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Affordable HousingDevelopmentNew YorkNews

Merchants Capital Arranges $78.4M in Financing for Affordable Redevelopment of Manhattan’s Park 79 Hotel

by Jeff Shaw

NEW YORK CITY — Mortgage banking company Merchants Capital has closed a $51 million construction loan and a $28.4 million in Low-Income Housing Tax Credits (LIHTC) to fund an affordable housing project in Manhattan’s Upper West Side. The project, a redevelopment of the historic Park 79 Hotel, comprises the largest 9 percent LIHTC allocation in New York City history, according to Merchants. The borrower and project developer is Fairstead. Renovations to the original hotel, which first debuted in 1899 as “The Indiana,” will create 77 affordable residences for very-low-income seniors in the heart …

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CCRCFinanceNew YorkNews

HJ Sims Arranges $30M Financing for The Knolls Continuing Care Retirement Community in Valhalla, New York

by Jeff Shaw

VALHALLA, N.Y. — HJ Sims has closed $30 million in financing for The Bethel Methodist Home and its continuing care retirement community The Knolls, located in Valhalla, approximately 25 miles north of Midtown Manhattan. The community, which opened in 2002 under the name Westchester Meadows, offers independent living, assisted living and skilled nursing services on one campus. In 2008, Westchester Meadows experienced financial difficulty, which culminated in a bankruptcy filing in 2015. The community was acquired in 2016 with the proceeds of tax-exempt and taxable bonds privately placed with a …

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AcquisitionsActive AdultNew YorkNews

CBRE Brokers Sale of Cornerstone Hauppage Active Adult Community on Long Island

by Jeff Shaw

HAUPPAUGE, N.Y. — CBRE has arranged the sale of of The Cornerstone Hauppauge, a 98-unit active adult community in the Long Island hamlet of Hauppauge. The property opened in 2019. Terwilliger & Bartone Properties sold the asset to a joint venture between two institutional partners with experience in the active adult sector. The price was not disclosed. The CBRE team of Jeffrey Dunne, Gene Pride, Travis Langer and Zach McHale, along with Aron Will and Austin Sacco of CBRE’s Senior Housing Group, represented the seller. “The sale of The Cornerstone …

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CCRCDevelopmentFinanceNew YorkNews

HJ Sims Arranges $89M in Financing for Jefferson’s Ferry CCRC Expansion on Long Island

by Jeff Shaw

BROOKHAVEN, N.Y. — HJ Sims has arranged $89 million in financing for an expansion project at Jefferson’s Ferry, a continuing care retirement community (CCRC) in the Long Island town of Brookhaven. Sims underwrote the initial construction bond financing in 1999 for Jefferson’s Ferry, followed by a refunding of this financing in 2006. The new funds will be used toward Jefferson’s Ferry’s Journey Toward Renewal project, an improvement and expansion of the residential and healthcare space. The project includes construction of a 20-unit building dedicated to assisted living residents with dementia, …

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FinanceNew YorkNewsSkilled Nursing

Oxford Finance Provides $7.4M Credit Facility for Reach LTC

by Jeff Shaw

CEDARHURST, N.Y. — Oxford Finance LLC has provided a $7.4 million senior credit facility and revolving line of credit to Reach LTC, a Cedarhurst-based skilled nursing provider. The proceeds are being used for general working capital and the acquisition of a skilled nursing facility in Town and Country, Missouri, totaling 282 licensed beds. The name, seller and acquisition price were not disclosed. “REACH brings a regional focus to the Town and Country facility along with significant investment in the property expected to enhance resident experiences and staff capabilities,” says Tracy …

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Affordable HousingDevelopmentNew YorkNews

RKTB Architects to Design 135-Unit Affordable Community in Brooklyn

by Jeff Shaw

NEW YORK CITY — RKTB Architects has been selected as the designer of Catholic Charities Loreto Apartments, an affordable seniors housing community in Brooklyn. The property will feature 135 units, including 80 for formerly homeless seniors. The remainder of the units is reserved for seniors making up to 50 percent of the area median income. The new development will be constructed on the former site of a historic Brownsville church. A timeline for development was not released.

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FinanceNew YorkNewsSkilled Nursing

Greystone Provides $10.4M Bridge Loan for Skilled Nursing Facility in Boonville, New York

by Jeff Shaw

BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.

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Assisted LivingDevelopmentNew YorkNews

Racanelli Construction Completes All American Assisted Living at Coram on Long Island

by Jeff Shaw

CORAM, N.Y. — Racanelli Construction Co. has completed construction of the All American Assisted Living at Coram, in the Long Island Hamlet of Corm. The property offers assisted living, memory care and respite care services. The project was valued at $12.6 million. Working on behalf of the owner, Kaplan Development Group, Racanelli was part of the team that also included Engelbrecht & Griffin Architects; the civil engineering firm of Hyduk Engineering; the structural engineering firm of Shelly Engineering, Inc.; the mechanical, engineering and plumbing firm of BLW Engineers; and the …

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Assisted LivingDevelopmentNew YorkNews

Chelsea Senior Living Completes Assisted Living Community Near New York City

by Jeff Shaw

GREENBURGH, N.Y. — Chelsea Senior Living has completed construction of Chelsea at Greenburgh, a luxury senior living residence in Greenburgh, approximately 20 miles north of Midtown Manhattan. The three-story community will offer assisted living and memory care on the former site of Frank’s Nursery. Chelsea is still awaiting final licensing from the New York Department of Health before accepting new residents. The Chelsea at Greenburgh will offer specialized services for residents with high care needs. These services include assistance with injectable medications, complex diabetes management, assistance with walking and stairs, …

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FinanceNew YorkNewsSkilled Nursing

Lument Provides $9.5M HUD Refinancing for Morningstar Residential Care Center in Oswego, New York

by Jeff Shaw

OSWEGO, N.Y. — Lument, a division of ORIX Real Estate Capital, has provided $9.5 million in financing for Morningstar Residential Care Center in Oswego, located along Lake Ontario north of Syracuse. The HUD loan refinances a bridge loan that Lancaster Pollard provided prior to becoming part of Lument. The new loan provides non-recourse, fixed-rate, permanent financing. Morningstar Residential Care Center is a 120-bed skilled nursing facility. Miles Kingston led the transaction for Lument.

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