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Affordable HousingCaliforniaDevelopmentNews

Meta Housing Completes Arboleda Senior Apartments in La Puente, California

by Jeff Shaw

LA PUENTE, Calif. — Meta Housing Corp., Western Community Housing Inc. and the City of La Puente have opened Arboleda Senior Apartments, an affordable, 74-unit multifamily community for adults age 62 years and older. The property features one- and two-bedroom units with rents ranging from 40 percent to 70 percent below market rate. Meta Housing partnered with Bank of America, California Community Reinvestment Corp., Los Angeles County Development Authority and the California Tax Credit Allocation Committee to finance the project.

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FinanceM&T Realty Capital CorporationNewsWashington

M&T Realty Capital Provides $20M in Financing for Seniors Housing Property in Washington State

by Jeff Shaw

SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty …

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FinanceNewsTexas

Ziegler Arranges $116.1M Financing for Methodist Retirement Communities

by Jeff Shaw

THE WOODLANDS, Texas — Ziegler has arranged $116.1 million in bond financing for Methodist Retirement Communities (MRC), a nonprofit owner-operator based in the Houston suburb of The Woodlands. The borrower owns 13 seniors housing communities throughout Texas. The transaction brings The Crossings and Crestview under the same financing structure as four other MRC communities, while refinancing that debt. The bonds are privately placed with Truist Bank and Hancock Whitney Bank.

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Active AdultDevelopmentGeorgiaNews

Greystar Opens Overture Powers Ferry Active Adult Community in Atlanta

by Jeff Shaw

ATLANTA — Greystar has opened Overture Powers Ferry, an active adult community in Atlanta. The property is located near The Battery, a popular development surrounding the new Atlanta Braves baseball stadium. The number of units was not disclosed. “Overture Powers Ferry provides the perfect location for someone seeking to become a member of an active community located in the heart of Cumberland near shopping, dining and entertainment with easy access to the main freeways,” says Malcolm Bemba-Kaye, regional property manager said. Floorplans come in one- and two-bedroom options.

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Affordable HousingDevelopmentNew YorkNews

RKTB Architects Opens Phoenix Estates II Affordable Community in the Bronx

by Jeff Shaw

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 …

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CaliforniaNewsOperationsUtah

ISL to Manage Five Communities in Utah, Southern California

by Jeff Shaw

CARLSBAD, Calif. — Integral Senior Living, an operator based in Carlsbad, has been selected to manage five senior living communities in Utah and Southern California. The properties include: Escalante at Draper in Draper, Utah, owned by MedCore Partners. Meadow Gardens of Menlo Park in Menlo Park, Calif., owned by Griffin-American Healthcare REIT III. Vista Terrace of Belmont in Belmont, Calif., owned by Griffin-American Healthcare REIT III. The Palms at La Quinta Assisted Living and Memory Care in La Quinta, Calif., owned by Columbia Pacific Advisors. The Palms at Bonaventure Assisted …

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News

Engel Burman Founder Sydney Engel Passes Away at 98

by Jeff Shaw

JERICHO, N.Y. — Sydney Engel, founder of Jericho-based seniors housing developer Engel Burman, has died at the age of 98. Born in Brooklyn in 1923, Engel cared for his ailing father, during which time he started an insulation company, eventually expanding to include roofing, siding and oil burner conversions. Together with his first non-family business partner, Sol Henkind, Engel would further expand his business over the next 50 years, building nursing homes, office buildings and thousands of rental units throughout the New York-New Jersey metro area. In 1997, at the …

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AcquisitionsCCRCNew HampshireNews

Covenant Living Acquires Hillside Village CCRC in Keene, New Hampshire

by Jeff Shaw

KEENE, N.H. — Covenant Living Communities and Services has agreed to acquire Hillside Village Keene, a continuing care retirement community (CCRC) in Keene, just north of the Massachusetts border. Covenant is purchasing the community out of bankruptcy in a deal scheduled to close in early 2022. The price was not disclosed. Hillside Village opened in 2019 with 141 independent living units, 43 assisted living units, 18 assisted living/memory care units and 20 nursing care suites. Its ability to achieve a healthy occupancy was severely interrupted by a suspension of sales …

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Active AdultDevelopmentNewsVirginia

Resort Lifestyle Communities Opens $30M Tuckahoe Pines in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Resort Lifestyle Communities (RLC) has opened Tuckahoe Pines Retirement Community, a seniors housing property in Richmond. Development costs were estimated at $30 million for the 180,000-square-foot community. Floor plans include studio, one-, two- and three-bedroom options. The type of care was not disclosed. This is the first RLC location in Virginia.

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CaliforniaDevelopmentMemory CareNews

Avenir Opens 88-Unit Memory Care Community in Los Angeles

by Jeff Shaw

LOS ANGELES — Avenir Senior Living has opened Avenir Memory Care Westside, a memory care community in Los Angeles’ Westchester neighborhood. The community features 88 units using a specialized program that aligns residents who have similar cognitive abilities. “We call this the cognitive lifestyle,” says Jason Gurash, vice president of sales and marketing for Avenir Senior Living. “Taking it a step further, every neighborhood is intentionally designed to look exactly the same. That way, everything is familiar. Residents feel comfortable and at home even if they need to move to …

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