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 …
KeyBank Provides $6.5M Loan for Cotton Street Commons Affordable Community in Monroe, North Carolina
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 …
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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Webinar: Seniors Housing Valuation Outlook — Fundamental Marketplace Drivers
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 …
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 …
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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Webinar: Using Technology to Reduce Operational Costs & Enhance Resident Experience
On Sept. 22, Seniors Housing Business and sponsor ecobee hosted the webinar “Seniors Housing: Using Technology to Reduce Operational Costs & Enhance the Resident Experience.” With the need to reduce energy use and protect employee time (while limiting unnecessary interactions with residents), making technology a part of senior living communities has never been more important. Smart thermostats offer a wide variety of benefits, especially for communities trying to improve their NOI. Thermostat solutions can mean less unplanned contact for staff and more control for residents, as well as energy and …
MIRAMAR, Fla. — Catholic Health Services (CHS) and Atlantic Pacific Communities have broken ground on Casa Sant’Angelo, an affordable seniors housing community in the Miami suburb of Miramar. The mid-rise building offers 113 one- and two-bedroom units. Units are reserved for residents age 62 or older who earn between 30 percent and 80 percent of area median income. Funding partners include Broward County, First Housing Development Corp., Florida Housing Finance Corp. and Wells Fargo. The project is the first to use a new Miramar city code that provides impact fee …
BOSTON — Boston Financial Investment Management has closed its Boston Financial Institutional Tax Credits 55 Limited Partnership (ITC 55), a $221 million Low Income Housing Tax Credit (LIHTC) fund. ITC 55 comprises 22 tax credit investments, with plans to finance more than 1,800 affordable housing units across 16 multifamily and six senior living communities. Nine institutional investors from the banking and insurance sectors participated in ITC 55, five of which were new investors with Boston Financial. Additionally, more than 30 percent of the development partners were nonprofit entities. The fund …
SALEM, Mass. — MassDevelopment has awarded $80,500 from the Brownfields Redevelopment Fund to North Shore Community Development Coalition Inc. (North Shore CDC) to perform environmental site assessments on four parcels in the Point neighborhood in Salem. North Shore CDC will collaborate with North Shore Community Health (NSCH) to build the South River Revitalization Project at the site, which will include a 50-unit affordable seniors housing facility and nonprofit center featuring a health center, NSCH administrative offices and office space for other area nonprofits. The parcels are situated at the entrance …