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Massachusetts

AcquisitionsMassachusettsNews

Cushman & Wakefield Negotiates Sale of Seniors Housing Campus in Norton, Massachusetts

by Jeff Shaw

NORTON, Mass. — Cushman & Wakefield has arranged the sale of The Residences at Norton, a 72-unit assisted living property, and Wingate at Norton, a 106-bed skilled nursing facility. The properties are located on a single campus in Norton, approximately 30 miles south 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. The price was not disclosed. LCB, a regional operator, plans to upgrade …

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AcquisitionsFinanceMassachusettsNews

Newmark Arranges Acquisition Financing for The Residence at Watertown Square in Massachusetts

by Jeff Shaw

WATERTOWN, Mass. — Newmark has arranged an undisclosed amount of financing for the acquisition of The Residence at Watertown Square, a 90-apartment senior living community located in the high-end Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano represented the buyer, a joint venture partnership between Harrison Street Real Estate Capital and LCB Senior Living (LCB), in the placement of financing for the property. …

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AcquisitionsAssisted LivingFinanceMassachusettsNews

Oxford Finance Provides $23.5M Credit Facility to Prosper Life Care for Two Acquisitions in Massachusetts

by Jeff Shaw

MASSACHUSETTS — Oxford Finance LLC has provided a $23.5 million senior credit facility and revolving line of credit to Prosper Life Care Inc. The proceeds were used for the acquisition of two assisted living/memory care facilities located in Massachusetts totaling 214 units. Further details were not disclosed.

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Affordable HousingLegal IssuesMassachusettsNewsPeople

2Life Communities Names Jeff Sacks as Chairman of the Board

by Jeff Shaw

BOSTON — 2Life Communities, a Boston-based developer, owner and operator, has named Jeff Sacks as the company’s chairman of the board. He replaces Donna Kalikow, who will continue to serve on the board. Sacks, a partner with Nixon Peabody, is a community development attorney who represents for-profit and nonprofit developers of affordable and seniors housing. Through his work with public housing authorities, he has helped to transform outdated public housing projects in the state into vital communities that continue to serve their low-income residents. Sacks served as a commissioner of …

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AcquisitionsAssisted LivingMassachusettsNews

Blueprint Brokers Sale of Two Assisted Living Communities in Massachusetts

by Jeff Shaw

MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities totaling 195 units in Massachusetts. The properties were over 96 percent occupied at the time of sale. The buyer was a partnership between a New York-based operator and an experienced investor with a home health business in the state. Further details on the seller, price and properties were not disclosed.

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Assisted LivingDevelopmentFinanceMassachusettsNews

Cushman & Wakefield Arranges $29.8M Construction Financing for Benchmark Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged a $29.8 million loan for the construction of Benchmark of Hanover, approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. The Cushman & Wakefield team involved in the transaction includes Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone. “Hanover is a quintessential South Shore Boston suburb with excellent access to …

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DevelopmentMassachusettsMemory CareNews

Nauset, Anthemion Break Ground on 54-Unit Cordwainer Memory Care Community in Norwell, Massachusetts

by Jeff Shaw

NORWELL, Mass. — Nauset Construction and Anthemion Senior Lifestyles LLC have broken ground on The Cordwainer, a memory care community in Norwell, approximately 20 miles south of Boston. The community will feature 54 units in a 50,000-square-foot building. “The Town of Norwell is an ideal location for our expansion into the South Shore area,” says Tamilyn Liesenfeld, president and CEO at Anthemion Senior Lifestyles. “There is a strong demand for lifestyle communities for adults with Alzheimer’s and dementia who need personal supportive services that provide safe, independent living.” Designed by …

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AcquisitionsMassachusettsNews

Grandbridge Brokers $19M Sale of Seniors Housing Community in Springfield, Massachusetts

by Jeff Shaw

SPRINGFIELD, Mass. — Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team has arranged the $19 million sale of a senior living community in Springfield, located 25 miles north of Hartford, Connecticut. The community features a mix of independent living cottages, independent living apartments and assisted living units on a 40-acre campus. Allen McMurtry, Dave Kliewer and Jay Jordan represented the seller, a West Coast-based senior living investor. Qualified bidders were invited to participate in a virtual live auction of the community in late September 2020. Following more than …

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AcquisitionsMassachusettsNewsSkilled Nursing

Blueprint Brokers Sale of Two Skilled Nursing Facilities in Massachusetts

by Jeff Shaw

LEOMINSTER and GARDNER, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Keystone Center and Wachusett Manor, skilled nursing facilities located, respectively, in Leominster and Gardner. Both located north of Worcester near the New Hampshire border, Keystone Center is licensed for 106 beds while Wachusett Manor is licensed for 96 beds. Acquired as part of a larger portfolio transaction in 2016, the private equity owner and its operator partner decided to pursue a strategic exit. The buyer was an in-state ownership group and its operating partner, both …

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Affordable HousingDevelopmentMassachusettsNews

B’nai B’rith Housing Completes Second Phase of The Coolidge at Sudbury Affordable Community in Massachusetts

by Jeff Shaw

SUDBURY, Mass. — B’nai B’rith Housing has completed Phase II of construction at The Coolidge of Sudbury, an affordable housing community for seniors in Sudbury, located midway between Boston and Worcester. The project added 56 new units to the project, bringing the total number of units to 120. The rental apartments have one bedroom and are between 675 and 700 square feet. The new building includes common space and amenities, including a meeting room, library, fitness center and offices for a property manager and a resident service coordinator. Prior to …

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