WOODBURY, N.Y. — Live Oak Bank has provided a $27.2 million refinancing for an 89-unit assisted living and memory care community in Woodbury. Located in the Hudson Valley, Benchmark Senior Living operates the stabilized community. Benchmark and its joint venture partner, Iron Point Partners LLC, developed the building. Although the name of the community was not disclosed, Orchard Estate of Woodbury is the only Benchmark-operated property in the town.
HOLYOKE, Mass. — WinnDevelopment has broken ground on a $55.3 million adaptive reuse transformation of a long-vacant, historic mill complex that will be transformed into 88 affordable apartment homes for seniors age 55 and older. The project is located in Holyoke, a suburb of Springfield. The redevelopment at the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building …
FAIRFAX, Va. — The Virginian, an independently operated continuing care retirement community in Fairfax, has opened the second phase of the community as part of a $67 million renovation. The renovated seven-story, 367,000-square-foot buildings will feature four wings, comprising 155 independent living apartments, 56 assisted living residences and 36 memory care units, along with 81 skilled nursing beds. Nestled on over 32 wooded acres along the Accotink Creek of the Potomac River, The Virginian stands out as one of the few senior living communities in the area.
LAKE FOREST, Calif. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest. CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The building features 58 one-bedroom apartments (including one designated for an on-site property manager) for singles or couples age 62 years and older who earn 50 percent of the area median income (AMI) or less, which is approximately $50,000 per year. Over 750 people applied to live in Portola within three …
ANDERSON, Ind. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vermillion Place in Anderson, approximately 30 miles northeast of Indianapolis. The community comprises 45 units of assisted living care on about two acres. This particular asset was family owned and it proved difficult to successfully run a smaller, single-site operation, according to SLIB. The owner made the decision to sell and was encouraged by its lender to divest. The buyer is a private owner that previously provided the owners with operating, clinical and environmental consulting services for …
VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living and memory care communities in Central Virginia. The properties located approximately 75 miles apart from each other and total 128 total units. One is located in a densely populated, affluent market, and the other in a more tertiary submarket. The buyer, seller and price were not disclosed, nor were further details on the properties.The Blueprint team included Kory Buzin, Steve Thomes, Amy Sitzman and Giancarlo Riso.
MONTEBELLO, N.Y. — Owner/developer FilBen Group, equity partner RSF Partners, general contractor McAlpine Contracting and designer H2M Architects + Engineers have completed the structural system and building enclosure, or “envelope,” for Braemar at Montebello. Upon completion in 2024, the property will be a four-level, 133,675-square foot luxury assisted living residence on 6.2 acres in the Lower Hudson Valley village of Montebello. The parcel is adjacent to a larger site that includes the Montebello Commercial Center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services. The property …
KENTUCKY — Capital Funding Group (CFG) has provided a $7.2 million HUD-insured loan to refinance debt on a 162-bed skilled nursing facility in Kentucky. CFG executed the original bridge loan, which allowed the borrower to acquire the facility’s real estate; the facility has since stabilized and is now exiting with permanent HUD financing. Further details on the property and borrower were not disclosed. Patrick McGovern originated the transaction for the CFG.
PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community …
AUSTIN, Texas; DOUGLASVILLE, Ga.; and MOBILE, Ala. — BWE has arranged $15.3 million in permanent loans to finance three affordable housing communities in Austin, Douglasville and Mobile. Jon Killough and Tony Love originated the loans using HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to …