The Real Deal New York

UES assisted living facility trades for $26.4M

By Katherine Clarke | March 27, 2012 01:00PM

The 80th Street Residence, New York City’s only dedicated assisted living facility specializing in memory care, has been acquired by an LLC named Coast to Coast Assisted Living Realty for $26.4 million, according to public records filed with the city today. The seller of the 38,100-square-foot, 61-unit facility, at 430 East 80th Street between First and York avenues, was Healthcare REIT, a national real estate investment trust with a $14 billion portfolio of health care real estate, including senior living communities, medical office buildings, inpatient and outpatient medical centers and life science facilities, according to its website.

As previously reported, the buyer secured $25.9 million in acquisition financing for the purchase of the building later last year. The loan, arranged by CBRE Group, provides a 35-year, fully-amortizing loan at 80 percent loan-to-value; it also includes $1.2 million for capital upgrades and life-safety improvements for the facility.

Healthcare REIT declined to comment and a spokespersons for the buyer was not immediately available for comment.