NEW YORK CITY — Berkadia has provided the financing of a 320-bed skilled nursing facility in New York City. Ed Williams and Richard Price of Berkadia Seniors Housing & Healthcare secured a $62.1 million 232/223(f) HUD insured loan on behalf of the Northeast-based borrower. The 80 percent loan-to-value financing included a term of 35 years. Proceeds from the financing were used to pay off existing commercial bank debt as well as transaction costs. “As an integral part of Northeast-based operator portfolio, this is another premier facility which has long served …
AMSTERDAM, N.Y. — A public-private partnership between the State of New York and 3D Development Group has completed renovations to New Amsterdam Apartments, an affordable seniors housing community in Amsterdam, approximately 35 miles northwest of Albany. The New Amsterdam Apartments consist of 116 units in a 12-story building. All apartments are affordable for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators, replacement of fire …
BAY SHORE, N.Y. — Greystone has provided $25.2 million in HUD financing for the conversion of a historic mansion in the Long Island hamlet of Bay Shore into an assisted living and memory care community. The project owners, Charles Ferraro and Nicholas Racanelli, recognized the south shore market as being underserved with quality assisted living and memory care services, and developed a plan to reimagine the original Gulden family homestead, Netherbay, into a state-of-the-art care facility that preserves the character of the 1800s mansion and estate grounds. The Gulden family …
NEW YORK CITY — Douglaston Development has completed Phase I of a two-phase affordable seniors housing project in the Bronx. Located at 2856 Webster Ave., the 12-story, 188-unit building is adjacent to The New York Botanical Garden’s (NYBG) 250-acre grounds. Units are available to residents earning up to 50 percent of the area median income. Fordham Bedford Community Services will provide on-site social services. The building features 12,000 square feet of ground-floor retail space leased to Cherry Valley Marketplace, a longstanding neighborhood grocery staple. Phase II of the two-phase project, …
NEW YORK CITY — Sunrise Senior Living, together with partners Hines and Welltower (NYSE: WELL), has opened The Apsley, a 19-story luxury seniors housing community in Manhattan’s upscale Upper West Side neighborhood. Located at 2330 Broadway between 84th and 85th streets, The Apsley is the second luxury senior living community in Manhattan by Sunrise, Hines and Welltower. Sunrise at East 56th celebrated its first anniversary on the Upper East Side in December 2022. SLCE Architects designed the exterior architecture of The Apsley, which rises 19 stories. The community features 80 …
NEW YORK CITY — Capital Funding Group (CFG) has provided $8.8 million in mezzanine financing for the acquisition of a skilled nursing facility in Brooklyn. The mezzanine debt was part of a financing package of $60.8 million. The other funds were secured through a syndication effort with a bank CFG has partnered with in the past. The facility features 240 beds. Further details were not disclosed. Craig Casagrande and Andrew Jones of CFG originated the transaction.
MORRISVILLE, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, a tiny village of just over 2,000 residents in Central New York. Community View Apartments will consist of 61 units for residents age 55 and older earning no more than 30 percent, 40 percent, 50 percent and 60 percent of the area median income. Of the 61 units, 20 will be covered …
NEW ROCHELLE, N.Y. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community in New Rochelle, a suburb of New York City on Long Island Sound. The facility was originally constructed in 1965 and is licensed for 60 beds. The seller was an independent owner-operator that operated the facility for 30 years, but sought to exit the long-term care industry. A New York-based owner acquired the property for an undisclosed price. Approval of the new operator is pending. “Evans Senior Investments was successfully able to navigate …
NEW YORK STATE — Capital Funding Group (CFG) has provided $32.9 million in bridge-to-HUD financing for the acquisition of a skilled nursing facility. The facility, which is located in New York, supports 200 beds. Further details were not disclosed. Andrew Jones originated the transaction.
LEVITTOWN, N.Y. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $26.7 million loan to refinance Village Green, an assisted living and memory care community in Levittown, part of the New York City metropolitan area. Taylor Mokris and Ryan Stoll originated the loan through a regional bank on behalf of the borrower, a regional developer and owner of seniors and affordable housing. The loan includes a three-year term with a 30-year amortization, as well as 24 months of interest-only payments and a sub-300 loan spread.