WOODBURY, N.Y. — Live Oak Bank has provided a $27.2 million refinancing for an 89-unit assisted living and memory care community in Woodbury. Located in the Hudson Valley, Benchmark Senior Living operates the stabilized community. Benchmark and its joint venture partner, Iron Point Partners LLC, developed the building. Although the name of the community was not disclosed, Orchard Estate of Woodbury is the only Benchmark-operated property in the town.
MONTEBELLO, N.Y. — Owner/developer FilBen Group, equity partner RSF Partners, general contractor McAlpine Contracting and designer H2M Architects + Engineers have completed the structural system and building enclosure, or “envelope,” for Braemar at Montebello. Upon completion in 2024, the property will be a four-level, 133,675-square foot luxury assisted living residence on 6.2 acres in the Lower Hudson Valley village of Montebello. The parcel is adjacent to a larger site that includes the Montebello Commercial Center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services. The property …
DEER PARK, N.Y. — CBRE has brokered the sale of Sutton Landing at Deer Park, a 200-unit active adult complex on Long Island. The age-restricted property was built in 2021. Aron Will, John Sweeny and Scott Bray of CBRE represented the seller, a partnership between local developer B2K Development and Chicago-based investment firm Harrison Street. Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan of CBRE originated Freddie Mac acquisition financing on behalf of the buyer, Fairfield Properties.
YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan to refinance debt on Monastery Manor, a 147-unit affordable apartment building for seniors just north of New York City in Yonkers. The borrower is nonprofit owner-operator Finian Sullivan Corp. Proceeds from the refinancing will be used to fund renovations at the property and pay off existing debt. The refinancing also includes an extension of the property’s existing PILOT agreement with the Yonkers Industrial Development Agency. BWE’s Jim Gillespie and Ilya Weinstein originated the loan. Units are …
SMITHTOWN, N.Y. — JLL Capital Markets has arranged $29 million in financing for Whisper Woods of Smithtown, a 101-unit, 136-bed assisted living and memory care community in Smithtown. JLL represented the borrowers, Sculptor Real Estate and Benchmark Senior Living. A regional bank, a new lending partner for both groups, provided the three-year loan. Built in 2018, Whisper Woods of Smithtown is a Class A community located in Long Island’s Suffolk County, approximately 50 miles from Manhattan, which is accessible by a 90-minute train ride from Smithtown. The JLL Capital Markets …
SMITHTOWN, N.Y. — Live Oak Bank has provided a $29 million loan for Benchmark Senior Living. The financing replaced the original construction debt for a 101-unit assisted living and memory care community in the Long Island town of Smithtown. Benchmark opened the community in 2018.
NEW YORK CITY — Berkadia has provided the financing of a 320-bed skilled nursing facility in New York City. Ed Williams and Richard Price of Berkadia Seniors Housing & Healthcare secured a $62.1 million 232/223(f) HUD insured loan on behalf of the Northeast-based borrower. The 80 percent loan-to-value financing included a term of 35 years. Proceeds from the financing were used to pay off existing commercial bank debt as well as transaction costs. “As an integral part of Northeast-based operator portfolio, this is another premier facility which has long served …
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations to New Amsterdam Apartments, an affordable seniors housing community in Amsterdam, approximately 35 miles northwest of Albany. The New Amsterdam Apartments consist of 116 units in a 12-story building. All apartments are affordable for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators, replacement of fire …
BAY SHORE, N.Y. — Greystone has provided $25.2 million in HUD financing for the conversion of a historic mansion in the Long Island hamlet of Bay Shore into an assisted living and memory care community. The project owners, Charles Ferraro and Nicholas Racanelli, recognized the south shore market as being underserved with quality assisted living and memory care services, and developed a plan to reimagine the original Gulden family homestead, Netherbay, into a state-of-the-art care facility that preserves the character of the 1800s mansion and estate grounds. The Gulden family …
NEW YORK CITY — Douglaston Development has completed Phase I of a two-phase affordable seniors housing project in the Bronx. Located at 2856 Webster Ave., the 12-story, 188-unit building is adjacent to The New York Botanical Garden’s (NYBG) 250-acre grounds. Units are available to residents earning up to 50 percent of the area median income. Fordham Bedford Community Services will provide on-site social services. The building features 12,000 square feet of ground-floor retail space leased to Cherry Valley Marketplace, a longstanding neighborhood grocery staple. Phase II of the two-phase project, …
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