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Affordable Housing

Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 51-Unit Affordable Community in Philadelphia’s Chinatown Neighborhood

by Jeff Shaw

PHILADELPHIA — Pennrose has broken ground on 800 Vine Senior, which will convert an underutilized surface parking lot in Philadelphia into a 51-unit affordable seniors housing development. Located in the Chinatown neighborhood of Philadelphia, the community is scheduled to open in summer 2024. The five-story building will feature 51 units with a mix of studio, one- and two-bedroom apartments. Six units will be available for residents earning up to 20 percent of area median income (AMI), 20 units will be available for seniors earning at or below 50 percent of …

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AcquisitionsAffordable HousingNewsTexas

Greysteel Negotiates Sale of 154-Unit Wright Senior Apartments in Grand Prairie, Texas

by Jeff Shaw

GRAND PRAIRIE, Texas — Greysteel has arranged the sale of Wright Senior Apartments, a 154-unit affordable seniors housing property in Grand Prairie, just west of Dallas. Initially constructed in 2005, community includes 123 rent-restricted affordable units and 31 market-rate units in a mixture of studio, one- and two-bedroom units. The buyer, an experienced affordable housing owner, will continue to operate the community as an affordable housing community per the terms of the LIHTC LURA. The buyer assumed the seller’s existing HUD loan. Murphy Holloway and Doug Banerjee of Greysteel’s National …

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AcquisitionsAffordable HousingDevelopmentFinanceKeyBankNewsOregon

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Complete 72-Unit Shoreline Villas in Fort Walton Beach, Florida

by Jeff Shaw

FORT WALTON BEACH, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach, a small city in the Florida Panhandle. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to …

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Affordable HousingFinanceIllinoisNews

Greystone Provides $13.7M HUD-Insured Refinancing for Supportive Living Facility in Crestwood, Illinois

by Jeff Shaw

CRESTWOOD, Ill. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

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Affordable HousingDevelopmentMississippiNews

Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Affordable Community

by Jeff Shaw

TUPELO, Miss. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at the market rate while the other 31 apartments will be restricted to seniors age 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Break Ground on $37.4M Astoria on 9th in Bradenton, Florida

by Jeff Shaw

BRADENTON, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. The units will be reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties Fund Plans $21M Vintage at Marja Acres in Carlsbad, California

by Jeff Shaw

CARLSBAD, Calif. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55. The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment. …

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Affordable HousingDevelopmentFloridaNews

Miami Jewish Health, McDowell Housing Partners Break Ground on $137M Douglas Gardens Residences in Pembroke Pines, Florida

by Jeff Shaw

PEMBROKE PINES, Fla. — Miami Jewish Health (MJH) AND McDowell Housing Partners have broken ground on Douglas Gardens Residences, an affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs are estimated at $137 million for the 410-unit community. According to the developers, this will result in the largest affordable housing development in Broward County. The project will deliver a mixed-income community, merging healthcare and housing into one development for local seniors, on what is currently the 25-acre Douglas Gardens North Campus. Of the total …

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Affordable HousingCaliforniaDevelopmentNews

EAH Housing Begins Construction of 76-Unit Mission Paradise in Hayward, California

by Jeff Shaw

HAYWARD, Calif. — EAH Housing has broken ground on Mission Paradise, an affordable seniors housing community in the Bay Area city of Hayward. DAHLIN Group designed the property, which J.H. Fitzmaurice Inc. is building. “We are amid a housing crisis that is being exacerbated by inflation and lack of affordable housing across the country, and more specifically in California,” says Assemblymember Liz Ortega. “We have a moment of opportunity in the here and now to take actionable steps that will support organizations like EAH Housing to address the severe housing …

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