PITTSBURGH — New Jersey-based Tryko Partners has announced plans for Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.
LITITZ, Pa. — HJ Sims has arranged $25 million in financing for Landis Place on King (LPK) and $53 million for Landis Homes Retirement Community (LHRC), which operates a continuing care retirement community in Lititz, approximately midway between Philadelphia and Harrisburg. Landis Communities operates a home and community services subsidiary, Landis HCBS, and a middle-market housing subsidiary, Landis Quality Living. As of 2021, LHRC serves 850 residents on its campus with residential living (cottages, apartments, hybrid homes and suites), personal care, skilled nursing and memory support services. The first loan …
GLEN MILLS, Pa. — Erickson Senior Living has completed Evergreen Pointe, an expansion at Maris Grove, a continuing care retirement community in Glen Mills. Located approximately 25 miles west of Philadelphia, the project adds a 76,000-square-foot assisted living addition to the property. The expansion is part of a multi-year plan to grow and renovate the CCRC. Evergreen Pointe is located adjacent to the existing continuing care building, Rose Court, which is being renovated to include an expanded memory care neighborhood and redesigned lobby and bistro. The new neighborhood features 84 …
BRYN MAWR, Pa. — Lument Securities has advised the board of directors of Bryn Mawr Terrace, a continuing care retirement community (CCRC) in Bryn Mawr, on its sale to a private operator. Located roughly 10 miles from downtown Philadelphia and operated by Main Line Senior Care Alliance, Bryn Mawr Terrace is an independent, nonprofit organization providing skilled nursing, memory care and personal care services. As a standalone senior care provider without a Medicaid license, the board of directors at Bryn Mawr sought a strategic and confidential sale. The transaction closed …
PHILADELPHIA — Spiezle Architectural Group has completed design work for the second phase of renovations at Cathedral Village, a senior living community in Philadelphia. The first phase began in 2014, and is scheduled for completion in 2022. The latest phase includes renovating all facades, walkways and outdoor amenity spaces to encourage outdoor living and leisure activities. “We have partnered with Presbyterian Senior Living to enhance the property with a more philosophical approach, engaging residents in campus planning sessions and throughout all design phases,” says Steven Leone, principal with the firm. …
SCRANTON, Pa. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lackawanna Health and Rehabilitation Center, a 272-bed skilled nursing facility in Scranton. The property was built in 1974 with an expansion in 1997. The three-story building sits on 7.3 acres. The seller had a tenant that desired to exit operations in the state. The buyer was a Pennsylvania-based skilled nursing owner. The price was not disclosed. Bradley Clousing and Toby Siefert handled the transaction for SLIB.
ERIE and MECHANICSBURG, Pa. — HJ Sims hass arranged $47.6 million in financing for Asbury Communities Inc. The loans support two life plan communities — Bethany Village Retirement Center in Mechanicsburg and Springhill in Erie. Bethany includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill has 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 …
BENSALEM, Pa. — Pennrose has opened Bensalem Veterans Residences, a affordable residential community for seniors and senior veterans age 62 years and older. Partners on the project included Pennsylvania Housing Finance Agency, Bucks County, the Bucks County Housing Authority and Bensalem Township The 39,673-square-foot apartment community offers 40 one-bedroom units in a three-story building in the Philadelphia suburb of Bensalem. The project was financed with Low Income Housing Tax Credits awarded by the Pennsylvania Housing Finance Agency. Hudson Housing Capital was the syndicator of these credits and Santander Bank is the …
ERIE, Pa. — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Mary’s East, a continuing care retirement community in Erie. The original building was constructed in 1929 and the campus underwent several additions and renovations with the last project completed in 2010. It features 139 skilled nursing beds and 29 units / 58 beds of residential and personal care. The seller was a local nonprofit looking to focus on its other campus, which is a true entry fee CCRC model. The buyer and price were not disclosed.
ROCHESTER, Pa. — Evans Senior Investments (ESI) has arranged the sale of Rochester Manor + Villa, a 122-bed skilled nursing and 62-unit personal care community in Rochester, approximately 25 miles northwest of Pittsburgh. An independent owner-operator seeking to exit the industry sold the property an East Coast-based owner-operator looking to expand for $9.2 million, or $64,000 per functional bed/unit. Built in 1965 with a $2.5 million renovation from 2015 to 2019, the community features all private or semi-private rooms. Occupancy averaged 69 percent at the time of sale, with an …
