Connecticut

KeyBank Provides $37.5M for Affordable Housing Renovations in New Haven, Connecticut

by Jeff Shaw May 28, 2021

NEW HAVEN, Conn. — KeyBank has funded a $37.5 million financing package for Community Preservation Partners (CPP) and Hampstead Development Partners, which will use the funds to acquire and renovate an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. The property will have a Housing Assistance Payments (HAP) contract …

May 28, 2021

Acquisitions CCRC Connecticut News Operations

Benchmark Assumes Management of Meadow Ridge CCRC in Redding, Connecticut

by Jeff Shaw January 15, 2021

REDDING, Conn. — Benchmark Senior Living has become part owner and the operator of Meadow Ridge, a continuing care retirement community (CCRC) in Redding, approximately 55 miles northeast of Manhattan. Affiliates of Senior Care Development, the community’s original developers, will retain majority ownership. Set on 136 acres, Meadow Ridge is Connecticut’s largest retirement community offering independent living, assisted living, skilled nursing and rehabilitation on one campus. It opened in 2001 and features 415 apartment homes and employs more than 300 associates. Benchmark owns and operates 63 independent living, assisted living, …

January 15, 2021

Assisted Living Connecticut Development Finance News

Live Oak Funds $24.9M Construction Loan for Community in Brookfield, Connecticut

by Jeff Shaw January 11, 2021

BROOKFIELD, Conn. — Live Oak Bank has provided a $24.9 million loan for the construction of an assisted living and memory care community in Brookfield, approximately midway between Hartford and New York City. Columbia Pacific Real Estate Fund III is the borrower. Situated on 4.1 acres, the community will feature 91 assisted living units and 36 memory care units in a 105,000-square-foot building. Leisure Care will be the operator upon opening.

January 11, 2021

Assisted Living Connecticut Development Finance News

Carnegie Capital Structures $24.5M Construction Loan for Assisted Living Community in Connecticut

by Jeff Shaw January 5, 2021

CONNECTICUT — Carnegie Capital has arranged $24.5 million in financing for the construction of a 130-bed assisted living and memory care community in Connecticut. The lenders are a national, healthcare-focused bank and a participating regional bank. The borrower is a national healthcare development fund and its national operating partner. Further details on the community were not disclosed. JD Stettin of Carnegie Capital sourced and structured the loan, which features a 4 percent interest rate.

January 5, 2021

Acquisitions Connecticut News Operations Skilled Nursing

Blueprint Negotiates New Lease for Shuttered Skilled Nursing Facility in Connecticut

by Jeff Shaw November 3, 2020

CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged a new lease for a 66-bed skilled nursing facility in Connecticut that was no longer in operation. Blueprint represented the landlord, a REIT. The new operator will transform the property into an addiction recovery center.

November 3, 2020

Affordable Housing Connecticut Development News

WinnCompanies Opens $21.5M High School Redevelopment Project in East Haven, Connecticut

by Jeff Shaw October 28, 2020

EAST HAVEN, Conn. — WinnCompanies has opened The Tyler, a mixed-income apartment community for seniors in East Haven, a suburb of New Haven. The project, a redevelopment of the 84-year-old former East Haven High School building, will be the first historic adaptive reuse project in the United States to meet the industry’s strictest standards for energy performance, according to WinnCompanies. The three-story property, 104,871-square-foot property features 70 apartments for individuals age 55 and older. The property was recently named as the nation’s Best Overall Development and Green Building of the …

October 28, 2020

Acquisitions Connecticut News Skilled Nursing

Blueprint Negotiates Sale of Two Skilled Nursing Facilities in Connecticut

by Jeff Shaw October 23, 2020

CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in Connecticut, one in the Hartford and one near New York City. The portfolio totals 197 beds and produced a combined annual revenue of $16 million. Blueprint previously represented the seller when it acquired a 10-property portfolio of which these two assets were part. A private investment group based in New York City sold the properties to a Connecticut-based company with existing operations in the state. The price was not disclosed.

October 23, 2020

Acquisitions Connecticut Memory Care News

Blueprint Arranges Sale of 48-Unit Shoreline of Clinton Memory Care Community in Connecticut

by Jeff Shaw August 17, 2020

CLINTON, Conn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.

August 17, 2020

Acquisitions Assisted Living Connecticut News

Blueprint Arranges Sale of 100-Unit Atria Stratford in Connecticut

by Jeff Shaw January 9, 2020

STRATFORD, Conn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Atria Stratford, a 100-unit assisted living and memory care community located in Stratford. A publicly traded REIT sold the property to partners of Woodbine Senior Living for an undisclosed price. Developed in 1999, the 87,000-square-foot community features 76 assisted living and 24 memory care units. The property previously boasted an average assisted living occupancy of 98 percent, but was struggling with new competition in the market, according to Blueprint. Ben Firestone, Steve Thomes, Michael Segal and Alex …

January 9, 2020

Connecticut Finance News Skilled Nursing

Greystone Provides $8M HUD Financing for Skilled Nursing Facility in Connecticut

by Jeff Shaw January 8, 2020

PLAINFIELD, Conn. — Greystone has provided an $8 million HUD-insured loan to refinance Colonial Health & Rehab Center, a 90-bed skilled nursing facility in Plainfield near the Rhode Island border. The fully amortizing financing features a 35-year term and fixed interest rate. The refinancing replaces a bridge loan that Greystone provided for the acquisition of the property. Lisa Fischman of Greystone originated the transaction. The borrowers were Curtis Rodowicz and Robert Darigan, the property’s co-owners.

January 8, 2020

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