CHICAGO — Cambridge Realty Capital has provided $49.7 million in HUD-insured first mortgage financing for a portfolio of five affordable seniors housing communities located in Arizona and Pennsylvania. Totaling 150 units, the Arizona property is located in Tucson. The Pennsylvania properties together comprise 321 units and are located in Danville, Clarks Summit and Hanover Township. According to Zach Scardina of Chicago-based Cambridge Realty Capital, the loans feature a fixed-rate, 35-year fully amortizing term. Funds from the loans will be used to retire existing debt, recapture equity and implement modernizations at the …
NEW YORK CITY — Merchants Capital has secured $26.3 million in financing for Three Arts Club, a historic 62-unit property in New York City being rehabilitated as affordable seniors housing. The West Side Federation for Senior and Supportive Housing (WSFSSH) is the borrower. The financing includes an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. Upon completion of the conversion, Three Arts Club will provide permanent and supportive housing for residents age 62 and older earning at or below 50 percent of …
RIVERVIEW, Fla. — A partnership between Smith & Henzy Affordable Group, Mt. Zion AME Church of Riverview, Adonai’s Second Chances, The Tampa Housing Authority and Hillsborough County has completed the development of a new affordable seniors housing community located in Riverview, a city situated on Tampa Bay. FK Architecture designed the community, which totals 75 units reserved for residents earning at or below 30 to 70 percent of the area median income. Amenities at the property, dubbed Zion Village, include a clubroom, gathering areas, an outdoor pavilion, fitness center, library, movie …
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Webinar: Senior Living Margins — How to Maintain Rate & Keep the Resident Experience Elevated
The March 11 webinar “Senior Living Margins: How to Maintain Rate & Keep the Resident Experience Elevated” sponsored by JD Solutions Group, explored how senior living operators are navigating a paradoxical environment: strong occupancy driven by favorable demographics alongside sustained margin compression from rising labor, insurance and operating costs. Panelists emphasized that high occupancy alone no longer guarantees financial success, as today’s operating landscape is defined by complexity. Evolving consumer expectations, ongoing staffing challenges, increased regulatory pressures and a rapidly changing digital marketing ecosystem are reshaping the seniors housing outlook. A …
ESCONDIDO, Calif. — Eagle Partners has acquired an affordable seniors housing portfolio located in Escondido for $162.5 million. Red Stone Equity Partners, a real estate investment firm specializing in affordable housing, is a strategic partner of Eagle and acted as an equity investor in the transaction. The portfolio includes two adjacent communities, The Hendrix Apartments and The Hadley Apartments. Totaling 551 units, the properties feature one- and two-bedroom residences reserved for seniors age 55 and older. Eagle Partners plans to implement a long-term affordable preservation strategy and implement capital improvements at …
DECATUR, Ga. — Columbia Residential and Decatur Housing have opened The Link at Columbia Senior Residences, a new affordable seniors housing development in East Decatur, a suburb of Atlanta. This marks the completion of the second phase of the development. Totaling 80 units, the property is reserved for residents age 62 and older. The community will serve individuals earning at or below 60 percent of the area median income (AMI), with 24 units reserved for residents earning at or below 50 percent of the AMI and 17 units reserved for residents …
UNION CITY, Ga. — McShane Construction Co. has completed work on Crossing Pointe, a new affordable seniors housing community located in Union City, roughly 20 miles southwest of downtown Atlanta. McShane served as the general contractor on behalf of the developer, National Church Residences. Residences at the four-story property will be reserved for senior households earning at or below 50 to 60 percent of the area median income. Financing for the project included a $1 million loan from the GoATL Fund through the Community Foundation for Greater Atlanta. The Georgia Department …
HOLLAND, Ohio — Evergreen Real Estate Group has broken ground on a new affordable seniors housing development in Holland in northwest Ohio. Upon completion, Green Oaks of Holland will comprise 120 units within a four-story building. Residences will include 667 studio and 53 one-bedroom apartments. Gardant Management Solutions will operate the property, which will be licensed as a residential care facility by the Ohio Department of Health and approved as a Medicaid assisted living provider through the Ohio Department of Aging. Amenities at the property will include a fitness room, beauty …
FORT MYERS, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have broken ground on a new, $55 million seniors housing development in Fort Myers. Upon completion, Legacy Park II will total 130 units reserved for residents age 55 and older earning at or below 30, 60 and 70 percent of the area median income (AMI). Amenities at the two-building, five-story community will include a fitness center, swimming pool and a clubhouse with a cyber café, library and game room. Residents will have access to assistance with light housekeeping, laundry, …
FORT WORTH, Texas — Dominium has extended the affordability status of Cobblestone Mano, a 220-unit senior living community located in Fort Worth. Dominium also announced plans to undertake a $9.8 million renovation at the property. Dominium acquired the community, which was originally constructed in 2007 with financing from the 4 percent low-income housing tax credit (LIHTC) program, in 2011. Planned improvements at the property include upgrades to building exteriors and apartment interiors, as well as enhancements of the clubhouse, outdoor amenity spaces, landscaping and other shared spaces. In addition to the …
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