CHICAGO — The NHP Foundation, in partnership with Low Income Investment Fund, has acquired Edwin C. Berry Manor Apartments, an affordable seniors housing community in Chicago. NHP plans to preserve and maintain the 57-unit property, which was built in 1991. The property is in the Woodlawn neighborhood, which features many new developments including the future Barack Obama Presidential Library. “According to a recent report by the Joint Center for Housing Studies of Harvard University, 37 percent of Chicago households age 65 to 79 — or about 220,000 — are cost-burdened, …
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HALLOWELL, Maine — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, an entry-fee continuing care retirement community (CCRC) located in the Central Maine city of Hallowell. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000, with assisted living added in 2006. There is also room for further expansion on the 43-acre site. The buyer assumed …
TYSONS, Va. — Mather has completed land acquisition for its previously announced The Mather continuing care retirement community (CCRC) in Tysons, approximately 13 miles west of Washington, D.C. The developer plans to start sitework in 2020 with the first phase of construction scheduled to open in 2023. Entitlements were approved in June. Although the planned number of units has not been disclosed, Mather says entrance fees will start at $660,000 for apartments ranging from 850 to more than 3,000 square feet. Nearly half of Phase I has been pre-sold, according …
ATLANTA — Woda Cooper Companies Inc. and Parallel Housing Inc. have opened Adair Court, a mixed-income seniors housing property in the Adair Park neighborhood of Atlanta. The 91-unit project is located in the heart of the city, near a major park, a MARTA train stop and the celebrated rails-to-trails system, the Atlanta BeltLine. Development costs were estimated at $15 million. Adair Court consists of two buildings with one- and two-bedroom units for seniors age 55 years and older. Nineteen of the units are reserved for residents earning up to 50 …
FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, one of the nation’s largest nonprofit senior living organizations, has acquired an 80,000 SF office building in Fort Washington for an undisclosed price. Acts will move its headquarters to the building and will be the sole occupant. Acts will move its operations from West Point, just a few miles away. Both municipalities are northern suburbs of Philadelphia. Acts has operated out of its current headquarters since 1989. The office complex was built in 2006 and will serve Acts’ primary base of operations for …
COVINGTON, Ga. — Greystone has provided $15.8 million in Freddie Mac financing for the construction of Legends of Covington, a 198-unit affordable seniors housing community in the Atlanta suburb of Covington. PJ McDevitt of Greystone originated the transaction on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country. The Freddie Mac Tax Exempt Loan is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year …
MUNCIE, Ind. — Strawberry Fields REIT has acquired The Waters of Muncie, a skilled nursing facility located in Muncie, approximately 50 miles northeast of Indianapolis. The buyer paid $3.2 million in an all-cash deal. The Waters of Muncie is a 72-bed facility that is located at 2400 Chateau Drive in Muncie, Indiana. Services offered include comprehensive medical, memory care and rehabilitative therapy services. The facility serves both short- and long-term residents. “The Waters of Muncie is a well-located facility in suburban Indianapolis that offers exceptional care and rehabilitation services,” says …
Spellman Brady Completes Interior Renovations to Touchmark at Coffee Creek in Edmond, Oklahoma
by Jeff Shaw
EDMOND, Okla. — Spellman Brady & Co. has completed the extensive interior renovation of The Touchmark at Coffee Creek Retirement Community in Edmond, a northern suburb of Oklahoma City. The property part of a master-planned community. Originally built over 15 years ago, Touchmark sought to rejuvenate the common areas, as well as transform the basement into a health and fitness club. The renovation included the independent living and assisted living common areas, administration offices, main lobby and reception area. It also added two new dining spaces. The Grand Hall was …
Pennrose to Convert Historic School in Boston into Affordable, LGBTQ-Friendly Seniors Housing
by Jeff Shaw
BOSTON — Pennrose Development and LGBTQ Senior Housing Inc. have unveiled plans to convert the historic William Barton Rogers Middle School in Boston’s Hyde Park neighborhood into an LGBTQ-supported affordable seniors housing community. The $33 million project will transform the existing structure into 74 units of income-restricted rental units. Tenants must be at least age 62, and the community will be “specifically welcoming to seniors who identify as LGBTQ,” according to the developers. “As Boston’s residents continue to age, the need for safe, affordable housing that is welcoming to all …
NEW YORK CITY — Monticello Asset Management LLC has provided $40 million in first lien debt financing for an assisted living facility in the Bronx. The property features a total of 256 beds. The borrower and name of the facility were not disclosed. The loan will refinance existing debt. The borrower recently completed an extensive renovation of the facility including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized …