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Massachusetts

Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $39.9M Bond Financing for Affordable Project in Brookline, Massachusetts

by Jeff Shaw

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earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property.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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AcquisitionsMassachusettsNews

JLL Negotiates Sale of 80-Unit The Residence at Orchard Grove in Shrewsbury, Massachusetts

by Jeff Shaw

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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DevelopmentMassachusettsNews

LCS Opens 223-Unit The Delaney at The Vale in Woburn, Massachusetts

by Jeff Shaw

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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AcquisitionsCCRCMassachusettsNews

HumanGood Completes Affiliation with Two-Property Pleasant Spring Communities

by Jeff Shaw

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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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $25.8M in Bond Financing for Elizabeth Brook Apartments in Stow, Massachusetts

by Jeff Shaw

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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AcquisitionsAssisted LivingMassachusettsNews

JLL Arranges Sale of 80-Unit Residence at Valley Farm in Ashland, Massachusetts

by Jeff Shaw

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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DevelopmentMassachusettsNews

Kisco Plans 159-Unit The Newbury of Brookline on Former College Campus in Metro Boston

by Jeff Shaw

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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Active AdultDevelopmentMassachusettsNews

United Group Receives $35M Construction Financing for The Arbella at Bramble Hill in Worcester, Massachusetts 

by Jeff Shaw

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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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $17.8M in Bond Financing for Leland House Affordable Community in Waltham, Massachusetts

by Jeff Shaw

WALTHAM, Mass. — MassDevelopment has issued $17.8 million in tax-exempt bond financing on behalf of 2Life Leland LLC, an affiliate of 2Life Communities. The borrower will use bond proceeds to demolish a vacant former rest home at 21 Newton St. in downtown Waltham and build a three-story, 68-unit affordable rental housing facility for seniors in its place.  Built in 1891, the existing building operated as The Leland Home before its closing in 2020. The new building, which will be known as Leland House, will include 66 one-bedroom apartments and two …

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Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts $55.3M Adaptive Reuse of Historic Mill Complex in Western Massachusetts

by Jeff Shaw

HOLYOKE, Mass. — WinnDevelopment has broken ground on a $55.3 million adaptive reuse transformation of a long-vacant, historic mill complex that will be transformed into 88 affordable apartment homes for seniors age 55 and older. The project is located in Holyoke, a suburb of Springfield. The redevelopment at the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building …

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