Monday, March 10, 2025
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Affordable Housing

Affordable HousingAssisted LivingDevelopmentIndianaNews

Evergreen to Develop $30M Affordable Assisted Living Community in Goshen, Indiana

by Jeff Shaw

GOSHEN, Ind. — Evergreen Real Estate Group has secured financing and started preliminary site work for Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen. Evergreen Construction Company, a division of Evergreen Real Estate Group, is serving as general contractor on the development and plans to officially break ground on Oct. 28. Completion is scheduled for early 2023. The $30 million project will replace a vacant three-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. …

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Affordable HousingDevelopmentMassachusettsNews

POAH, Nuestra Comunidad Break Ground on $27M Affordable Community in Boston

by Jeff Shaw

BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, in Nubian Square, located in the Roxbury neighborhood. The Kenzi will feature 41 affordable one-bedroom units, and three affordable two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn …

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Affordable HousingFinanceNew JerseyNews

Berkadia Provides $26M Loan for Refinancing of Affordable Seniors Housing Property in Union City, New Jersey

by Jeff Shaw

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

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Affordable HousingCaliforniaDevelopmentNews

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Jeff Shaw

CAMARILLO, Calif. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI) with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to …

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AcquisitionsAffordable HousingNew YorkNews

Hudson Valley Property Group Acquires Two Affordable Communities for $27.8M in Spring Valley, New York

by Jeff Shaw

SPRING VALLEY, N.Y. — Hudson Valley Property Group (HVPG) has acquired two affordable housing communities in the New York City suburb of Spring Valley $25.8 million. The properties include the 114-unit Lakeview Village, which is reserved for seniors, and the 76-unit Highview Apartments, which is reserved for families. Affordability restrictions at the property were set to expire in 2022. With Low-Income Housing Tax Credits (LIHTC), HVPG will acquire the properties, complete renovation upgrades and keep rents affordable for the long term. All apartments will be income-restricted to tenants earning 60 …

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AcquisitionsAffordable HousingFinanceKeyBankNewsNorth Carolina

KeyBank Provides $6.5M Loan for Cotton Street Commons Affordable Community in Monroe, North Carolina

by Jeff Shaw

MONROE, N.C. — KeyBank Community Development Lending and Investment (CDLI) has provided $6.5 million of capital for an affiliate of National Church Residences (NCR). The funds will be used to rehabilitate Cotton Street Commons an affordable senior housing property in Monroe, N.C. Cotton Street Commons is a 72-unit pet-friendly property, originally constructed in 1978, serving households with incomes between 30 percent and 60 percent of area median household income. Its 18 single-story buildings contain 64 one-bedroom and eight two-bedroom units and include accessible units. The $6.5 million construction loan, convertible …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Acquires 360-Unit River Run Senior Affordable Community in Corona, California

by Jeff Shaw

CORONA, Calif. — Avanath Capital Management, LLC has acquired River Run Senior, a 360-unit affordable seniors housing community in Corona, located in Riverside County. The price and seller were not disclosed. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. River Run is the company’s second acquisition in Riverside County; the first, Woodside Senior, was acquired by Avanath in 2014. It is also Avanath’s third acquisition in Southern California in the past nine months. “The property is consistently 99 percent …

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Active AdultAffordable HousingAssisted LivingFinanceIndependent LivingIndustry ContentInvestmentOperationsVideosWebinars

Webinar: Seniors Housing Valuation Outlook — Fundamental Marketplace Drivers

by Sarah Daniels

  On Sept. 28, Seniors Housing Business and sponsor V&IG hosted the webinar “Seniors Housing Valuation Outlook — Fundamental Marketplace Drivers in Today’s Environment“. Seniors housing experts spoke candidly about factors like labor shortages and the spread of the Delta variant impacting seniors housing valuations and the industry’s struggle to return to pre-pandemic transaction volumes. As the year has progressed, how has the outlook changed for seniors housing professionals to take into account market trends and the activity of buyers and sellers? How are cap rates and cash flow influencing …

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Affordable HousingDevelopmentNewsTexas

Cadence McShane to Renovate Historic Granada Homes Apartments in San Antonio

by Jeff Shaw

SAN ANTONIO — Cadence McShane Construction Co. has started renovations on the 12-story Granada Homes Senior Living Apartments, an age-restricted, low-income seniors housing property located on the River Walk in San Antonio. The project will involve a complete revitalization of the 249-unit building, originally built in 1928. Renovations will include a restoration of levels one and 15 per historic guidelines to include updated unit amenities such as countertops and appliances, 16 new apartment units, and community leasing and amenity space. Exterior improvements will also be made to the ground floor …

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Affordable HousingDevelopmentFinanceIndianaIowaNews

AHEPA Management Receives HUD Financing for Two Affordable Developments in Midwest

by Jeff Shaw

DES MOINES, Iowa, and SOUTH BEND, Ind. — AHEPA Affordable Housing Management Co. (AMC) has received two HUD Section 202 Supportive Housing for the Elderly program grant awards totaling $16.7 million to support the development of two new affordable seniors housing communities. The award for the 100-unit Des Moines project is $8.9 million. The award for the 80-unit South Bend project is $7.8 million. “The need for affordable housing, especially for very low-income seniors, is great,” says Steve Beck, AMC’s president and CEO. “Each of our existing affordable elderly housing …

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