Massachusetts

CHESTNUT HILL, Mass. — LCB Senior Living has named Eileen Mahoney as the new executive director of The Residence at Boylston Place, an assisted living, independent living and memory care community in the Boston suburb of Chestnut Hill. With nearly 20 years of experience in senior living, Mahoney previously worked at The Current Weymouth, a Monarch Communities assisted living residence. She received her education in Business Management from Bunker Hill Community College and Northeastern University. She has also served as regional vice president for The Regus Group, formerly known as …

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BROOKLINE, Mass. — MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority, which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood.  The new one-bedroom units in the Boston suburbs will be rented to households earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also …

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SHREWSBURY, Mass. — JLL Capital Markets has arranged the sale of The Residence at Orchard Grove, a seniors housing community in Shrewsbury, a suburb just east of Worcester. JLL represented the seller, Blue Moon Capital Partners, and procured the buyer, a public REIT. LCB will continue to manage the community operations. The price was not disclosed. The Residence at Orchard Grove comprises 80 independent living, assisted living and memory care apartments. The three-story building spans 75,000 gross square feet and first opened its doors in October 2017.Jay Wagner, Aaron Rosenzweig, Rick Swartz …

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WOBURN, Mass. — LCS has completed construction of The Delaney at The Vale in Woburn, a suburb north of Boston.  The community features three connected buildings with 103 apartments for independent seniors, 84 assisted living apartments and 36 memory care apartments. In addition to seniors housing section, The Vale also offers new retail and office space, new landscaped areas and walking paths, preservation of 28 acres of undeveloped land, restoration of nearly 15,000 square feet of wetlands and a new connection between the site and the existing Tri-Community Greenway. Life …

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BOSTON — HumanGood, the nation’s seventh-largest nonprofit, has completed its affiliation with Pleasant Spring Communities, which oversees Springhouse and Mount Pleasant Home and has provided senior living in Boston for more than a century.  The plan was announced in August, but required regulatory and lender approval before it could be consummated. “Now approved, the affiliation between HumanGood and Pleasant Spring Communities will enable Springhouse and Mount Pleasant Home to enhance their operational efficiencies, streamline processes, and introduce innovative programs that further enrich the lives of residents while also providing more opportunities …

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STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston. SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case …

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ASHLAND, Mass. — JLL Capital Markets has arranged the successful recapitalization transaction of the Residence at Valley Farm. LCB Senior Living will stay on as co-owner, while Blue Moon Capital Partners will replace Bridge Investment Group as the other owner. The price was not disclosed. The Residence at Valley Farm is located in Ashland, a wealthy bedroom community 25 miles west of Boston that provides access throughout the region via the commuter rail station in town and the nearby Massachusetts Turnpike (I-90). The three-story property is a Class A assisted …

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BROOKLINE, Mass. — Kisco Senior Living has opened The Newbury of Brookline, a 159-unit seniors housing community in the first-ring Boston suburb of Brookline. Part of Kisco’s upscale portfolio, the development is situated on the historic Newbury College site. Welltower purchased the campus in 2019 and announced at that time its plans to convert the site into seniors housing. The development is scheduled to open in fall 2024. With 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House, the project includes 81 independent living, …

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WORCESTER, Mass. — The United Group of Cos. Inc. has received $35 million in construction financing for The Arbella at Bramble Hill, an active adult development in Worcester. The Washington Trust Co. provided the capital with the assistance of JLL Capital.  The Arbella will span 17 acres and offer 123 one- and two-bedroom apartments across three elevator-serviced buildings. The community will also feature an 8,5000-square-foot clubhouse. United Group plans to complete construction by the beginning of 2025. Project partners include Marchionda & Associates, Syvertsen Rigosu Architects and Campanelli Associates Construction …

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