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Affordable HousingDevelopmentNew YorkNews

Lendlease Tops Out 149-Units Garden Towers Affordable Community in the Bronx

by Jeff Shaw

NEW YORK CITY — Lendlease has topped out Garden Towers, an affordable seniors housing community in the Bronx. Foxy Management is developing the property in partnership with HANAC Inc. and JLD Advisory LLC. The project includes two residential buildings — rising seven stories and eight stories — that together offer a total of 149 rental units for low-income adults age 62 or older. Lendlease, the construction manager for the project, broke ground on the development in August 2021 with an expected completion in 2023. “Garden Towers represents our third project …

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AcquisitionsActive AdultNew YorkNews

Cushman & Wakefield Arranges Sale of 102-Unit Farrell Communities at Lakeside in Newburgh, New York

by Jeff Shaw

NEWBURGH, N.Y. — Cushman & Wakefield has arranged the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the owner, Farrell Communities, and procured the buyer, Castle Lanterra Properties. The price was not disclosed.

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Affordable HousingDevelopmentNew YorkNews

Breaking Ground Opens Betances Residence Affordable Community in the South Bronx

by Jeff Shaw

NEW YORK CITY — Breaking Ground has opened Betances Residence, an affordable supportive living community in the South Bronx area of New York City. The community features 152 units in a 120,000-square-foot buildingin the Mott Haven neighborhood. Betances is Breaking Ground’s first Passive House-certified project, and among only a handful of supportive residences in the city to embrace the energy use standard. The Betances development is part of a commitment by the New York City Housing Authority (NYCHA) and New York City Department of Housing Preservation and Development (HPD) to …

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New YorkNewsOperationsPeople

Life Care Services Names Ashley Wade as Executive Director of Broadview at Purchase College

by Jeff Shaw

RYE BROOK, N.Y. — Life Care Services (LCS) has promoted Ashley Wade to executive director of Broadview – Senior Living at Purchase College. The LCS-operated, university-based retirement community is currently under construction at the Purchase College, SUNY campus in Rye Brook, located along the Connecticut border northeast of New York City. Wade will oversee and manage all operations at Broadview, including leadership for the community, direct and indirect supervision of staff, management of Broadview facilities, collaboration with Purchase College, and ensuring residents’ safety, security and satisfaction. Wade has served as …

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AcquisitionsActive AdultNew YorkNews

Castle Lanterra Active Adult Acquires Reserve at Lakeside in Newburgh, New York

by Jeff Shaw

NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed. This is Castle Lanterra Active Adult’s second acquisition in the age-restricted apartment sector, following its acquisition of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, Florida. “We are extremely bullish about this sector and will continue to look to add to our portfolio,” says …

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Affordable HousingDevelopmentFinanceNew YorkNews

Asland, Pembroke Receive $100M in Financing for Affordable Housing Project in The Bronx

by Jeff Shaw

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Apartments will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall …

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Assisted LivingDevelopmentNew YorkNews

The Bristal Assisted Living Opens 132-Unit Community in Manhattan

by Jeff Shaw

NEW YORK CITY — The Bristal Assisted Living, an owner and operator focused on Long Island and New Jersey, has opened its 23rd community, its first in the borough of Manhattan. Located at the intersection of York Avenue and 86th Street on the Upper East Side, The Bristal at York Avenue features 132 units, including 44 that offer memory care services. “New York City’s 65-plus population has increased by nearly 30 percent in the past decade,” says Faraz Kayani, regional director of operations for The Bristal. “The 1.2 million New …

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Affordable HousingDevelopmentNew YorkNews

Catholic Charities Opens 135-Unit Pope Francis Affordable Community in Brooklyn

by Jeff Shaw

NEW YORK CITY — Catholic Charities Brooklyn and Queens has opened the doors on Pope Francis Apartments at Loreto, a 135-unit affordable seniors housing community in Brooklyn’s Brownsville neighborhood. RKTB Architects designed the community, which features a mix of units for formerly homeless seniors, independent residences and supportive housing. Built on the former site of a church, the building rises eight stories. The property is designed to match with the adjacent Baretta Apartments, which RKTB designed utilizing the firm’s Affordable Infill Prototype (AIP) design template. Pope Francis Apartments include rooftop …

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AcquisitionsAlabamaConnecticutFinanceFloridaKentuckyMarylandNew YorkNews

JLL Arranges $145M in Acquisition Financing for 15-Community Portfolio Throughout the East

by Jeff Shaw

NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …

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Active AdultDevelopmentFinanceNew YorkNews

Knighthead Funding Provides $34.5M Construction Loan for Active Adult Community in Selden, New York

by Jeff Shaw

SELDEN, N.Y. — Knighthead Funding, LLC has provided a $34.5 million loan for the construction of an active adult community in Selden, a hamlet on Long Island. The borrower is The Northwind Group. The property is fully permitted, planned and approved, but a community name was not released. Situated on 13.8 acres, the complex will feature 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings. “Considering the supply/demand imbalance and the limited prospects for new construction in the area, our capital will help Northwood bring needed …

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