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Affordable Housing

Affordable HousingDevelopmentIndependent LivingNewsWisconsin

Presbyterian Homes & Services Receives Grant Funding for Deerfield Expansion Project in New Richmond, Wisconsin

by Jeff Shaw

NEW RICHMOND, Wis. — Presbyterian Homes & Services (PHS) has received $2.5 million in private grant funds for the expansion of The Deerfield, a senior living community in New Richmond, approximately 40 miles east of downtown Minneapolis. One hundred percent of the campus’ 24 new independent living apartments — scheduled to open in summer 2023 — were reserved within weeks of the start of marketing, according to the company. The apartments target low- and middle-income residents. “Clearly there is great demand for modest priced housing in the market,” says Jon …

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AcquisitionsAffordable HousingDevelopmentNewsTennessee

Blueprint Brokers Sale of 165-Unit Community in Memphis for Affordable Conversion

by Jeff Shaw

MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a seniors housing community in Memphis. Built in the late 1960s, the community rises 11 stories and features 110 independent living units and 55 assisted living units. A publicly traded REIT sold the community as a non-core asset. The buyer was Elevation Financial Group, which plans to convert the community into an affordable housing community for seniors. The price was not disclosed.

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Affordable HousingFinanceMassachusettsNews

MassHousing Provides $31M in Financing for City Square Affordable Complex in Charlestown, Massachusetts

by Jeff Shaw

CHARLESTOWN, Mass. — MassHousing has provided $31 million in financing for City Square Elderly Housing, a 120-unit affordable seniors housing complex in Charlestown, a northern suburb of Boston. The complex was originally constructed in 1900 and renovated in 1985. Units come in studio and one-bedroom floor plans. The borrower, CSI Support & Development Services, will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. The loan carried a 35-year term and a fixed interest rate.

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AcquisitionsActive AdultAffordable HousingAssisted LivingDevelopmentFinanceIndustry ContentOperationsVideosWebinars

Webinar: What Will 2023 Hold for Seniors Housing Investment & Acquisition Activity?

by Sarah Daniels

    In an uncertain time for the seniors housing industry, the “What Will 2023 Hold for Seniors Housing Investment & Acquisition Activity?” webinar focused on what’s influencing the landscape now and what is likely to affect it in the near future. The Dec. 8 panel discussion, hosted by Seniors Housing Business and sponsored by Valuation & Information Group, delved into tough topics like wages and staffing; inflation; the costs of debt and equity; government reimbursement; and other economic factors to illuminate what we can expect in 2023. Tune in …

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Affordable HousingDevelopmentMinnesotaNews

CommonBond Begins Construction of The Lumin Affordable Community in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — CommonBond Communities has started construction of The Lumin, which will provide 60 units of housing for seniors in the Highland Bridge development in Saint Paul. Units will be restricted to people age 55 and older who earn 30 percent or less of the area median income (AMI). A project-based Section 8 subsidy allows residents to pay 30 percent of their income in rent. Seven units will be reserved for formerly homeless seniors. The project is scheduled for completion in fall of 2023. The Lumin is the …

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AcquisitionsAffordable HousingFinanceFloridaNews

Greystone Provides $11.9M Acquisition Financing for Affordable Property in Tavares, Florida

by Jeff Shaw

TAVARES, Fla. — Greystone has provided an $11.9 million Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of a senior living community in Tavares, a northwestern suburb of Orlando. Carter King, managing director in Greystone’s Atlanta office, originated the transaction. Hallmark Lakepoint Senior LLC was the borrower. Constructed in 2006, Lake Point Senior Apartments is a 160-unit, LIHTC, age-restricted, three-story apartment complex. The seller and total price were not disclosed. The non-recourse, fixed-rate financing carries a 10-year term and 35-year amortization.

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Affordable HousingDevelopmentNew YorkNews

Selfhelp Opens Affordable Community on Long Island

by Jeff Shaw

WYANDANCH, N.Y. — Selfhelp has opened 11 Park Drive, an affordable housing community for seniors in the Long Island hamlet of Wyandanch. The developer’s SHASAM service model will provide onsite social services. The property is located adjacent to a Long Island Railroad stop, as well as a larger affordable housing development named Wyandanch Village. The property is Selfhelp’s 16th affordable housing residence. The number of units and income requirements were not disclosed.

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Affordable HousingDevelopmentNewsUtah

TWG Plans $13M Residences at Fireclay Affordable Community in Murray, Utah

by Jeff Shaw

MURRAY, Utah — TWG has unveiled plans for Residences at Fireclay, a $13 million affordable seniors housing community in Murray. Construction is slated to begin this year, with the first units available in 2025. Located at 152 W. 4250 South, the four-story building will feature 40 one-bedroom apartments for seniors age 62 and older. The units are also reserved for those earning up to 50 percent of the area median income, with a preference for military veterans. Additionally, the project includes four units reserved for disabled seniors and five units …

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Affordable HousingDevelopmentNewsTexas

Hunt Capital Provides $13.6M in LIHTC Equity for Affordable Seniors Housing Project in Temple, Texas

by Jeff Shaw

TEMPLE, Texas — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business …

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Affordable HousingDevelopmentIndianaNews

Merchants Capital Provides $15.5M HUD-Insured Loan for Construction of Affordable Seniors Housing Property in Indiana

by Jeff Shaw

EAST CHICAGO, Ind. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, …

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