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Welltower and Hines pay $61M for senior living development site

Welltower Inc. with joint venture partner, Hines, have closed on a $61 million purchase of an Upper West Side property and plan to build a 17-story senior living facility on the site.

The project will demolish the existing structure at 2330 Broadway at 85th Street, a two-story apartment building, to make way for the 140,000-s/f facility, according to a statement from the company.

“Our partnership in the urban seniors housing sector combines the highest quality of care with beautiful and functional design focused on dignity, wellness and community, and we are excited to bring this innovative model for seniors to the Upper West Side,” Sarah Hawkins, a senior managing director with Hines, said.

The Hines team was led by Hawkins and Bevin Littlehale while Welltower had an in-house team led by John Olympitis and Talal Khan work on the transaction as well.

Plans for design and development are in the works and will be carried out by SLCE Architects, which also designed Sunrise at East 56th in Midtown, Welltower’s first upscale senior housing facility in the city.

“The Upper West Side of Manhattan is a uniquely distinct neighborhood with a large population of affluent seniors yet zero supply of modern, purpose built residential care communities,” Welltower CEO Tom DeRosa said. “This location is in the top percentile of the demand curve for our target households and The Welltower West will offer a seamless extension of this unique neighborhood for our residents.”

Interest in senior living facilities has gathered steam as of late, with real estate investment trust, Ventas, purchasing a Battery Park location for $194 million in August.

Earlier this month, a Ventas subsidiary secured a $73.8 million bridge loan for the property through Capital One Bank, according to city records.

A representative for Ventas did not immediately return request for comment.

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