The 14-story Downtown Manhattan property contains 217 senior independent living units and has been operated by Brookdale for nearly 20 years.

Palmer Capital represented both VMG and Ellis Partners and secured $32.2 million of financing for the transaction from Umpqua Bank's commercial banking division.

Maxx Properties plans to undertake what it terms will be a comprehensive modernization program including improvements to the clubhouse, all common areas and full unit renovations.