Harrison Street, Engel Burman to Develop Two Communities in New York

by Jeff Shaw

HOLTSVILLE and LAKE SUCCESS, N.Y. — Harrison Street Real Estate Capital LLC, a private equity firm based in Chicago, is partnering with developer and operator Engel Burman to develop two new seniors housing communities on New York’s Long Island.

The two new properties are The Bristal at Holtsville, a 146-unit assisted living and memory care community in Holstville, and The Bristal at Lake Success, an 88-unit memory care community in Lake Success. The latter community is less than a mile away from another Engel Burman property, Bristal at North Hill, which currently is 100 percent occupied for memory care.

Harrison Street also completed a $187 million recapitalization of three other communities in Engel Burman Group’s portfolio.

The recapitalization is comprised three properties located in Sayville and Armonk, N.Y., and Woodcliff Lake, N.J. Engel Burman built the properties, featuring 72 percent assisted living units and 28 percent memory care, in 2013 and 2014.

You may also like