Senior Housing

New York City-based Fundamental Advisors has reportedly sold its 75% stake in the 53-story property at 55 E. Pearson St. to LCS of Des Moines, IA and Senior Care Development of Harrison, NY.

"Seniors used to move into senior housing in their 70's and now they aren't moving until into their 80's. So developers need to be astute to that."

The annual 9% federal Low-Income Housing Tax Credits are expected to generate $214.7 million in private investment to create 17 projects totaling nearly $325 million in total development investment.

PGIM Real Estate sells an 11-property portfolio managed by Brightview Senior Living. The assets are spread out in the Northeast and Mid-Atlantic.

The 1,322-unit portfolio consists of all stabilized properties and has maintained an average occupancy of 92% through the past three years.

Street will lead the firm's new due diligence advisory services practice.

The company, which specializes in the 55-plus active adult lifestyle communicates, plans to focus on the Carolinas, Georgia and Florida.

The developer secured $51.7 million of construction and permanent financing for Solstice of Mesa.