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Affordable Housing

Affordable HousingDevelopmentNewsPennsylvania

Tryko Partners Opens 46-Unit Cedarwood Homes Affordable Community in Pittsburgh

by Jeff Shaw

PITTSBURGH — Tryko Partners has opened Cedarwood Homes, a 46-unit affordable seniors housing community in Pittsburgh’s West End neighborhood. The community is already nearing full occupancy, according to the developer. The community features 39 apartments for those age 62 and over with incomes up to 60 percent of the area median income, as well as seven market-rate apartments with the same age criteria.  The project is a redevelopment of Pittsburgh’s former Fairywood School site. Key agencies contributed to the project’s viability, including 9 percent Low-Income Housing Tax Credit awarded by …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Provides $22.2M Bond Financing for Affordable Community in Foxborough, Massachusetts

by Jeff Shaw

FOXBOROUGH, Mass. — MassDevelopment has issued a $22.2 million tax-exempt bond on behalf of Walnut Street Phase One 4 LLC to build 80 units of affordable seniors housing at 51 Walnut Street in the Boston suburb of Foxborough. The developer is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. The site, previously owned by the Commonwealth of Massachusetts, was turned over to the Foxborough Housing Authority in 2017.  These units represent the first step in a multi-phase project that will …

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AcquisitionsActive AdultAffordable HousingCaliforniaNews

Coldwell Banker Brokers $33.7M Sale of Seville Gardens Active Adult Community in Huntington Park, California

by Jeff Shaw

HUNTINGTON PARK, Calif. — Coldwell Banker Commercial West has arranged the sale of Seville Gardens Apartment Community, a seniors housing property located at 2701 Randolph St. in Huntington Park. Seville Gardens LLC sold the asset to Equity Consultants Equity Inc. for $33.7 million. The buyer plans to maintain the property as seniors housing. Built in 1989, Seville Gardens features 225 apartments in a mix of 108 studios, 114 one-bedroom/one-bath and three two-bedroom/one-bath units. The property is currently under a building covenant that mandates it be used as 55-plus housing with …

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Affordable HousingDevelopmentFinanceNewsTexas

Hunt Capital Partners Arranges $13.2M Financing for Oak Lofts Crossing Affordable Community in Stafford, Texas

by Jeff Shaw

STAFFORD, Texas — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable seniors housing community in the Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprised of a four-story, elevator-serviced, mid-rise building, the development will offer a mix of one- and two-bedroom affordable homes for those who earn up to 30 percent, 50 percent and 60 percent of the area median income (AMI). Oak Lofts Crossing provides a much-needed …

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Affordable HousingDevelopmentMassachusettsNews

Joint Venture Completes Conversion of Former Middle School to LGBTQ-Focused Affordable Community in Boston

by Jeff Shaw

BOSTON — LGBTQ Senior Housing Inc., Pennrose, the City of Boston and other project partners have opened The Pryde, an LGBTQ-affirming affordable housing community for seniors in Boston’s Hyde Park neighborhood. The project transformed the historic Rogers Middle School site into a vibrant community of 74 mixed-income rental homes. The Pryde includes studio, one- and two-bedroom modern apartments available to households earning less than 30 percent to less than 100 percent of the area median income (AMI), or approximately $36,690 to $103,900 for a one-person household. Several apartments will be …

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AcquisitionsActive AdultAffordable HousingAssisted LivingCCRCDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory CareOperationsVideosWebinars

Webinar: Meet Seniors Housing’s Contrarians — A Handful of Investors Go Big in a Challenging Environment

by Sarah Daniels

The June 27 webinar “Meet Seniors Housing’s Contrarians — A Handful of Investors Go Big in a Challenging Environment” covered the difficulties and opportunities in seniors housing, including the impact of rising interest rates, the rise of regional operators and best practices for meeting regulatory requirements. The panel of industry experts also shared insights on managing troubled assets and adapting to post-pandemic challenges in the healthcare real estate industry. Despite concerns about affordability and rising insurance costs, there were signs of growth and opportunity in the sector. Speakers emphasized the …

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Affordable HousingDevelopmentFloridaNews

FK Architecture Designs $25M The Fountains at Hidden Lake  Affordable Community in Crystal River, Florida

by Jeff Shaw

CRYSTAL RIVER, Fla. — FK Architecture has completed design work for The Fountains at Hidden Lake, an affordable seniors housing facility along Florida’s Nature Coast, and the project is now under construction.  The seven-acre community will encompass 81,000 square feet of living space in addition to amenities space.  Housing Trust Group (HTG) is developer for the four-story, $25 million community. It will feature 81 one- and two-bedroom units for residents over age 62 who earn at or below 40 and 60 percent of the region’s median income. Individual units, ranging …

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AcquisitionsAffordable HousingMinnesotaNews

JLL Arranges Sale of 96-Unit Rivertown Commons Affordable Community in Stillwater, Minnesota

by Jeff Shaw

STILLWATER, Minn. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater.  The seven-story building totals 55,800 square feet.  Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions.  C.W. Early, Ken Dayton and Pat McMullen of …

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Affordable HousingDevelopmentMinnesotaNews

Volunteers of America Completes 80-Unit Nolte River Place Affordable Community in Anoka, Minnesota

by Jeff Shaw

ANOKA, Minn. — Volunteers of America National Services has opened Nolte River Place, an affordable seniors housing development in Anoka, a suburb north of Minneapolis. The 80-unit community provides one- and two-bedroom units, eight units for formerly unhoused veterans and 10 designated units for Project Rental Assistance Contracts (PRAC) vouchers.  Nolte River Place is near the Rum River Trail, Northstar Line commuter rail and downtown Anoka.

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Affordable HousingDevelopmentFinanceIllinoisNews

Berkadia Arranges $17.6M in Financing for Jesse Jackson Jr. Senior Housing in Harvey, Illinois

by Jeff Shaw

HARVEY, Ill. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable housing property in Harvey, a suburb south of Chicago. The borrower is Preservation of Affordable Housing (POAH). Brian Blanchard and James Grande of Berkadia Affordable Housing led the transaction. Jesse Jackson Jr. Senior Housing consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (Phase II) and 2011 (Phase III). Units are reserved for seniors age 62 and …

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