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Affordable Housing

Affordable HousingDevelopmentMissouriNews

Joint Venture Breaks Ground on 50-Unit Elm Ridge Mixed-Income Community in Hazelwood, Missouri

by Jeff Shaw

HAZELWOOD, Mo. — A partnership including Roanoke Construction Inc., The Oakland Group LLC, The Unicorn Group LLC and BTWF Urban Initiative has broken ground on Elm Ridge Senior Living, a mixed-income senior living community in Hazelwood, a suburb of St. Louis. Construction is financed in part by resources from Missouri Housing Development Commission and private investors and lenders including St. Louis Equity Fund, Sugar Creek Capital and Legacy Bank and Trust. Once complete, the elevator-served building will feature 50 one- and two-bedroom apartments for seniors 55 years of age and …

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AcquisitionsActive AdultAffordable HousingAssisted LivingCCRCDevelopmentIndependent LivingIndustry ContentInvestmentMemory CareOperationsVideosWebinars

Webinar: Inflation and Rising Interest Rates – Doom or Boom for the Seniors Housing Industry?

by Sarah Daniels

  Seniors housing valuations — what can the industry expect in terms of future occupancy, inflation and interest rates? These were the most pressing topics of the “Inflation and Rising Interest Rates — Doom or Boom for the Seniors Housing Industry?” webinar, hosted by Seniors Housing Business and sponsored by V&IG. Hear how expert panelists are accounting for some of the most challenging questions in today’s market: What is driving investment in this space? How have return expectations changed since the beginning of the pandemic? How are increasing interest rates and/or inflation impacting …

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Affordable HousingDevelopmentIllinoisNews

Evergreen, CJE SeniorLife Complete $25M Ann Rainey Apartments Affordable Community in Evanston, Illinois

by Jeff Shaw

EVANSTON, Ill. — Evergreen Real Estate Group and the Council for Jewish Elderly (doing business as CJE SeniorLife) have opened Ann Rainey Apartments, a 60-unit affordable seniors housing community in Evanston, a northern suburb of Chicago. The $25 million project is next to the existing CJE SeniorLife Adult Day Services center, which provides programming and socialization opportunities for seniors who require supervision during the day. The new residential community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades and is credited …

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Affordable HousingDevelopmentNewsPennsylvania

Grace Inspired Ministries Opens 50-Unit Sellersville Senior Residences Affordable Community in Pennsylvania

by Jeff Shaw

SELLERSVILLE, Pa. — Grace Inspired Ministries (GIM), along with development partner Leon N. Weiner & Associates Inc. (LNWA), has completed Sellersville Senior Residences, an affordable housing community in Sellersville, approximately 30 miles north of Philadelphia. The community’s 50 apartments are reserved for residents over age 55 meeting income requirements, with eight also reserved for those with behavioral health needs. The residences were built to the energy efficiency standards utilizing the Department of Energy Zero Energy Ready program. “Sellersville Senior Residences will bring much needed affordable and supportive housing to an …

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Affordable HousingDevelopmentFinanceNew YorkNews

Asland, Pembroke Receive $100M in Financing for Affordable Housing Project in The Bronx

by Jeff Shaw

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Apartments will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall …

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Affordable HousingFinanceMinnesotaNews

Colliers Mortgage Provides $25.2M HUD-Insured Refinancing for The Winslow in West St. Paul, Minnesota

by Jeff Shaw

WEST ST. PAUL, Minn. — Colliers Mortgage has provided a $25.2 million HUD 223(f) loan for the refinancing of The Winslow in West St. Paul. The 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. WSP Senior Housing I LLLP was the borrower. The fixed-rate loan is fully amortized over 35 years. Colliers Mortgage previously provided a construction loan for the property in 2018.

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Active AdultAffordable HousingAssisted LivingCCRCContent PartnersFeaturesIndustry ContentOperationsPeopleSkilled NursingTechnology

Design, Technology Lead to Labor Savings in Senior Living Communities

by Sarah Daniels

Senior living communities, often strained by labor shortages, can benefit from design and technology strategies built to streamline how employees spend their time. While the focus in any construction, design or renovation project must be on resident needs first, an in-depth planning approach can benefit the community as a whole — especially staff. Technologies — including fall detection and prevention, real-time location systems (RTLSs) and strong Wi-Fi — are at the heart of making sure staff can focus on residents. Good technology design is an essential part of making sure …

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Affordable HousingDevelopmentMassachusettsNews

Pennrose Opens 55-Unit Mary D. Stone Mixed-Income Community in Auburn, Massachusetts

by Jeff Shaw

AUBURN, Mass. — Pennrose has opened Mary D. Stone Apartments, a 55-unit, mixed-income seniors housing community in Auburn, a suburb of Worcester. The project was the historic rehabilitation of a 1920s-era school building, including the demolition of later-built wings and the construction of a new addition. Mary D. Stone was designed to help address the widespread shortage of affordable housing in Massachusetts, where the National Low Income Housing Coalition estimates there are only 48 available affordable rental homes for every 100 low-income households. Eighty percent of the units at Mary …

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Affordable HousingDevelopmentNew YorkNews

Catholic Charities Opens 135-Unit Pope Francis Affordable Community in Brooklyn

by Jeff Shaw

NEW YORK CITY — Catholic Charities Brooklyn and Queens has opened the doors on Pope Francis Apartments at Loreto, a 135-unit affordable seniors housing community in Brooklyn’s Brownsville neighborhood. RKTB Architects designed the community, which features a mix of units for formerly homeless seniors, independent residences and supportive housing. Built on the former site of a church, the building rises eight stories. The property is designed to match with the adjacent Baretta Apartments, which RKTB designed utilizing the firm’s Affordable Infill Prototype (AIP) design template. Pope Francis Apartments include rooftop …

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AcquisitionsAffordable HousingFloridaNews

AHIB Sells Two Affordable Communities in Palatka, Florida for $4.9M

by Jeff Shaw

PALATKA, Fla. — Affordable Housing Investment Brokerage Inc. (AHIB) has sold Kay Larkin Apartments, a 60-unit garden-style apartment complex, and Grand Pines Apartments, a 78-unit senior living apartment community. Both properties are located in Palatka, approximately midway between Jacksonville and Orlando. The Grey Rock Group LLC acquired the assets from a private investor for $4.9 million. Kyle Shoemaker and Bill Brading of represented both the buyer and the sellerin the transaction. Kay Larkin and Grand Pines were both developed using LIHTC and SAIL funding and are subject to regulatory agreements …

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