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Affordable HousingDevelopmentNew YorkNews

Douglaston Development Completes 188-Unit Phase I of Affordable Project in the Bronx

by Jeff Shaw

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, …

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Assisted LivingDevelopmentNew YorkNews

Sunrise Opens 19-Story The Apsley in Manhattan’s Upper West Side

by Jeff Shaw

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 …

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AcquisitionsFinanceNew YorkNewsSkilled Nursing

CFG Provides $8.8M Mezzanine Acquisition Financing for Skilled Nursing Facility in New York City

by Jeff Shaw

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.

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Affordable HousingDevelopmentFinanceKeyBankNew YorkNews

KeyBank Provides $21M in Financing for Community View Affordable Development in Morrisville, New York

by Jeff Shaw

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 …

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AcquisitionsNew YorkNewsSkilled Nursing

ESI Brokers Sale of 60-Bed Skilled Nursing Facility in New Rochelle, New York

by Jeff Shaw

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 …

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AcquisitionsFinanceNew YorkNewsSkilled Nursing

CFG Provides $32.9M Acquisition Loan for Skilled Nursing Facility in New York State

by Jeff Shaw

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.

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Assisted LivingFinanceNew YorkNews

BWE Arranges $26.7M in Refinancing for Village Green in Levittown, New York

by Jeff Shaw

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.

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Assisted LivingDevelopmentNew YorkNews

FilBen Group, RSF Partners Break Ground on $54M Assisted Living Facility in Montebello, New York

by Jeff Shaw

MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided …

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DevelopmentNew YorkNewsPeople

Monarch Communities Appoints Paul Ataide as Executive Director of Community in New Rochelle, New York

by Jeff Shaw

NEW ROCHELLE, N.Y. — Monarch Communities has named Paul Ataide as executive director for Monarch Coopers Corner, a senior living community in New Rochelle, just north of New York City proper. In this position, he is responsible for day-to-day community operations. Monarch Coopers Corner is nearing completion and is scheduled to open early 2023. Ataide previously was executive director at a senior living community in Westchester County, New York. He also served as associate executive director in Massachusetts. He brings over 15 years of healthcare experience to his new position. …

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Affordable HousingDevelopmentNew YorkNews

Selfhelp Opens Affordable Community on Long Island

by Jeff Shaw

WYANDANCH, N.Y. — Selfhelp has opened 11 Park Drive, an affordable housing community for seniors in the Long Island hamlet of Wyandanch. The developer’s SHASAM service model will provide onsite social services. The property is located adjacent to a Long Island Railroad stop, as well as a larger affordable housing development named Wyandanch Village. The property is Selfhelp’s 16th affordable housing residence. The number of units and income requirements were not disclosed.

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