LONG ISLAND, N.Y. — MonticelloAM has arranged $115 million in acquisition financing for a portfolio of seniors housing communities located in Long Island. The undisclosed borrower plans to use the proceeds from the senior bridge loan to both acquire the properties and expand the services offered across the communities. The portfolio comprises 1,000 beds across multiple assisted living and memory care communities. With two six-month extension options, the financing carries a 36-month initial term.
ROCHESTER, N.Y. — Senior Living Investment Brokerage (SLIB) has brokered the sale of a senior living community located in Rochester. Built in 2016, the property offers 78 assisted living and memory care units. A public, non-listed REIT was the seller. A private real estate investment company acquired the property, engaging a New York-based operator to run the community. Jason Punzel, Dave Balow and Brad Goodsell of SLIB arranged the transaction.
WHEATON, Ill. — Illinois-based Senior Living Investment Brokerage (SLIB) has brokered the sale of an assisted living and memory care portfolio located in Long Island in New York. Built between 1959 and 1974, the portfolio comprises five communities situated within four properties and totals 567 units with 1,000 beds. A public, non-listed REIT was the seller. Private investor Berry Weiss acquired the portfolio for an undisclosed price. Jason Punzel, Dave Balow and Brad Goodsell arranged the transaction.
MonticelloAM Provides $400M Financing for 2,900-Bed Skilled Nursing Portfolio in Kentucky, Tennessee
NEW YORK CITY — MonticelloAM has provided a $400 million bridge loan for the financing of a skilled nursing portfolio located in Kentucky and Tennessee. Huntington National Bank served as joint lead arranger in the financing. The portfolio totals 2,900 beds across 29 facilities. The borrower was not disclosed.
NEW YORK CITY — Lightstone Capital has hired industry veteran Perry Freitas as managing director of originations. In his new role, Freitas will lead the nationwide sourcing, structuring and originating of commercial real estate debt investments as part of Lightstone Capital’s growth strategy. Prior to joining Lighthouse Capital, Freitas spent the last two decades at Hudson Realty Capital, a New York City-based commercial real estate investment management firm, where he most recently served as a managing director. He was involved in over $4 billion in transactions and was directly responsible for originating, …
NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has completed Parkchester Gardens, a 221-unit affordable senior living project in The Bronx. Units are reserved for renters earning 50 percent or less of the area median income. Wells Fargo financed the project in conjunction with the New York City Housing Development Corp. and the Department of Housing Preservation & Development. Construction began in spring 2021.
BUFFALO, N.Y. — Ned Perlman of Largo Real Estate Advisors Inc. has arranged $11.6 million in construction/renovation financing for a former nursing home that will be transformed into an upscale 84-unit multifamily property with luxury amenity spaces. The property will undergo extensive interior and exterior renovations and feature 57-one-bed, one-bath units; four two-bed, one-bath units; and 23 studios. The property is located in downtown Buffalo with access to the city’s major attractions and interstate highway system.
WESTERN NEW YORK — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 120-bed Assisted Living Program (ALP) licensed facility in Western New York. Built in 1999, the community totals 60 units. The community can serve both private-pay and Medicaid residents. The seller is a nonprofit organization and seniors housing operator looking to scale back on its senior living presence. The buyer is a private owner with a focus on communities in New York that are licensed for ALP. This is the fourth community the Buyer has acquired. …
NEW YORK CITY — Ziegler has arranged a $25 million bridge financing for RiverSpring Living’s River’s Edge project, a continuing care retirement community (CCRC) development in New York City. RiverSpring Living owns and operates Hebrew Home at Riverdale, a long-term care community founded more than 105 years ago, located on a 32-acre campus overlooking the Hudson River in the Riverdale section of Bronx County. RiverSpring Living enlisted Chicago-based Integrated Development II as its development consultant for the River’s Edge project, and Ziegler as its exclusive financial advisor. The development will …
WESTCHESTER, N.Y. — Life Care Services has opened Broadview at Purchase College, a 174-unit seniors housing community located on the Purchase College campus in Westchester, approximately 25 miles northeast of Manhattan. LCS Development served as Broadview’s developer and Life Care Services provides management services. “Broadview is a visionary concept that fosters intergenerational learning and helps generate income for the college community, providing for scholarships and educational improvements,’’ says Ashley Wade, the community’s executive director. “Today, more than 90 percent of our residences are reserved, and we have more than 238 …
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