Tuesday, April 29, 2025
Read the Magazine Subscribe

Affordable Housing

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentNew YorkNews

Douglaston Development Completes 188-Unit Phase I of Affordable Project in the Bronx

by Jeff Shaw

NEW YORK CITY — Douglaston Development has completed Phase I of a two-phase affordable seniors housing project in the Bronx. Located at 2856 Webster Ave., the 12-story, 188-unit building is adjacent to The New York Botanical Garden’s (NYBG) 250-acre grounds. Units are available to residents earning up to 50 percent of the area median income. Fordham Bedford Community Services will provide on-site social services. The building features 12,000 square feet of ground-floor retail space leased to Cherry Valley Marketplace, a longstanding neighborhood grocery staple. Phase II of the two-phase project, …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingFinanceIndianaNews

JLL Arranges $7M Refinancing for Gary Manor Affordable Community in Gary, Indiana

by Jeff Shaw

GARY, Ind. — JLL Capital Markets has arranged a $7 million refinancing for Gary Manor, a 198-unit, age-restricted community in Gary, approximately 30 miles southeast of Chicago. Built in 1980 and substantially renovated in 2011, Gary Manor consists of a 12-story building for seniors and four, two-story walk-up buildings for families. Floor plans include 172 one-bedroom units, 20 two-bedroom units and six three-bedroom units. JLL worked on behalf of the borrowers, Monroe Group Limited and Steele Properties, to secure the 10-year, fixed-rate loan through Freddie Mac Multifamily. JLL Real Estate …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentFinanceKeyBankNewsOhio

KeyBank Provides $9.9M Loan for Affordable Housing Conversion in Cleveland Heights, Ohio

by Jeff Shaw

CLEVELAND HEIGHTS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has provided $9.9 million in Low-Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights to 80 low-income seniors housing units.  The development will create 20 new apartments through the adaptive re-use of the first floor of Margaret Wagner House and preserve 60 apartments on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility offers HUD 202 PRAC subsidy for …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingFinanceMississippiNewsNorth CarolinaTexasVirginia

BWE Arranges Over $65M in Financing to Renovate, Preserve Affordable Communities Across the South

by Jeff Shaw

ASHEVILLE, N.C.; STARKVILLE, Miss.; CHESAPEAKE, Va.; and HOUSTON and BUDA, Texas — BWE has closed five loan deals totaling over $65 million to refinance and renovate affordable housing properties in North Carolina, Virginia, Mississippi and Texas. Jon Killough and John Roberts originated the loans on behalf of multiple borrowers. The loans include:

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentNew JerseyNews

Walters Completes 150-Unit Cornerstone at Branchburg Affordable Community in New Jersey

by Jeff Shaw

BRANCHBURG, N.J. — Walters has opened Cornerstone at Branchburg, a LEED-certified community featuring 150 premium age- and income-restricted housing units in Branchburg, approximately 35 miles west of Staten Island.  Situated on nearly 12 acres in Somerset County, the two-building development offers one- and two-bedroom apartments ranging from approximately 700 to 900 square feet.  Cornerstone at Branchburg apartments are available to residents whose incomes are at or below 60 percent of the area’s median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart.

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts