August 2022
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Senior/Assisted Living Benchmark Senior Living Expands Footprint Alexandria, VA – Benchmark Senior Living announced it is bringing its senior care and experiences to Virginia and the greater Washington, D.C. area for the first time with a new assisted living and Mind & Memory Care community in Alexandria. “This project is really exciting because not only is Benchmark expanding into a new market, but this community will be an integral part of a lively mixed-use development,” said Tom Grape, founder, chairman and CEO of Benchmark Senior Living. “Older adults will have the amenities of an urban campus, coupled with a unique, luxury-living experience.” The development will be located in the center of Alexandria’s “West Alex,” which includes places for residents to walk, shop, and dine. Over 100,000sf of retail space features a Harris Teeter grocery store and Silver Diner. The 10-story building will have 89 modern assisted living and 26 memory care apartments in various floor plans as well as spacious common areas with hospitality-rich amenities. A club room, casual bistro, wine tasting suite, penthouse level cafe and rooftop
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deck will feature social gatherings, educational events and other programs designed around residents’ interests. A wellness center will be home to on-site
healthcare services, such as physician visits. The community will also feature chef-prepared, gourmet meals served in multiple dining venues, housekeeping
and linen services, and scheduled transportation to appointments. Benchmark at Alexandria is scheduled to open in 2024.
Stony Brook Court Receives Financing Sharon, MA – MassHousing has closed on 16.4 million in affordable housing financing to South Norfolk Elderly Housing Services, Inc. for the preservation and improvement of the 99-unit Stony Brook Court in Sharon. As part of the transaction, affordability protections for senior citizens living at the property will be extended for at least 39 years. South Norfolk Elderly Housing Services has executed a new 20-year federal Section 8 Housing Assistance Payment contract for 98 one- bedroom apartments at the 2-story Stony Brook, which will include the 19 years remaining on the previous contract, for an overall extension of affordability of 39 years. There is an additional unit on the property for management staff. Additionally, South Norfolk Elderly Housing Services will undertake approximately 3.4 million in property improvements, including repair and repainting of siding, replacement of windows and air-conditioning units, fire alarm and sprinkler system upgrades, the installation of a new emergency generator, and carpet replacement in apartments and common areas. Twenty apartments will be renovated, and five apartments will receive accessibility upgrades.
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Stony Brook Court refinanced through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae oint Venture Initiative with lender partner Rockport Mortgage Corporation. “We’re very pleased to work with South Norfolk
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Elderly Housing Services, Peabody Properties, and MassHousing in refinancing and extending the affordability of Stony Brook Court,” noted Dan Lyons, president of Rockport Mortgage. “The location of property, close to both the Sharon Com-
munity Center and the Sharon Council on Aging, as well as other local amenities, is a real benefit for the senior citizens who call Stony Brook Court home.” The property is managed by Peabody Properties.
