IDB Bank Provides $48M Refi for UES Assisted Living Facility
The owners of The 80th Street Residence assisted living facility on the Upper East Side have nabbed a $47.5 million refinance from IDB Bank, Commercial Observer has learned.
JLL’s Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald negotiated the debt on behalf of owners Wayne Kaplan and Larry Morehead.
The 61-unit, 38,100-square-foot property — at 430 East 80th Street between York and First Avenues — is dedicated to enhanced memory care and includes 70 beds. It is the only assisted living facility in New York City specializing in memory loss, dementia and Alzheimers.
Resident amenities include a penthouse terrace, a garden, a private dining room and a tea room with a fireplace.
“By 2020, nearly 14 million Americans are projected to be living with Alzheimer’s, and the 80th Street Residences is the only New York City based assisted living facility specializing in enhanced memory care,” Rotchford said in prepared remarks. “The facility is situated in an exceptionally supply-constrained, high-barrier-to-entry market in America’s most densely populated city. It offers tremendous in-place rents with strong historical occupancy.”
The property was acquired from Healthcare REIT in 2012 for $26.4 million, as reported by The Real Deal.
Officials at Israel Discount Bank could not immediately be reached for comment.