MEMPHIS, Tenn., and NEW YORK CITY — Dwight Capital has provided a total of $49.5 million in HUD financing for two skilled nursing facilities. In the first transaction, Dwight provided $25.7 million in HUD funding for Graceland Rehabilitation and Nursing Center in Memphis. The property features 221 beds. In the second transaction, Dwight funded a $23.8 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed skilled nursing facility in the Bronx. Further details were not disclosed.
New York
SOUTH SETAUKET, N.Y. — Jefferson’s Ferry, an independently owned continuing care retirement community (CCRC) in the Long Island neighborhood of South Setauket, has unveiled plans expand the property. The construction project is part of a larger strategic initiative launched by Jefferson’s Ferry in 2018. The expansion will add 60 independent living units and a new memory care building, while renovating the assisted living and skilled nursing areas. In addition to the new units, the project includes a health and wellness center, fitness center, bistro, marketplace café and additional dining options. …
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living in Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.
MOUNT SINAI, N.Y. — Engel Burman has opened The Bristal at Mount Sinai, a 120-unit assisted living community in the Long Island hamlet of Mount Sinai. The Bristal at Mount Sinai has 76 assisted living apartments and 44 additional apartments for memory care. Monthly rents begin at $5,200 for assisted living and $8,400 for memory care. This is the 20th Bristal-branded community, with 15 of those located on Long Island. Engel Burman develops, owns and operates the properties.
Lancaster Pollard Provides $17.2M HUD Refinancing for Aaron Manor in Fairport, New York
by Jeff Shaw
FAIRPORT, N.Y. — Lancaster Pollard has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in Fairport, a village east of Rochester. The FHA Sec. 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston led the transaction for Lancaster Pollard, a division of ORIX Real Estate Capital.
Greystone Provides $43.9M HUD Financing for Three Skilled Nursing Facilities in Upstate New York
by Jeff Shaw
CANANDAIGUA, BATH and CORNING, N.Y. — Greystone has provided $43.9 million in HUD-insured financing for a trio of affiliated skilled nursing facilities in Upstate New York. The borrower is Centers for Care. The three facilities, totaling 323 beds, include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the financing package.
United Plus Property Management Takes on Operations of The Belvedere in Suburban Buffalo
by Jeff Shaw
LANCASTER, N.Y. — United Plus Property Management LLC (UPPM) taken over management duties at The Belvedere, an independent living community in the Buffalo suburb of Lancaster. Natale Development owns the 146-unit property, which features one- and two-bedroom options. This is the first partnership between UPPM and Natale.
CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed assisted living and memory care community in Clarence Center, approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The facility was originally constructed in 2003. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone …
NEW YORK CITY — Home Street Partners has completed construction of Home Street Residences, an affordable housing community in the Bronx The 75,000-square-foot building rises eight stories in the Foxhurst neighborhood. Of the 63 apartments, 30 percent are reserved for homeless seniors. Units average 550 square feet. Body Lawson Associates designed the property. Bronx Pro Group is the operator, and DreamYard designed the programming. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.