MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of four skilled nursing facilities totaling 572 beds in Eastern Massachusetts. A court-appointed receiver sold the facilities in two separate transactions. The price was not disclosed. A regional operator had taken over operations as interim manager. The company partnered with a capital partner to acquire all four facilities.
Massachusetts
BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the senior housing sector. The specific names and locations of the properties were not disclosed. …
Rockport Mortgage Provides $32.8M Refinancing for Mountain View Terrace Apartments in Stoneham, Massachusetts
by Jeff Shaw
STONEHAM, Mass. — Rockport Mortgage Corp. has provided a $32.9 million HUD refinancing for Mountain View Terrace Apartments in Stoneham, approximately 10 miles north of Boston. The 194-unit property consists of one- and two-bedroom apartments for elderly residents and smaller families, as well as three- to four-bedroom, townhouse-style apartments to accommodate larger families. Originally constructed in 1981 with a substantial rehabilitation in 2011, Mountain View Terrace comprises three five-story buildings, four two-story townhouse buildings, and one single-story community building situated on 8.2 acres. Two of the buildings are designated for …
Nixon Peabody Arranges $48.8M in Financing to Upgrade Two Wollaston Affordable Communities Near Boston
by Jeff Shaw
QUINCY, Mass. —Nixon Peabody has arranged two financing transactions for Wollaston Lutheran Housing Corp. to upgrade two of its affordable seniors housing properties in the Boston suburb of Qunicy. Wollaston Lutheran Housing received a $28.9 million refinancing for the 151-unit Town Brook House. MassHousing provided the 40-year loan. Proceeds of the loan will allow Wollaston to maintain the property and expand services. As part of the transaction, Wollaston leased two parking areas to an adjacent business. In the second transaction, Wollaston Lutheran Housing received a $19.9 million FHA-insured loan on …
HINGHAM, Mass. — Callahan Construction Managers has completed The Residence at Penniman Hill, an assisted living community in the Boston suburb of Hingham. LCB Senior Living is the owner and operator, while The Architectural Team Inc. served as the design firm. This is Callahan’s fourth project with LCB Senior Living. The Residence at Penniman Hill features 90 assisted living and memory care apartments. The 90,000-square-foot, three-story building includes studio, one- and two-bedroom options.
MassHousing Provides $32.7M Refinancing to Preserve Affordability at Mountain View Terrace Near Boston
by Jeff Shaw
STONEHAM, Mass. — MassHousing has provided a $32.7 million refinancing for Mountain View Terrace, a 194-unit affordable seniors housing community in Stoneham, approximately 10 miles north of downtown Boston. The borrower is an affiliate of Atlantic Tambone Management, which will use the funds to preserve the community and expand the affordability for at least 31 more years. Atlantic Tambone Management refinanced Mountain ViewTerrace through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing …
Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing
by Jeff Shaw
AUBURN, Mass. — Pennrose has closed on financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will turn the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of a new expansion. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Comprising a mix of studio, one-bedroom and two-bedroom apartments, 80 percent of the …
HOLDEN, Mass. — Lancaster Pollard Mortgage Co. has arranged a HUD loan totaling $16.2 million to refinance Holden Rehabilitation and Skilled Nursing Center in the Worcester suburb of Holden. The borrower is Oriol Health Care, which build the 123-bed facility in 1965. The transaction allows Oriol to secure long-term financing consolidated with one lender and implement repairs at the facility. Aaron Becker and Adam Walter led the transaction for Lancaster Pollard.
LUNENBURG, Mass. — Boston Capital has invested in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, a small town north of Worcester. The developer is Great Bridge Properties. Residents must be age 55 or older and earn 80 percent or less of the area median income (AMI). Forty-eight units are reserved for seniors earning 60 percent or less of AMI and eight units are for seniors earning 30 percent of less of AMI. Ten percent of the units are reserved for those currently homeless. Located …
Beacon Communities Plans 55-Unit Expansion at Old Colony Affordable Community in Boston
by Jeff Shaw
BOSTON — Beacon Communities Development has unveiled plans for a 55-unit expansion of The Anne M. Lynch Homes at Old Colony, an affordable housing property in South Boston. Designed by The Architectural Team (TAT), units in the expansion will be reserved for low-income seniors. The property is also being built the Passive House energy-saving standards. “Leading developers of affordable and workforce housing are employing Passive House standards to benefit from their lower ongoing operating costs, healthier interior environments for residents, and a growing number of incentives from states and cities,” …