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Affordable HousingDevelopmentNew YorkNews

Catholic Charities Opens 135-Unit Pope Francis Apartments of Loreto in Brooklyn

by Jeff Shaw

NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, an affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009. It features 135 apartments in an 83,000-square-foot building. The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I …

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DevelopmentNewsTennessee

Ryan Cos. Starts Construction of 172-Unit Clarendale West End in Nashville

by Jeff Shaw

NASHVILLE, Tenn. — Ryan Cos. US Inc., on behalf of LCS and Harrison Street, has started construction of Clarendale West End in Nashville. The upscale community will feature 172 units of independent living, assisted living and memory care in a 261,000-square-foot, five-story building. According to Moore Diversified Services Inc., Nashville’s 75-plus population is expected to grow 4.4 percent annually, outpacing the city’s annual total population growth of 1.2 percent. “This community will offer premier senior living conveniently located close to some of the best entertainment, shopping and hospitals in the …

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CaliforniaFinanceNews

Capital Funding Group Provides $40M Refinancing for Varenita of Simi Valley in California

by Jeff Shaw

SIMI VALLEY, Calif. — Capital Funding Group (CFG) has provided a $40 million refinancing for Varenita of Simi Valley, an 81-bed seniors housing community in Simi Valley. The funds refinance the construction loan. The borrower is Griffin Living, which opened the community in February. This financing serves as the second transaction CFG has executed for Griffin Living’s California facility portfolio. In June 2022, CFG closed a $32.9 million construction loan for Griffin; the financing supported the ground-up development of Varenita of Temecula, a 108-bed assisted living and memory care facility …

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FinanceMemory CareNewsTennessee

VIUM Funds $14.2M Bridge Loan for Memory Care Expansion in Tennessee

by Jeff Shaw

TENNESSEE — VIUM Capital has provided a $14.2 million bridge-to-HUD loan for a 79-unit assisted living community in Tennessee. The financing provided $12.8 million for the acquisition of the property, as well as $1.3 million for an expansion that will add eight memory care units. The borrower has operated the facility since its recent construction. Further details were not disclosed.

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Assisted LivingDevelopmentNew YorkNews

Sunrise Plans 156-Unit The Apsley on Manhattan’s Upper West Side

by Jeff Shaw

NEW YORK CITY — Sunrise Senior Living, with partners Hines and Welltower (NYSE: WELL), has announced plans for its second luxury senior lifestyle community in New York City: The Apsley. Located on the Upper West Side on Broadway between 84th and 85th streets, the community will feature 76 assisted living and 80 memory care units. “We have always known there is a strong demand for high-quality, elevated senior living in Manhattan,” says Denise Falco, senior vice president of operations at Sunrise Senior Living. “With the success of our sister property, …

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Active AdultFinanceNew YorkNews

Northmarq Provides $22M Fannie Mae Refinancing for Springvale Apartments in Croton-on-Hudson, New York

by Jeff Shaw

CROTON-ON-HUDSON, N.Y. — Northmarq has provided a $22 million refinancing for Springvale Apartments, an active adult community in Croton-on-Hudson, approximately 30 miles north of Manhattan. The 31-building, 524-unit property was built between 1956 and 1959. Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, arranged the permanent-fixed Fannie Mae loan. The transaction was structured with 10-year term on a 30-year amortization schedule. The garden apartment complex for active adults 55 years and older is located in a 35-acre park-like setting overlooking the Hudson River.

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FinanceNewsPennsylvania

VIUM Funds $14.3M Bridge Loan for 144-Unit Community in Pennsylvania

by Jeff Shaw

PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for a 144-unit independent living, assisted living and memory care community in Pennsylvania. The transaction refinances the recapitalizes the asset for a future repositioning to change the unit mix. Further details were not disclosed.

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CCRCNewsPeopleTexas

Buckner Names David Ummel as New Executive Director at Buckner Westminster Place in Longview, Texas

by Jeff Shaw

LONGVIEW, Texas — Buckner Retirement Services has named David Ummel as the new executive director at Buckner Westminster Place in the East Texas city of Longview. Ummel most recently served as executive director for Calder Woods in Beaumont, which Buckner Retirement Services also operates. A 14-year veteran of Buckner, Ummel worked for Buckner Children and Family Services (BCFS) and Buckner church/ministry engagement prior to his move to Buckner Retirement Services. As a Buckner church engagement officer, he oversaw Faith Fosters Texas, a statewide initiative engaging the faith-based community with the …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

by Jeff Shaw

SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior …

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Active AdultDevelopmentFloridaNews

FK Architecture Designs Three Active Adult Developments in Western Florida

by Jeff Shaw

VENICE, SOUTH NAPLES and WESLEY CHAPEL, Fla. — FK Architecture, a Fugleberg Koch Company, has completed design work on three resort-style active adult communities along Florida’s West Coast. The three sites designed by FK Architecture are Solea Wellen Park in Venice, Amberlin Wiregrass Ranch in Wesley Chapel and Amberlin South Naples in Collier County. Sparrow Partners is the developer. All three communities are four stories tall. Solea Wellen Park and Amberlin Wiregrass Ranch each offer 204 units in a mix of one- and two-bedroom units. Amberlin South Naples features 188 …

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