New York

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.

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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. 

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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. …

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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 …

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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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NEW CITY, N.Y. — Capitol Seniors Housing has selected Chelsea Senior Living as operator for The Chelsea at New City.  New City is located in Rockland County, approximately 30 miles north of Manhattan. The community features assisted living and memory care units. This is Chelsea’s first community in Rockland County.

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NEW YORK CITY — Lendlease has completed construction of Garden Towers, an affordable seniors housing community in the Bronx.  Developed by Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, the building features 149 rental homes for low-income adults age 62 or older. Lendlease served as general contractor on the development, located in the Morrisania neighborhood. Garden Towers features two mid-rise residential buildings, with an eight-story building facing Boston Road and a seven-story building facing Clinton Avenue. In addition to meeting Enterprise Green Communities criteria, Garden Towers was …

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ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …

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NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project includes some units reserved for seniors.  The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and …

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MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai.  Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations.  Aron Will, John …

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