OCEANSIDE, N.Y. — Sunrise Senior Living has acquired a development site situated on Long Island in Oceanside for $7.5 million. Kelly Koukou of Lee & Associates represented Sunrise in the acquisition. Marlon Matza of Strategic Realty Advisors represented the sellers, Grossman Nurseries and Breslin Development. The parties originally signed a purchase contract in 2017, but entitlement complications delayed the closing of the acquisition. Sunrise plans to develop a 77,400-square-foot assisted living and memory care community on the property. Upon completion, the community will feature 84 units. A construction timeline was not …
EAST ISLIP, N.Y. — Benchmark Senior Living and National Development have acquired a property in East Islip on Long Island, with plans to develop a new seniors housing community at the site. The community, Benchmark at East Islip, will total 90 units, with 64 assisted living and 26 memory care apartments. Expected to open in 2028, the property will comprise roughly 88,000 square feet. Amenities at the community will include multiple dining venues, a theater, fitness center, salon and landscaped outdoor spaces. Benchmark currently operates 70 senior living communities throughout New …
NEW YORK CITY — Berkadia has provided $25.8 million in financing for the acquisition of two memory care facilities located in upstate New York. The bridge loans feature a 24-month interest-only term with one 12-month extension option. Steve Muth and Ed Williams of Berkadia arranged the financing through Berkadia’s Proprietary Lending Group on behalf of the West Coast-based borrower. Together, the two facilities total 116 beds and were 94 percent occupied at the time of financing. The existing operator will remain in place following the acquisition.
NEW YORK CITY — Gilbane Development, Blue Sea Development Co. and JASA have completed a new affordable seniors housing community located in the Bushwick neighborhood of Brooklyn. Totaling 100,000 square feet across 13 stories, Linden Grove features 153 units. Residences are reserved for seniors earning 30 to 40 percent of the area median income, with 46 units reserved for formerly unhoused seniors. Amenities at the community include free internet, a fitness room, arts and crafts area, laundry room, rooftop terrace, outdoor dining areas and community gardens. TD Bank provided a letter …
NEW YORK CITY — Global alternative investment firm Investcorp has acquired a three-property portfolio for $200 million. Two of the properties are seniors housing assets. The seniors housing properties include a 148-unit community located in Orange County, California, and a 116-unit community located on Long Island in New York. The portfolio also included a multifamily community in New Jersey. Investcorp also recently acquired a 140-unit senior living community in Boston. According to the company, these acquisitions “underscore Investcorp’s conviction for the sector.” “Our decision to re-enter the senior housing sector reflects …
HOOSICK FALLS, N.Y. — Marcus & Millichap has arranged the sale of a skilled nursing facility located in Hoosick Falls, a town roughly 30 miles northeast of Albany. Situated on 3.9 acres, the property was built in 1954 and expanded in 1995 and totals 82 beds. Joseph Knapp and John Horowitz of Marcus & Millichap represented the seller, an undisclosed nonprofit, in the transaction.
NEW YORK CITY — An undisclosed borrower has received $84 million in financing for a skilled nursing facility located in New York City. MonticelloAM provided the financing, which includes a $79 million bridge loan and a $5 million working capital line of credit, with an initial term of 30 months. Proceeds were used to acquire the facility, which totals 280 licensed beds. The borrower’s portfolio includes more than 20 healthcare properties.
LEVITTOWN and PATCHOGUE, N.Y. — Atria Senior Living, in partnership with Fundamental Advisors and Scribner Capital, has acquired two assisted living and memory care communities located on Long Island. D&F Development Group sold the properties, which include Village Green in Levittown and Village Walk in Patchogue, for an undisclosed price. Charley Bissell, Ryan Stoll and Taylor Mokris of BWE Investment Sales represented the seller in the transaction. Built in 2020, Village Green features 57 assisted living units and 46 memory care units. Village Walk was completed in 2018 and totals 146 …
NEW YORK CITY — Merchants Capital has secured $26.3 million in financing for Three Arts Club, a historic 62-unit property in New York City being rehabilitated as affordable seniors housing. The West Side Federation for Senior and Supportive Housing (WSFSSH) is the borrower. The financing includes an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. Upon completion of the conversion, Three Arts Club will provide permanent and supportive housing for residents age 62 and older earning at or below 50 percent of …
OYSTER BAY, N.Y. — Senior Living Investment Brokerage has arranged the sale of an assisted living and memory care campus located in Oyster Bay in Long Island. Comprised of two facilities, the property totals 136 units and 208 licensed beds. According to SLIB, the campus was 83 percent occupied at the time of marketing. A local owner and operator sold the property to a real estate investor for an undisclosed price. Dave Balow and Ryan Saul of SLIB brokered the transaction on behalf of the seller.
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