Senior Living Dealbook: Atria Expands In Long Island; Massdevelopment Issues $29m Bond For Affordable Housing

Transactions

Atria expands in Long Island

Atra Senior Living acquired and assumed management of two senior living communities in Long Island in partnership with Fundamental Advisors.

The communities, formerly operating as Village Green Senior Living in Levittown and Village Walk Senior Living in Patchogue, have been rebranded as Atria Levittown and Atria Patchogue, according to a press release.

Following the new additions, Atria now operates 18 communities across New York City and Long Island.

Berkadia announces six-community portfolio sale

Berkadia announced its involvement in a six-community portfolio sale in the Kansas City metropolitan area.

The assisted living and memory care portfolio totals 413 units across the Kansas City MSA, including Kansas City, Blue Springs and Raymore, Missouri and Olathe and Lenexa, Kansas, a press release states.

The communities were built between 2015 and 2019, and had an occupancy rate of 90% at the time of closing, the release states.

JLL sells Las Vegas community

JLL Capital Markets announced it arranged the sale of San Martin Senior Living, a 174-unit senior housing community in Las Vegas, Nevada.

JLL represented the seller in the transaction to a joint venture between Stellar Senior Living and a commingled fund managed by Clarion Partners, according to a press release.

Following the acquisition, the community is being renamed to The Grand at Southern Hills. Stellar Senior Living is taking on management responsibilities.

Financings

MassDevelopment issues $29M bond for affordable housing

MassDevelopment has issued a $29 million bond on behalf of 2Life Solimine 4% LLC, an affiliate of 2Life Communities Inc. to develop affordable senior housing in Lynn, Massachusetts.

The bond is being used to support construction of 105 of the project’s 150 total housing units, and the bond was purchased by Citizens Bank, helping the borrower achieve a lower cost of capital, according to a press release.

Alongside the bond, MassDevelopment “assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $20.2 million in equity for the project,” the release states.

Berkadia secures $111.5M in 30 days

Berkadia announced two of its staff, Managing Director Jay Healy and Director Andrew Lanzaro closed on $111.5 million over the span of 30 days.

The loans encompass 11 properties in three states and “included three bridge loans totaling $69.6 million from Berkadia’s proprietary balance sheet and a $41.9 million HUD 232/223(f) refinance,” a press release states.

The total was completed across four loans for four separate sponsor groups, the release states.

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