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Affordable Housing

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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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Active AdultAffordable HousingAssisted LivingIndependent LivingIndustry ContentOperationsPeopleTechnologyVideosWebinars

Webinar: Using Technology to Reduce Operational Costs & Enhance Resident Experience

by Sarah Daniels

  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 …

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Affordable HousingDevelopmentFloridaNews

Catholic Health Services Breaks Ground on 113-Unit Casa Sant’Angelo Affordable Community in Miramar, Florida

by Jeff Shaw

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 …

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Affordable HousingCompany NewsInvestmentNews

Boston Financial Closes $221M Affordable Housing Investment Fund

by Jeff Shaw

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 …

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Affordable HousingDevelopmentMassachusettsNews

North Shore CDC Plans 50-Unit Affordable Community in Salem, Massachusetts

by Jeff Shaw

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 …

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Affordable HousingDevelopmentGeorgiaNews

McShane Completes 124-Unit True Light Haven Affordable Community in Atlanta

by Jeff Shaw

ATLANTA — McShane Construction Co. has completed construction of True Light Haven, a 124-unit affordable seniors housing community in Atlanta Westside neighborhood. National Church Residences is the developer on the four-story project, which sits on 4.7 acres. The residence is located within walking distance of the West Lake MARTA train station and the Westside beltline biking and walking trail. It is also just three miles from the Mercedes Benz Stadium and Downtown Atlanta. True Light Haven was designed to achieve National Green Building Standard (NGBS) Gold certification. The architect of …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Hunt Capital Partners Negotiates $5.6M LIHTC Financing for St. Stephen’s Retirement Center in San Diego

by Jeff Shaw

SAN DIEGO — Hunt Capital Partners, in collaboration with CRP Affordable Housing and Community Development LLC and its affiliate Castellan Holdings LLC, has arranged $5.6 million in Low-Income Housing Tax Credit (LIHTC) equity financing for St. Stephen’s Retirement Center. Located in San Diego, St. Stephen’s Retirement Center is the acquisition and rehabilitation of 60 affordable housing units for seniors. The development will provide a variety of supportive services. As of the closing date of May 12, 2021, this transaction was the first development in California and the fifth in the …

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Affordable HousingDevelopmentGeorgiaNews

Joint Venture Breaks Ground on $76M Affordable Complex in Stockbridge, Georgia

by Jeff Shaw

STOCKBRIDGE, Ga. — A joint venture between TriStar Commercial Real Estate Investments, Zimmerman Properties and nonprofit Star-C has broken ground on a multifamily complex that includes seniors housing in Stockbridge, approximately 18 miles southeast of downtown Atlanta. The $76 million property includes the Villas at Mt. Zion, a 96-unit independent living community, and the Flats at Mt. Zion, a 210-unit multifamily community for families with children who attend Mt. Zion elementary and primary schools. The development is the first in an alliance between Zimmerman Properties, an affordable housing builder and …

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