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Affordable Housing

AcquisitionsAffordable HousingNewsWashington

PEF Advisors Acquires 92-Unit Webster Court in Kent, Washington

by Jeff Shaw

KENT, Wash. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle. PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed. Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Break Ground on $23.5M Princeton Grove Affordable Community in Crestview, Florida

by Jeff Shaw

CRESTVIEW, Fla. — Housing Trust Group (HTG) and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have started construction of Princeton Grove, a $23.5 million affordable seniors housing community in the Florida Panhandle city of Crestview. Apartments at Princeton Grove will be reserved for income-qualifying residents who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $363 to $1,188 per month. In addition, the developer has committed a minimum of five apartments …

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Affordable HousingDevelopmentNew JerseyNews

Walters Nears Completion of 150-Unit Cornerstone at Branchburg Affordable Community in New Jersey

by Jeff Shaw

BRANCHBURG, N.J. — Walters is nearing completion of Cornerstone at Branchburg, a 150-unit age- and income-restricted community in Branchburg, approximately 45 miles west of Manhattan. As the developer puts the “finishing touches” on the community’s second building, the company expects to open the property later this month. “Amid continued demand for age-restricted housing in the regional marketplace, Cornerstone at Branchburg already is popular among active seniors and empty-nesters,” says Joe Del Duca, partner and director of affordable housing for Walters. Designed to attain LEED and Energy Star certifications, Cornerstone at …

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Affordable HousingDevelopmentMassachusettsNews

Nixon Peabody Advises Hebrew SeniorLife in Construction of Affordable Community in Brookline, Massachusetts

by Jeff Shaw

BROOKLINE, Mass. — Law firm Nixon Peabody LLP has advised Hebrew SeniorLife in the site acquisition and construction of a new affordable seniors housing complex in Brookline, a first-ring suburb of Boston. The project involves the construction of a seven-story complex featuring 54 units for seniors over the age of 62. Combined with the Marilyn and André Danesh Family Residences, the Julian and Carol Feinberg Cohen Residences, and the Diane and Mark Goldman Family Residences, this new complex will expand the Hebrew SeniorLife seniors housing campus in Brookline. Financing partners …

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Affordable HousingDevelopmentFloridaNews

Lincoln Avenue Capital Breaks Ground on Two Affordable Developments in Bradenton, Florida

by Jeff Shaw

BRADENTON Fla. — Lincoln Avenue Capital (LAC) has broken ground on the 301 Flats and The Savoy at 301 in Bradenton, south of Tampa. Upon completion in 2025, the 301 Flats and The Savoy at 301 will provide 324 units of affordable housing for families and individuals along 248 units of seniors housing, respectively.

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Affordable HousingDevelopmentFloridaNews

HTG Breaks Ground on $43.5M Mount Hermon Apartments in Fort Lauderdale

by Jeff Shaw

FORT LAUDERDALE, Fla. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal Church Inc. have broken ground on Mount Hermon Apartments, an affordable seniors housing community in Fort Lauderdale. Development costs are estimated at $43.5 million for the 104-unit community. The seven-story development will offer a mix of one- and two-bedroom units ranging from 650 square feet to 950 square feet. Apartments are reserved for income-qualifying residents age 62 and older who earn 60 percent or less of area median income (AMI), with rents ranging from $425 to …

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Affordable HousingFinanceMarylandNewsTennessee

Bellwether Arranges $24.9M Refinancing for Three Affordable Communities in Tennessee, Maryland

by Jeff Shaw

NASHVILLE, Tenn., and BALTIMORE and PIKESVILLE, Md. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged three loan deals totaling nearly $25 million to refinance and preserve three affordable senior living communities in Nashville, Baltimore and Pikesville. Jon Killough and John Roberts originated the Nashville deal and Victor Agusta originated the Maryland loans. Bellwether arranged a $21 million bridge loan for Nashville Christian Towers. The loan will allow Envolve Communities to acquire and finance the 175-unit affordable seniors housing development. Envolve plans to redevelop the property utilizing proceeds from …

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Affordable HousingDevelopmentFloridaNews

ANF Group Breaks Ground on Sol Vista Affordable Community in Cutler Bay, Florida

by Jeff Shaw

CUTLER BAY, Fla. — General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance Corp., R4 Capital LLC and R4 Capital Funding to finance the development. Sol Vista’s affordability will be preserved for 30 + years, thanks to a new regulatory agreement on the property. …

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Affordable HousingAssisted LivingDevelopmentNew JerseyNews

New Standard Develops Three LIHTC Properties in New Jersey

by Jeff Shaw

MILLVILLE, EGG HARBOR TOWNSHIP and HAMMONTON, N.J. — New Standard Senior Living has completed development of three Medicaid-focused assisted living communities in South Jersey. All three communities feature individual (single-occupant-only) studio apartment-style residences. The Millville community offers 154 units while the second, Egg Harbor Township location offers 166 units. The last of the initial three communities, located in Hammonton, is nearing its completion with 174 units this spring. The communities are the first of their kind in the state of New Jersey, according to New Standard, and are designated to …

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AcquisitionsAffordable HousingNewsVermont

Affordable Housing Investment Brokerage Negotiates Sale of Three Affordable Communities in Vermont

by Jeff Shaw

WILLISTON and ST. ALBANS, Vt. — Affordable Housing Investment Brokerage Inc. (AHIB) has negotiated the sale of a three-property affordable seniors housing portfolio in the greater Burlington area. Consisting of 191 units across all properties, the three communities — Hawk’s Nest in St. Albans, and Falcon Manor and Eagle Crest in Williston — serve independent senior tenants and were all developed under the Section 42 Low Income Housing Tax Credit program. The price was not disclosed. AHIB’s Kyle Shoemaker represented both the seller, a local development company, and the buyer, …

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