NEW YORK CITY — The Bristal Assisted Living, an owner and operator focused on Long Island and New Jersey, has opened its 23rd community, its first in the borough of Manhattan. Located at the intersection of York Avenue and 86th Street on the Upper East Side, The Bristal at York Avenue features 132 units, including 44 that offer memory care services. “New York City’s 65-plus population has increased by nearly 30 percent in the past decade,” says Faraz Kayani, regional director of operations for The Bristal. “The 1.2 million New …
New York
NEW YORK CITY — Catholic Charities Brooklyn and Queens has opened the doors on Pope Francis Apartments at Loreto, a 135-unit affordable seniors housing community in Brooklyn’s Brownsville neighborhood. RKTB Architects designed the community, which features a mix of units for formerly homeless seniors, independent residences and supportive housing. Built on the former site of a church, the building rises eight stories. The property is designed to match with the adjacent Baretta Apartments, which RKTB designed utilizing the firm’s Affordable Infill Prototype (AIP) design template. Pope Francis Apartments include rooftop …
JLL Arranges $145M in Acquisition Financing for 15-Community Portfolio Throughout the East
NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …
Knighthead Funding Provides $34.5M Construction Loan for Active Adult Community in Selden, New York
SELDEN, N.Y. — Knighthead Funding, LLC has provided a $34.5 million loan for the construction of an active adult community in Selden, a hamlet on Long Island. The borrower is The Northwind Group. The property is fully permitted, planned and approved, but a community name was not released. Situated on 13.8 acres, the complex will feature 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings. “Considering the supply/demand imbalance and the limited prospects for new construction in the area, our capital will help Northwood bring needed …
YAPHANK, N.Y. — Chelsea Senior Living has opened the assisted living and memory care expansion at The Chelsea at Brookhaven in the Long Island hamlet of Yaphank. While community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state. The community is surrounded by residential housing, shopping, a hotel and various new builds. The number of units was not disclosed.
NEW YORK CITY — Sunrise Senior Living has opened Sunrise at East 56th, a 151-unit high-rise in the Upper East Side neighborhood of Manhattan. Partners on the project included Hines and Welltower (NYSE: WELL). The asset features assisted living and memory care services. Sunrise is collaborating with Northwell Health for services at the building. The community is the first and only building in the sector to receive LEED Silver, WELL Certification at the Silver level and WELL Health-Safety Rating Seal certifications, according to Sunrise. SLCE Architects designed the building. Champalimaud …
Berkadia Provides $22.6M HUD-Insured Loan for Refinancing of Section 8 Housing Property in Brooklyn
NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.
NEW YORK CITY — RKTB Architects has completed Phoenix Estates II, a multifamily residence for families and seniors in the Hunts Point neighborhood of the Bronx. The eight-story, mixed-use complex features 108 studio, one-, two and three-bedroom units, 48 of which are reserved for seniors. Mutual Housing Association of New York (MHANY) and Nos Quedamos developed the 102,000-square-foot residence. All of the units are designated as affordable, and units for seniors are distributed throughout the building rather than grouped together, which the developers hope lead to intergenerational interactions. “The inclusion …
HJ Sims Arranges $398.1M Financing for Broadview at Purchase College Development in New York
PURCHASE, N.Y. — HJ Sims has arranged $398.1 million in tax-exempt and taxable bonds for Purchase Senior Learning Community Inc., which was formed to develop a new university-based retirement community, Broadview at Purchase College, on the State University of New York Purchase College campus. Centrally located on campus, Broadview will be a continuing care retirement community (CCRC) consisting of up to 68 assisted living and memory care beds, as well as 220 senior residential apartments and villas, 20 percent of which will be reserved for residents earning no more than …
Greystone Provides $17.6M Fannie Mae Financing for Affordable Portfolio Acquisition in New York City
NEW YORK CITY — Greystone has provided $17.6 million in Fannie Mae Delegated Underwriting and Servicing (DUS) loans for the acquisition of two multifamily properties totaling 151 units in New York City. Dan Sacks and Ilan Bassali in Greystone’s New York office originated the loans on behalf of Heritage Affordable Communities LLC. Greystone provided a $12.5 million non-recourse loan to acquire Highland Avenue Senior Apartments, an 88-unit midrise seniors housing apartment property in Yonkers, which was constructed in 2008. The fixed-rate loan carries a 12-year term with a 30-year amortization …