entertainment. Fatima Feliciano will be executive director. Udelsman Associates designed the community, which Callahan Construction is building.

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Affordable HousingAssisted LivingFinanceMassachusettsNews

Greystone Provides $24.8M Freddie Mac Refinancing for Affordable Community in Cape Cod

by Jeff Shaw

MASHPEE, Mass. — Greystone has provided a $24.8 million Freddie Mac Optigo loan to refinance a 70-unit senior housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse financing carries a 10-year term and …

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Affordable HousingDevelopmentMassachusettsNews

Hebrew SeniorLife Receives Financing for Expansion of Affordable Community Near Boston

by Jeff Shaw

RANDOLPH, Mass. — Harvard Medical School affiliate Hebrew SeniorLife has closed on the financing to build 45 new units of affordable senior housing at the Simon C. Fireman Community in the Boston suburb of Randolph. Currently, the community offers 160 senior apartments with supportive services. With a low-income housing tax credit investment from the Massachusetts Housing Investment Corporation (MHIC) and support from several other funders, Hebrew SeniorLife’s new construction began this week. The resulting apartments will be 100 percent affordable, with 27 units for households earning up to 60 percent …

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Affordable HousingDevelopmentMassachusettsNews

Hebrew SeniorLife Starts Construction of 43-Unit Affordable Community in Boston

by Jeff Shaw

BOSTON — Dorchester Bay Economic Development Corporation (DBEDC) and Hebrew SeniorLife have closed on financing and started construction of 9 Leyland, a 43-unit affordable seniors housing building in Boston’s Dorchester neighborhood. Located in the Upham’s Corner section of the neighborhood, 41 one-bedroom units and two two-bedroom units are reserved for seniors earning below 60 percent of the area median income (AMI). Twenty-four units will be supported by project-based rental vouchers, of which 11 units will serve seniors earning up to 30 percent of AMI, including seniors transitioning from homelessness. Completion …

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Active AdultDevelopmentMassachusettsNews

Nauset Construction Breaks Ground on 24-Unit Cohousing Development in Littleton, Massachusetts

by Jeff Shaw

LITTLETON, Mass. — Nauset Construction has broken ground on Hager Homestead, a five-building, 24-unit, age-restricted cohousing development in Littleton, approximately 30 miles northwest of Boston. Located on a 15-acre site, the new community will be built in two phases near Littleton Center, the Town Hall and public library, and a short drive to the commuter rail station. Hager Homestead will be the first cohousing development for seniors in New England, according to Nauset. “Many seniors are looking for a downsized, community-oriented, environmentally friendly lifestyle, and that’s what Hager Homestead will …

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AcquisitionsAffordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $10.3M Bond Financing for Acquisition, Renovation of Putnam School Apartments in Cambridge, Massachusetts

by Jeff Shaw

CAMBRIDGE, Mass. — MassDevelopment has issued a $10.3 million tax-exempt bond on behalf of Putnam School Apartments LLC, an affiliate of Cambridge Housing Authority (CHA). The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted into the Putnam School Apartments in 1983; most of the housing units have not been updated since. Renovations will include reconfiguring units; addressing major systems, including mechanical, electrical, plumbing and ventilation; …

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MassachusettsMemory CareNewsOperationsPeople

Anthemion Senior Lifestyles Names Maria Lastoria as Executive Director of The Cordwainer in Norwell, Massachusetts

by Jeff Shaw

NORWELL, Mass. — Anthemion Senior Lifestyles has named Maria Lastoria the executive director of The Cordwainer, a memory care community scheduled to open in 2022 in the Boston suburb of Norwell. Lastoria has more than 30 years’ experience in senior living, and was recently named Executive Director of the Year by the Massachusetts Assisted Living Association. Lastoria previously served as regional director of operations overseeing six senior living communities in New England and has held several executive director roles within assisted living, memory care and luxury independent living communities. In …

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AcquisitionsMassachusettsNewsSkilled Nursing

ESI Arranges $42.5M Sale of Three Skilled Nursing Facilities in Massachusetts

by Jeff Shaw

CHICAGO — Evans Senior Investments (ESI) has arranged the sale of a portfolio of three skilled nursing facilities in Massachusetts. An independent owner-operator seeking to exit long-term care sold the properties to Eagle Arc Partners, an institutional buyer, for $42.5 million, or $111,000 per functional bed/unit. The portfolio totals 384 licensed skilled nursing beds (359 functional beds). All three communities were located eight to 10 miles north of downtown Boston and have a five-star rating from Medicare. During the time of marketing, occupancy was 80 percent across the portfolio, with …

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AcquisitionsMassachusettsNews

Cushman & Wakefield Brokers Sale of Boston-Area Seniors Housing Campus

by Jeff Shaw

CHESTNUT HILL, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the sale of Wingate Residences at Boylston Place, a 48-unit assisted living property, and Wingate at Chestnut Hill, a 135-bed skilled nursing facility. The two properties are located on a single campus in Chestnut Hill, a village just outside 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, a regional …

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AcquisitionsMassachusettsNews

Blueprint Negotiates Sale of The Terraces Orleans on Cape Cod

by Jeff Shaw

ORLEANS, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Terraces Orleans, a 50-bed skilled nursing facility and 19-unit independent living community in Orleans, a town on Cape Cod. The property was built in 1968 and thoroughly renovated in 2000. The buyer was a Massachusetts-based operator looking to grow its regional presence with its first real estate acquisition. The seller and price were not disclosed.

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