Affordable Housing

Atlanta-Civic-Center-Redevelopment
Affordable HousingDevelopmentFinanceGeorgiaNews

KeyBank Arranges $72.8M Financing for Affordable Redevelopment in Atlanta

by Hayden Spiess

ATLANTA — KeyBank Community Development Lending and Investment (CDLI) has arranged $72.8 million in financing for the first phase of the redevelopment of Atlanta Civic Center. The borrower, Civic Center Partners, is converting a portion of the property into a 148-unit affordable seniors housing community.  Civic Center Partners — a joint venture between The Michaels Organization, Sophy Cos. and Republic Properties — is partnering with Atlanta Housing, which owns the Atlanta Civic Center, on the project.  KeyBank CDLI provided a $39.1 million taxable construction loan and $25.2 million in federal low-income …

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Clarisa James Kings III Emergency systems quote from article
Active AdultAffordable HousingAssisted LivingCCRCContent PartnersFeaturesIndependent LivingIndustry ContentOperationsSkilled NursingTechnology

How Safety Investments Build Trust in Senior Living Communities

by Sarah Daniels

Establishing trust is an ongoing challenge for many seniors housing communities, with operators continually working to draw in new residents while simultaneously recruiting staff in an industry plagued by high turnover and labor gaps. In both efforts, evidence of the owner’s commitment to safety infrastructure can be a deciding factor that brings people in for the long term, according to Clarisa James, national vertical sales director at Kings III Emergency Communications. “Families want reassurance that loved ones are safe, not only in their living areas but throughout the community,” James …

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Affordable HousingDevelopmentFinanceGeorgiaNews

Columbia Residential Secures Financing for $28.4M Renovation Project at Affordable Community in Atlanta

by Hayden Spiess

ATLANTA — Columbia Residential has secured financing for a $28.4 million renovation and preservation project at Columbia Senior at MLK Village, an affordable seniors housing community located in Atlanta.  Originally developed in 2007 in partnership with Ebenezer Building Foundation, Columbia Senior at MLK Village features 121 units for residents age 62 and older. The preservation project will rehabilitate the community and upgrade amenities at the property.  Atlanta Housing has committed 121 HomeFlex vouchers for 20 years to the community. Funding for the renovation includes tax-exempt bond financing issued by Invest Atlanta, …

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Affordable HousingDevelopmentFinanceMarylandNews

Walker & Dunlop Arranges $40M Financing for New Affordable Seniors Housing Development in Metro D.C. 

by Hayden Spiess

HYATTSVILLE, Md. — Walker & Dunlop has arranged $40.5 million in debt and equity for a new affordable seniors housing development in Hyattsville, roughly seven miles east of downtown Washington, D.C. Community Housing Initiative, which is developing the project in partnership with First Baptist Church of Highland Park, is the borrower.  Upon completion, The Highlands will total 137 units for residents age 62 and older. Five of the residences will be reserved for seniors earning at or below 50 percent of the area median income (AMI), with the remaining 132 apartments …

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Affordable HousingDevelopmentIowaNews

Woda Cooper Cos., Parallel Housing Break Ground on 52-Unit Affordable Housing Development in Iowa

by Hayden Spiess

DAVENPORT, Iowa — Woda Cooper Cos. Inc. and nonprofit Parallel Housing Inc. have broken ground on a new 52-unit affordable housing development located in Davenport.  Units at the community, dubbed Timber Ridge, will be reserved for seniors age 62 and older earning at or below 40 and 60 percent of the area median income. Monthly rental rates for the one- and two-bedroom apartments are expected to range from $565 to $975.  Financing for the project includes a HOME loan from the City of Davenport and the allocation of nine percent housing …

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Affordable HousingDevelopmentFloridaNews

McDowell Housing Partners Begins Development of $64.7M Affordable Seniors Housing Project in Florida

by Hayden Spiess

PEMBROKE PARK, Fla. — McDowell Housing Partners has begun construction of Ekos at Pembroke Park, a new affordable seniors housing development located in Pembroke Park.  Upon completion, the $64.7 million project will total 150 units reserved for seniors earning up to 80 percent of the area median income. This marks the 16th affordable housing project in the state of Florida for McDowell.  Amenities at the community will include a clubroom, fitness center, package lockers, bike storage and six electric vehicle charging stations. Nonprofit organization Area Agency on Aging of Broward County …

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Wellspring-Apartments
Affordable HousingDevelopmentFloridaNews

ANF Completes 99-Unit Affordable Seniors Housing Community Near Miami

by Hayden Spiess

OPA-LOCKA, Fla.  — Construction and development firm ANF has completed the construction of Wellspring Apartments, a new affordable seniors housing community located in Opa-locka, roughly 15 miles northwest of Miami. The Integral Group was the developer.  Totaling 99 units, Wellspring Apartments features studio, one- and two-bedroom apartments. Residences are reserved for seniors earning at or below 60 and 50 percent of the area median income (AMI), with 67 units reserved for residents earning at or below 50 percent of the AMI and 32 units reserved for residents earning at or below …

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Affordable HousingDevelopmentHawaiiNews

EAH Housing Completes $58M Affordable Seniors Housing Development in Hawaii

by Hayden Spiess

HILO, Hawaii — EAH Housing has opened Hale Nā Koa ‘O Hanakahi, a newly developed affordable seniors housing development in Hilo.  Residences are reserved for seniors age 62 and older earning at or below 80 percent of the area median income, with preference given to veterans and surviving spouses. This marks the first affordable senior living development for veterans in Hawaii.  EAH Housing developed the $58 million project in partnership with Hawaii Island Veterans Memorial Inc.   The property totals 91 one-bedroom apartments across three two-story buildings, with an additional unit for …

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ALIS Medtelligent John Shafaee EHR quote
Active AdultAffordable HousingAssisted LivingCCRCContent PartnersFeaturesFinanceIndependent LivingIndustry ContentMemory CareOperationsSkilled NursingTechnology

How Clinical Key Performance Indicators Can Improve Financial Performance in Seniors Housing

by Sarah Daniels

Despite hopes that the rising tide in occupancy rates would lift all boats for the seniors housing industry, many operators with full properties still wrestle with revenue volatility that hinders financial performance. This phenomenon can be especially perplexing for investors who cut their teeth on other commercial property types where fully leased properties typically deliver healthy returns. Intent on their property’s real estate fundamentals, they risk overlooking the impact of clinical care on the bottom line. “Revenue volatility tends to be opaque for a lot of operators because it’s in the clinical world that turbulence happens with the residents, and …

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AcquisitionsAffordable HousingConnecticutNews

CBRE Brokers $39.8M Sale of Two-Property Affordable Seniors Housing Portfolio 

by Hayden Spiess

DANBURY and NORWALK, Conn. — CBRE has brokered the $39.8 million sale of a two-property affordable seniors housing portfolio located in Connecticut. CBRE represented the seller, First Atlantic LLC, in the transaction and procured the buyer.  An affiliate of Heritage Housing Inc. acquired the properties, which total 169 units and include Kimberly Place in Danbury and One Leonard in Norwalk.  Both properties are reserved for residents ages 62 and older. Kimberly Place and One Leonard feature 116 and 53 one-bedroom apartments, respectively. 

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