Memory Care Facility Scores $48M Loan in Manhattan
- Dec 12, 2019
Coast to Coast Assisted Living Realty has landed a $47.5 million loan to refinance The 80th Street Residence, a 61-unit memory care facility in Manhattan’s Upper East Side. JLL Capital Markets worked on behalf of the borrower, placing the loan with Israel Discount Bank of New York. The deal was announced shortly after the $69 million refinancing of another Manhattan senior community.
The 80th Street Residence is the city’s only assisted living community specializing in enhanced memory care. The 70-bed facility is situated at 430 E. 80th St. in the Yorkville neighborhood, one block from the East River. The 38,100-square-foot property is 1 mile from Central Park and the Metropolitan Museum of Art, with easy access to numerous restaurants, shopping and entertainment venues.
Opened in 1999, the memory care community groups its residents into so-called neighborhoods supervised by care managers. Property amenities feature a penthouse terrace, garden and tearoom. Services include chef-prepared meals, medication supervision, dementia care special services and transportation for medical appointments.
JLL Senior Director Peter Rotchford and Analyst Dillon Donald, together with Directors Zach Rigby and Jason Skalko secured the refinancing.