MBK Senior Living announced that construction has officially begun on a comprehensive renovation of The Bellettini, a senior living community in the heart of downtown Bellevue, Washington. The transformation is expected to be completed in Summer 2026.

The transformation will enhance key shared spaces throughout the community, including the lobby, concierge and valet areas, and signature dining venues. “This renovation reflects a deep respect for what The Bellettini has always been, while thoughtfully enhancing how it feels to live here each day,” said Brian Prouty, Executive Director of The Bellettini.

“We’re creating an environment that feels both elevated and comfortable—where residents can continue to enjoy the connections, experiences, and sense of ease they value, now within beautifully refreshed surroundings.”

The Bellettini features 144 independent and assisted living apartments. MBK Senior Living is a provider of independent living, assisted living, and memory care communities across the Western United States.

BLDG Real Estate and The Fellowship Family closed on $100 million in financing for the 205-unit Fellowship Wildlight in Nassau County.

The Jacksonville Business Journal reports the financing team for the venture includes Peachtree Group, Florida Development Finance Corporation, Farmers & Merchants Bank, a Greystone fund and Promus Realty.  

Fellowship Wildlight will be located within Rayonier’s 24,000-acre Wildlight community and will have eight cottages, 24 memory care units, 48 assisted living units and 125 independent living units.

The project team for Fellowship Wildlight includes Elkins Construction as general contractor, Stewart & Conners as the architect.

This marks the third Fellowship senior living community in Northeast Florida. BLDG Real Estate and The Fellowship Family acquired and repositioned a 43-unit senior community, Fellowship Amelia Island, in April 2025. In August 2025, The Fellowship Family and BDG Real Estate acquired Fellowship Cove at Marsh Landing, a 101-unit community in Ponte Vedra Beach.

Up Campus Student Living has broken ground on Blume on Ivy, an off-campus student housing community near the University of Virginia. Located along the emerging Ivy Road Corridor near the new Data Science School, Karsh Center, and UVA Athletics complex, Blume on Ivy is set to open for the 2027-2028 academic year.

The project is led by Up Campus Student Living, with Fifth Third Bank and First Citizens Bank providing financing. “Blume on Ivy reflects our mission to create vibrant, high-quality student communities that blend modern convenience with the best aspects of student life,” said Stephen Bus, Managing Partner of Up Campus.

Positioned between UVA’s Central Grounds and North Grounds, Blume on Ivy offers students an easy access to classes, campus resources, dining, and Charlottesville’s entertainment scene. The community providing spacious, fully furnished one- to four-bedroom apartments. Beyond exceptional living spaces, Blume on Ivy will also have 20,000 square feet of resort-style amenities.

Belmont Village Senior Living has opened Belmont Village San Ramon, its fifth Bay Area development and 16th California community. Located at 1000 Walnut Dr., the 177-unit property was developed in partnership with Sunset Development and is located within the Bishop Ranch mixed-use neighborhood.

The development includes studio, one- and two-bedroom options for independent living, assisted living and memory care. It represents the second residential community to join Bishop Ranch and the only senior living community in the development.

“The opening of Belmont Village San Ramon is a testament to our mission to create vibrant, supportive communities where seniors not only receive best-in-class care but truly feel at home,” said Patricia Will, founder and CEO of Belmont Village Senior Living.

Added Alex Mehran, Jr., president and CEO of Sunset Development, “The influx of new residents, including those at Belmont Village, underscores how San Ramon is evolving into a premier destination not only for families but also for seniors seeking a luxury living experience that offers both tranquility and easy access to the greater Bay Area.”

Skender recently broke ground on Deerfield Supportive Living, a 105,000-square-foot project that will provide supportive senior housing at 1101 Lake Cook Road in Deerfield, Illinois.

Developed by Celadon Partners, the four-story building will feature 147 affordable senior living apartments. Skender is the general contractor, and the project team includes Assemble Design Workshop as an architect and SAS Architects & Planners as interior designers.

With an expected completion date of mid-2026, the project is pursuing Enterprise Green Communities Building certification, which was developed to align affordable housing investment strategies with environmentally friendly building practices.

“It’s essential that seniors have a comfortable, safe and affordable place to call home,” said Brian Skender, Senior Project Manager and Team Leader at Skender. “We are thrilled to be adding more supportive senior housing options for the Deerfield community.”

AEW Capital Management acquired the Wellington Bay senior living facility for $100.13 million. The town is just west of West Palm Beach.

Commercial Edge reports Area Management and ZOM Senior Living sold the 749,488-square-foot senior facility at 2590 Wellington Bay Drive to AEW Capital Management. The buyer assumed the seller’s $81.73 million mortgage with Capital One.

Built on the 36.1-acre site near the Wellington Mall in 2022, Wellington Bay features 224 independent living, assisted living and memory care units with a combined 424 beds. Amenities include a dining room, indoor and outdoor pools, a spa, a salon, a wellness center, a theater and social rooms. It’s operated by Liberty Senior Living.

The project broke ground in 2019 with an $89.03 million construction loan.

There’s been strong demand for senior housing in Palm Beach County amid the growth of the senior population, however, higher interest rates have put a damper on sales prices for most types of commercial real estate.

JLL has arranged $39.98 million in acquisition financing for a portfolio of three senior housing communities totaling 344 units in Eugene and Springfield, Oregon, on behalf of a local operator.

JLL worked on behalf of the borrower to secure the three-year, floating-rate regional bank financing. Proceeds were used to acquire the three properties. The JLL Seniors Housing Capital Markets team representing the borrower was led by Senior Director Alanna Ellis and Associate Alex Sheaffer. “This portfolio represents a tremendous addition to this operator’s portfolio,” said Ellis. “JLL was excited to work alongside our client  to achieve very favorable financing.”

The portfolio consists of Evergreen Senior Living, Timber Pointe and Woodside Senior Living, which together offer 43 independent living, 245 assisted living and 56 memory care units. All of the properties were built between 1996 and 2006 and the properties were fully renovated in 2021.

Greystone has arranged a $33.7 million debt placement to refinance a portfolio of seniors communities in the Pacific Northwest. The transaction was sourced by David Young, a Managing Director at Greystone on behalf of a regional owner of affordable-focused senior housing communities.

There were four properties total across two states. Each community has a specific Medicaid contract with the state serving assisted living and memory care residents. The financing was provided by a debt fund meeting the borrower’s expectations on proceeds.

“With recent Medicaid rate increases and capital expenditures completed on the communities, we were seeking to maximize proceeds for this debt request. We sourced a fitting lender after an extensive process working with banks, credit unions and unlevered, A/B tranched, and back-levered debt funds,” said Young.

Healthcare REIT Ventas announced Brookdale Senior Living has partially extended the current master lease between the two companies, with mutually beneficial agreements reached.

As part of the agreement, Ventas plans to convert 44 select large-scale senior housing communities to its Senior Housing Operating Portfolio (SHOP) platform, while providing a 38% cash rent increase on 65 communities, with a 10-year lease extension.

Additionally, a total of 11 communities are intended to be sold in 2025. The master lease with Brookdale was originally set to expire on Dec. 31, 2025. “These mutually beneficial agreements allow for more certainty and successful execution, benefit residents and their families and enable Ventas to expand our participation in the unprecedented opportunity in senior housing,” said J. Justin Hutchens, Ventas EVP.

Brookdale separately announced that the amended triple-net master lease arrangement is expected to increase its near- and long-term cash flows significantly. The Ventas lease amendment is expected to improve the senior living communities operator’s 2025 cash flows by more than $15M.

MonticelloAM, a specialized multifamily and seniors housing bridge lending platform, closed an $87,150,000 bridge loan for 39 residential assisted living communities in Fresno. The borrower was not disclosed.

Expanding its relationship with MonticelloAM, the borrower plans to use the bridge loan proceeds to refinance the existing debt on the properties with the intent to secure long-term financing. 

“MonticelloAM’s deep knowledge of structuring seniors housing loans, paired with our commitment to our client’s goals, were the key drivers in this operator’s decision to partner with us on another transaction,” said Joseph Borenstein, head of the MonticelloAM healthcare sales desk. “We look forward to providing our seniors housing clients tailored solutions, positioning them for future success.”