ATLANTA — Columbia Residential has secured financing for a $28.4 million renovation and preservation project at Columbia Senior at MLK Village, an affordable seniors housing community located in Atlanta. Originally developed in 2007 in partnership with Ebenezer Building Foundation, Columbia Senior at MLK Village features 121 units for residents age 62 and older. The preservation project will rehabilitate the community and upgrade amenities at the property. Atlanta Housing has committed 121 HomeFlex vouchers for 20 years to the community. Funding for the renovation includes tax-exempt bond financing issued by Invest Atlanta, …
Walker & Dunlop Arranges $40M Financing for New Affordable Seniors Housing Development in Metro D.C.
HYATTSVILLE, Md. — Walker & Dunlop has arranged $40.5 million in debt and equity for a new affordable seniors housing development in Hyattsville, roughly seven miles east of downtown Washington, D.C. Community Housing Initiative, which is developing the project in partnership with First Baptist Church of Highland Park, is the borrower. Upon completion, The Highlands will total 137 units for residents age 62 and older. Five of the residences will be reserved for seniors earning at or below 50 percent of the area median income (AMI), with the remaining 132 apartments …
DAVENPORT, Iowa — Woda Cooper Cos. Inc. and nonprofit Parallel Housing Inc. have broken ground on a new 52-unit affordable housing development located in Davenport. Units at the community, dubbed Timber Ridge, will be reserved for seniors age 62 and older earning at or below 40 and 60 percent of the area median income. Monthly rental rates for the one- and two-bedroom apartments are expected to range from $565 to $975. Financing for the project includes a HOME loan from the City of Davenport and the allocation of nine percent housing …
McDowell Housing Partners Begins Development of $64.7M Affordable Seniors Housing Project in Florida
PEMBROKE PARK, Fla. — McDowell Housing Partners has begun construction of Ekos at Pembroke Park, a new affordable seniors housing development located in Pembroke Park. Upon completion, the $64.7 million project will total 150 units reserved for seniors earning up to 80 percent of the area median income. This marks the 16th affordable housing project in the state of Florida for McDowell. Amenities at the community will include a clubroom, fitness center, package lockers, bike storage and six electric vehicle charging stations. Nonprofit organization Area Agency on Aging of Broward County …
OPA-LOCKA, Fla. — Construction and development firm ANF has completed the construction of Wellspring Apartments, a new affordable seniors housing community located in Opa-locka, roughly 15 miles northwest of Miami. The Integral Group was the developer. Totaling 99 units, Wellspring Apartments features studio, one- and two-bedroom apartments. Residences are reserved for seniors earning at or below 60 and 50 percent of the area median income (AMI), with 67 units reserved for residents earning at or below 50 percent of the AMI and 32 units reserved for residents earning at or below …
HILO, Hawaii — EAH Housing has opened Hale Nā Koa ‘O Hanakahi, a newly developed affordable seniors housing development in Hilo. Residences are reserved for seniors age 62 and older earning at or below 80 percent of the area median income, with preference given to veterans and surviving spouses. This marks the first affordable senior living development for veterans in Hawaii. EAH Housing developed the $58 million project in partnership with Hawaii Island Veterans Memorial Inc. The property totals 91 one-bedroom apartments across three two-story buildings, with an additional unit for …
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How Clinical Key Performance Indicators Can Improve Financial Performance in Seniors Housing
Despite hopes that the rising tide in occupancy rates would lift all boats for the seniors housing industry, many operators with full properties still wrestle with revenue volatility that hinders financial performance. This phenomenon can be especially perplexing for investors who cut their teeth on other commercial property types where fully leased properties typically deliver healthy returns. Intent on their property’s real estate fundamentals, they risk overlooking the impact of clinical care on the bottom line. “Revenue volatility tends to be opaque for a lot of operators because it’s in the clinical world that turbulence happens with the residents, and …
DANBURY and NORWALK, Conn. — CBRE has brokered the $39.8 million sale of a two-property affordable seniors housing portfolio located in Connecticut. CBRE represented the seller, First Atlantic LLC, in the transaction and procured the buyer. An affiliate of Heritage Housing Inc. acquired the properties, which total 169 units and include Kimberly Place in Danbury and One Leonard in Norwalk. Both properties are reserved for residents ages 62 and older. Kimberly Place and One Leonard feature 116 and 53 one-bedroom apartments, respectively.
SAN DIEGO — R.D. Olson, an Irvine, California-based general contractor, has completed the construction of Kettner Crossing, a $30 million affordable housing community situated in San Diego’s Little Italy neighborhood. Bridge Housing Corp. was the developer. Totaling 64 units, the residences are reserved for seniors age 62 and older earning no more than 30 to 60 percent of area median income. The building also features 2,200 square feet of commercial office space available for lease. Amenities at the community include a rooftop overlooking North San Diego Bay, an open-air turf …
PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with …
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