MONTEBELLO, N.Y. — The Polaris Healthcare Network has opened The Sentinel of Rockland in Montebello, located along the New Jersey border northwest of New York City. Located on seven acres, the community offers assisted living services through the state’s Medicaid program. M&T Bank provided capital for the development. Further details were not disclosed.
SPRING VALLEY, N.Y. — Hudson Valley Property Group (HVPG) has acquired two affordable housing communities in the New York City suburb of Spring Valley $25.8 million. The properties include the 114-unit Lakeview Village, which is reserved for seniors, and the 76-unit Highview Apartments, which is reserved for families. Affordability restrictions at the property were set to expire in 2022. With Low-Income Housing Tax Credits (LIHTC), HVPG will acquire the properties, complete renovation upgrades and keep rents affordable for the long term. All apartments will be income-restricted to tenants earning 60 …
PORT JEFFERSON STATION, N.Y. — Marcus & Millichap has brokered the sale of The Vistas of Port Jefferson, a 244-unit active adult community in Port Jefferson Station. Built in 2019 on 27 acres, the 30-building property is located on the North Shore of Suffolk County in Long Island. The unit mix is 36 one-bedroom flat units, 144 two-bedroom flat units, and 64 two-bedroom townhouses. The Port Jefferson Long Island Railroad station and Northwell Mather Hospital are both nearby. The asset sold for $118 million, or $483,607 per unit. Greystar acquired …
WELLSVILLE, N.Y. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Manor Hills Assisted Living for $8 million. Located in Wellsville, near the Pennsylvania border south of Rochester, the asset features 89 units of assisted living and memory care. It was built in 1989. The seller is a private owner that previously divested its skilled nursing portfolio. The buyer is an Albany-based private owner-operator. Dave Balow from SLIB handled the transaction.
EAST AMHERST, N.Y. — Sunshine Retirement Living has hired Marion “Mimi” Piciullo as the new executive director of Juniper Glen Assisted Living and Memory Care in the Buffalo suburb of East Amherst. Piciullo is responsible for all day-to-day management and operations of the community, including financials, marketing, government and community relations. She will also oversee all health and safety programs, including new heightened procedures and protocols to prevent and mitigate COVID-19 infection, which includes a pioneering technology called Needlepoint Bipolar Ionization that eliminates 99.4 percent of the SARS-COVID-2 virus that …
SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse …
SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. The nonrecourse loan was structured with a 10-year term and a fixed interest rate. The local borrower has owned and operated the facility since its construction. A life insurance company provided the loan.
NEW YORK CITY — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a HUD-insured loan totaling $7 million for Marien-Heim of Sunset Park, a 169-unit, Section 8 elderly housing project located in Brooklyn. The borrower is a local, nonprofit community development organization. SMF served as financial advisor. This was SMF’s second successful transaction for Marien-Heim. In 2012, SMF originated an $8.3 million FHA-insured Section 223(f) loan that refinanced its Section 202 direct loan, funded capital reserves and repairs, earned the borrower a development fee and generated annual …
NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include …
NEW CITY, N.Y. — Capitol Seniors Housing has opened Atria New City, an assisted living and memory care community in the affluent hamlet of New City in within the town of Clarkstown, approximately 30 miles north of Manhattan. The three-story, 70,000-square-foot community features 80 residential apartments. Atria Senior Living will operate the property. Meyer Senior Living Studio designed the project.
