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.
New York
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.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged loans totaling $12.9 million for two seniors housing communities in Queens. In the first transaction, Harborview arranged a $6.9 million loan to refinance a 200-bed facility. A regional bank provided the financing, which features a 25-year amortization and 10-year term. Matt Hedvat and David Nussbaum originated the transaction. Harborview also arranged a $6 million loan to refinance a 262-bed assisted living facility. A regional bank provided the non-recourse loan. Eli Kutner originated …
Monticello Provides $46.8M Financing for 407-Bed Skilled Nursing, Adult Day Care Portfolio in New York
by Jeff Shaw
NEW YORK — Monticello has provided $46.8 million in first lien debt financing to refinance one skilled nursing property and two adult day care properties totaling 407 beds in New York. The transaction also includes a $3 million working capital loan to the operator of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 4,570 licensed beds and has an established relationship with Monticello. Prior to this deal, Monticello financed the acquisition of a …
Live Oak Funds $5.8M Refinancing for Home of the Good Shepherd Community in Upstate New York
by Jeff Shaw
SARATOGA SPRINGS, N.Y. — Live Oak Bank has provided a $5.8 million loan to refinance Home of the Good Shepherd Saratoga in Saratoga Springs, approximately 30 miles north of Albany. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York. The loan will refinance the Saratoga location’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017, and has since reopened, leased up and fully stabilized. The five year, floating-rate, balance-sheet loan allowed the borrower to consolidate debt and …
HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, located in the Suffolk County town of Huntington on Long Island. The community can accommodate up to 108 residents and offers assisted living and memory care services. “According to a recent independent study, the population of seniors over 85 years old, in Suffolk County specifically, has increased by 56 percent over the past 13 years,” says Jenifer Salamino, senior vice president of operations for Sunrise Senior Living. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for …
Ziegler Closes $108.8M Bond Financing for Phase II of St. Ann’s Home Renovations in Rochester, New York
by Jeff Shaw
ROCHESTER, N.Y. — Ziegler, a specialty investment bank, has closed $108.8 million in bond financing for continued renovations at St. Ann’s Home in Rochester. St. Ann’s Community operates the community, along with four others. Phase I of the master-planned project is complete, which relocated 34 post-acute rehabilitation beds from the Wegman Care Center to the ninth floor of St. Ann’s Home, the largest of the company’s skilled nursing facilities. The new bond financing will fund Phase II of the project, which will renovate floors three through eight of St. Ann’s …