NEW YORK CITY — Gilbane Development, Blue Sea Development Co. and JASA have completed a new affordable seniors housing community located in the Bushwick neighborhood of Brooklyn. Totaling 100,000 square feet across 13 stories, Linden Grove features 153 units. Residences are reserved for seniors earning 30 to 40 percent of the area median income, with 46 units reserved for formerly unhoused seniors. Amenities at the community include free internet, a fitness room, arts and crafts area, laundry room, rooftop terrace, outdoor dining areas and community gardens. TD Bank provided a letter …
NEW YORK CITY — Global alternative investment firm Investcorp has acquired a three-property portfolio for $200 million. Two of the properties are seniors housing assets. The seniors housing properties include a 148-unit community located in Orange County, California, and a 116-unit community located on Long Island in New York. The portfolio also included a multifamily community in New Jersey. Investcorp also recently acquired a 140-unit senior living community in Boston. According to the company, these acquisitions “underscore Investcorp’s conviction for the sector.” “Our decision to re-enter the senior housing sector reflects …
HOOSICK FALLS, N.Y. — Marcus & Millichap has arranged the sale of a skilled nursing facility located in Hoosick Falls, a town roughly 30 miles northeast of Albany. Situated on 3.9 acres, the property was built in 1954 and expanded in 1995 and totals 82 beds. Joseph Knapp and John Horowitz of Marcus & Millichap represented the seller, an undisclosed nonprofit, in the transaction.
NEW YORK CITY — An undisclosed borrower has received $84 million in financing for a skilled nursing facility located in New York City. MonticelloAM provided the financing, which includes a $79 million bridge loan and a $5 million working capital line of credit, with an initial term of 30 months. Proceeds were used to acquire the facility, which totals 280 licensed beds. The borrower’s portfolio includes more than 20 healthcare properties.
LEVITTOWN and PATCHOGUE, N.Y. — Atria Senior Living, in partnership with Fundamental Advisors and Scribner Capital, has acquired two assisted living and memory care communities located on Long Island. D&F Development Group sold the properties, which include Village Green in Levittown and Village Walk in Patchogue, for an undisclosed price. Charley Bissell, Ryan Stoll and Taylor Mokris of BWE Investment Sales represented the seller in the transaction. Built in 2020, Village Green features 57 assisted living units and 46 memory care units. Village Walk was completed in 2018 and totals 146 …
NEW YORK CITY — Merchants Capital has secured $26.3 million in financing for Three Arts Club, a historic 62-unit property in New York City being rehabilitated as affordable seniors housing. The West Side Federation for Senior and Supportive Housing (WSFSSH) is the borrower. The financing includes an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. Upon completion of the conversion, Three Arts Club will provide permanent and supportive housing for residents age 62 and older earning at or below 50 percent of …
OYSTER BAY, N.Y. — Senior Living Investment Brokerage has arranged the sale of an assisted living and memory care campus located in Oyster Bay in Long Island. Comprised of two facilities, the property totals 136 units and 208 licensed beds. According to SLIB, the campus was 83 percent occupied at the time of marketing. A local owner and operator sold the property to a real estate investor for an undisclosed price. Dave Balow and Ryan Saul of SLIB brokered the transaction on behalf of the seller.
NEW YORK CITY — Lument has hired Alex Florea and Kevin Lukehart to support the firms expansion of its real estate investment sales platform into the seniors housing sector. Florea will serve as managing director and Lukehart will assume the role of director. Florea will lead the seniors housing team, working closely with John Sebree, head of real estate investment sales, and Aaron Becker, head of seniors housing and healthcare debt production. Prior to joining Lument, Florea worked at Blueprint HCRE, most recently as managing director. In that role, he brokered …
ROCHESTER, N.Y. — Lument has provided a $58.2 million Freddie Mac loan for the refinancing of a seniors housing campus located in Rochester in Upstate New York. Wegman Cos. is the borrower. Tyler Armstrong, Chris Cain and Taylor Russ of Lument arranged the financing. Totaling 332 units, the campus features The Village at Unity and The Hamlet and offers independent living, assisted living and memory care. The Village at Unity comprises 272 independent living units, and The Village at Hamlet comprises 40 assisted living and 20 memory care units. Originally built …
NEW CITY, N.Y. and TOWNSHIP OF WASHINGTON, N.J. — Bain Capital Real Estate and Capitol Seniors Housing have received a $48 million loan for the refinancing of two seniors housing communities. The communities include The Chelsea at New City in New City, New York, and The Chelsea at Washington Township in the Township of Washington, New Jersey. JLL Capital Markets secured the three-year, floating-rate loan through a large regional bank on behalf of Bain and Capitol Seniors Housing. Built in 2021, The Chelsea at New City totals 80 assisted living, memory …
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