Tuesday, September 26, 2023
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Affordable Housing

Michael Gehl FHA lending quote
Affordable HousingAssisted LivingContent PartnersFinanceIndustry ContentMemory CareSkilled Nursing

Improvement in Residential Healthcare Conditions Fuel HUD Loan Activity

by Sarah Daniels

It has been more than three years since COVID-19 lockdowns wreaked havoc on skilled nursing, assisted living and memory care facilities. Among other consequences, falling admissions and occupancies required many operators to seek or extend short-term loans to survive until brighter days. The good news is that, to a certain extent, those days have arrived: Rebounding occupancies are inching closer to pre-pandemic levels, higher Medicaid reimbursements are flowing to net operating income, and labor costs are stabilizing, says Michael Gehl, chief investment officer for FHA lending for NewPoint Real Estate …

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Affordable HousingDevelopmentFloridaNews

Mixed-Use Development Surrounding Tampa Bay Rays’ $1.3B Ballpark to Include 600 Units of Seniors Housing

by Jeff Shaw

ST. PETERSBURG, Fla. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at …

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Affordable HousingDevelopmentIllinoisNews

ACO Commercial Arranges $8M Sale of Development Site on Chicago’s South Side

by Jeff Shaw

CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million.  George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc.  The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassHousing Provides $14.5M Financing for Farnsworth House Affordable Community in Boston

by Jeff Shaw

BOSTON — MassHousing, working with Rogerson Communities, has provided $14.5 million in affordable housing financing to Charles H. Farnsworth Senior Housing Corp., owner and developer of the 76-unit Farnsworth House for older adults in Boston. The funds will be used for the refinancing and renovation of the property, as well as the extension of resident affordability for at least 24 years. Located in the city’s Jamaica Plain neighborhood, Farnsworth House is a seven-story brick building built in 1982 under the federal Section 202 Program. Among the improvements planned for the …

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Affordable HousingDevelopmentNewsVirginia

APAH Opens 150-Unit Oakwood Meadow Affordable Community in Alexandria, Virginia

by Jeff Shaw

ALEXANDRIA, Va. — The Arlington Partnership for Affordable Housing (APAH), along with development partners and Fairfax County officials, has cut the ribbon on Oakwood Meadow Senior Residences. The affordable housing development for independent seniors is located in Alexandria and offers 150 one- and two-bedroom apartments for qualifying adults age 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project demonstrates a public-private partnership between APAH and Fairfax County Redevelopment and Housing …

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Affordable HousingDevelopmentMassachusettsNews

2Life Communities Breaks Ground on 68-Unit Leland House Affordable Development in Waltham, Massachusetts

by Jeff Shaw

WALTHAM, Mass. — 2Life Communities has broken ground on Leland House, a 68-unit affordable seniors housing development in the Boston suburb of Waltham. The new development will stand at the site of the former Leland Home, a community serving 38 seniors founded in 1879 that provided personalized residential and nursing care to seniors in Waltham for nearly 140 years. “Hannah Leland had a mission, and it’s got to continue,” says Waltham Mayor Jeannette A. McCarthy. “There is a shortage of affordable housing, and while luxury housing is built all the …

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Affordable HousingFinanceMassachusettsNews

MassHousing Provides $12.9M Financing for Bixby Brockton Apartments in Brockton, Massachusetts

by Jeff Shaw

BROCKTON, Mass. — MassHousing has provided $12.9 million in financing, which will extend affordability and fund improvements at the 106-unit Bixby Brockton Apartments in the Boston suburb of Brockton. Affordable Housing and Services Collaborative Inc. (AHSC), which owns Bixby Brockton, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. Of the 106 apartments, 104 are subsidized by two federal Section 8 Housing Assistance Payment contracts. As part of the transaction, AHSC has executed two new 20-year HAP contracts, which will …

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AcquisitionsAffordable HousingIndependent LivingMassachusettsNews

Pleasant Spring Communities Affiliates with HumanGood

by Jeff Shaw

BOSTON — Pleasant Spring Communities, which oversees Springhouse Senior Living Community and Mount Pleasant Home in Boston, has agreed to affiliate with HumanGood, a nonprofit operator based in California. Following regulatory and lender approval, the two communities will join HumanGood’s family of life plan and affordable senior living communities. “We chose to partner with HumanGood not only for their expertise in overseeing independent living communities like Springhouse and affordable housing communities for older adults, but also because they share our values of creating settings focused on independence, trust, and caring …

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AcquisitionsAffordable HousingMontanaNews

Community Preservation Partners Acquires Two Affordable Communities in Great Falls, Montana

by Jeff Shaw

GREAT FALLS, Mont. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West. CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area. CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 …

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Affordable HousingDevelopmentNew YorkNews

3D Development Group Completes Renovations at 116-Unit Affordable Community in Amsterdam, New York

by Jeff Shaw

AMSTERDAM, N.Y. —  A public-private partnership between the State of New York and 3D Development Group has completed renovations to New Amsterdam Apartments, an affordable seniors housing community in Amsterdam, approximately 35 miles northwest of Albany. The New Amsterdam Apartments consist of 116 units in a 12-story building. All apartments are affordable for households with incomes at or below 80 percent of the area median income and with at least one household member aged 55 or older. The scope of renovations included asbestos abatement, the modernization of elevators, replacement of fire …

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