MASHPEE, Mass. — Greystone has provided a $24.8 million Freddie Mac Optigo loan to refinance a 70-unit senior housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse financing carries a 10-year term and …
RANDOLPH, Mass. — Harvard Medical School affiliate Hebrew SeniorLife has closed on the financing to build 45 new units of affordable senior housing at the Simon C. Fireman Community in the Boston suburb of Randolph. Currently, the community offers 160 senior apartments with supportive services. With a low-income housing tax credit investment from the Massachusetts Housing Investment Corporation (MHIC) and support from several other funders, Hebrew SeniorLife’s new construction began this week. The resulting apartments will be 100 percent affordable, with 27 units for households earning up to 60 percent …
HICKORY, N.C. — Woda Cooper Cos. Inc. has opened Center Crossing, a 50-unit, four-story affordable seniors housing community in Hickory that offers one- and two-bedroom apartments. Five of the units are accessible for those with mobility challenges, including two units specifically equipped for those with sight and hearing impairments. The property serves residents aged 55 and older who earn 40 to 80 percent area median income (AMI). Rental rates range from $356 to $921 per month, depending on unit size and income restriction. Community amenities include an onsite management office, …
BOSTON — Dorchester Bay Economic Development Corporation (DBEDC) and Hebrew SeniorLife have closed on financing and started construction of 9 Leyland, a 43-unit affordable seniors housing building in Boston’s Dorchester neighborhood. Located in the Upham’s Corner section of the neighborhood, 41 one-bedroom units and two two-bedroom units are reserved for seniors earning below 60 percent of the area median income (AMI). Twenty-four units will be supported by project-based rental vouchers, of which 11 units will serve seniors earning up to 30 percent of AMI, including seniors transitioning from homelessness. Completion …
CAMBRIDGE, Mass. — MassDevelopment has issued a $10.3 million tax-exempt bond on behalf of Putnam School Apartments LLC, an affiliate of Cambridge Housing Authority (CHA). The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted into the Putnam School Apartments in 1983; most of the housing units have not been updated since. Renovations will include reconfiguring units; addressing major systems, including mechanical, electrical, plumbing and ventilation; …
CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage multifamily communities comprising a total of 1,377 units across Illinois, Minnesota, Ohio and Virginia. The assignments include a mix of market-rate units and affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to more than 10,000 units throughout the U.S. “While some of the new management contracts were underway just before COVID-19, many started during the pandemic, and we have taken great care to help residents of each community navigate these uncertain times,” says Steve …
HOUSTON — The Montrose Center has completed construction of the Law Harrington Senior Living Center, an age- and income-restricted housing community in Houston’s Third Ward. Designed by Smith & Co. Architects, this affordable, LGBTQ-affirming senior living center features 112 one- and two-bedroom independent living apartments. Development took seven years and cost $22 million. The property totals 162,000 square feet. Units are reserved for those over 62 years of age making up to 60 percent of the area median income. A 17,196-square-foot clubhouse features a social services department managed by the …
CHICAGO — Walsh Construction has completed work on Broadview Senior Apartments, an affordable community for residents over age 55 in Chicago. CIBC Bank USA provided a $5.3 million dollar construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. “We support affordable housing initiatives because we know how important the security of a home is,” says Cheryl Wilson, managing director and head of US Community Development Lending at CIBC. “We also know seniors can …
CHARLOTTE, N.C. — KeyBank Real Estate Capital (KBREC) has provided a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae loan for the development of Eastway Park Apartments in Charlotte. The community will feature 132 age-restricted units for those 55 years of age or older, with income ranging from 30 to 80 percent of area median household income. The property will be subject to an agreement ensuring ongoing affordability for at least 30 years. The developer is Harmony Housing. Forty of the one-bedroom units will offer …
LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able …