NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan to refinance Capitol Apartments, a Section 8 affordable seniors housing property in New York. Located on 8th Avenue where Hell’s Kitchen meets the Theater District in Manhattan, Capitol Apartments features 278 studio and one-bedroom apartments, including 250 age-restricted Section 8 units and 28 non-age-restricted units. Originally built in 1925 as a hotel, the 18-story property was converted to apartments in the 1970s. The property also has six street-level retail spaces, which are currently occupied by restaurants, a wine …
New York
BRIARCLIFF MANOR, N.Y. — Senior Lifestyle Corp. has welcomed its first residents at The Club at Briarcliff Manor, a seniors housing community in Briarcliff Manor, a village along the Hudson River approximately 30 miles north of New York City. The property offers 167 independent living units, 87 assisted living units and 33 memory care units in two interconnected buildings. The site was formerly home to Briarcliff Lodge, a grand resort hotel built in the early 1900s. The 59-acre property features views of the Hudson River and Manhattan skyline, numerous walking …
JERICHO, N.Y. — Engel Burman has opened Encore Luxury Living, a seniors housing community in the Long Island hamlet of Jericho. The property offers active adult living, with rents starting at $8,400 per month. Housekeeping and maintenance are included in the rent. The location is across the street from a library and a Whole Foods-anchored shopping center. The community features 59 one-bedroom units, 42 two-bedroom units and one three-bedroom unit. Unit sizes range from 826 to 1,500 square feet. The property will share a campus with Engel Burman’s existing assisted …
Nonprofit Operator Acquires Former College of New Rochelle Campus in Metro New York City
by Jeff Shaw
NEW ROCHELLE, N.Y. — The Masonic Hall and Asylum Fund has acquired the former College of New Rochelle campus just north of the Bronx for $32 million, according to reports from The Journal News. The college declared bankruptcy in September, and sister school Mercy College absorbed all the students, faculty and programs. Although specific plans for the future of the property were not disclosed, Masonic Hall and Asylum Fund operates Masonic Care Community, a seniors housing community in Utica. The group also runs a summer camp and DeWint House, George …
NEW YORK CITY — Monticello Asset Management LLC has provided $40 million in first lien debt financing for an assisted living facility in the Bronx. The property features a total of 256 beds. The borrower and name of the facility were not disclosed. The loan will refinance existing debt. The borrower recently completed an extensive renovation of the facility including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized …