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 …
New York
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 …
Greystone Provides $71.3M HUD Refinancing for Massapequa Center Rehabilitation on Long Island
by Jeff Shaw
AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville. Fred Levine of Greystone originated the transaction. The financing carries a fixed rate, 30-year term and 30-year amortization. The refinancing enables the borrower to exit initial bridge financing used to acquire the property in November 2017, and to continue with renovations. Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites …
GENESEO, N.Y. — M&T Realty Capital Corp. has provided a $7.5 million refinancing for a 64-unit assisted living facility in Geneseo, a town in the Finger Lakes region. At a 75 percent loan-to-value ratio, the 10-year, 4.18 percent fixed-rate loan is structured with a 25-year amortization. John Sigeti of M&T Realty Capital’s Buffalo office led the transaction. The name of the borrower and property were not disclosed.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
GLOVERSVILLE, N.Y. — M&T Realty Capital Corp. has provided a $14.9 million FHA-insured loan to refinance of a 176-bed skilled nursing facility in Gloversville, approximately midway between Albany and Utica. The loan was completed under the FHA 223(f) program. The 35-year loan is fully amortizing and features a fixed interest rate of 3.25 percent. Paula Quigley and Matt Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Jennifer Kooney of M&T Bank’s Tarrytown, N.Y., office. Quigley also serves as the FHA/HUD program manager for M&T Realty …
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 …
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 …