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Affordable Housing

Affordable HousingDevelopmentNewsUtah

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Development in Utah

by Jeff Shaw

WEST HAVEN, Utah — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors aged 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or who are suffering from homelessness. All units are reserved for seniors who earn between 30 percent and …

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Affordable HousingFinanceNew YorkNews

Sims Mortgage Funding Implements $7M Note Modification for Affordable Community in Brooklyn

by Jeff Shaw

NEW YORK CITY — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a HUD-insured loan totaling $7 million for Marien-Heim of Sunset Park, a 169-unit, Section 8 elderly housing project located in Brooklyn. The borrower is a local, nonprofit community development organization. SMF served as financial advisor. This was SMF’s second successful transaction for Marien-Heim. In 2012, SMF originated an $8.3 million FHA-insured Section 223(f) loan that refinanced its Section 202 direct loan, funded capital reserves and repairs, earned the borrower a development fee and generated annual …

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Affordable HousingDevelopmentNewsOhio

NEST, Pennrose Break Ground on LGBTQ-Friendly Affordable Seniors Housing in Cincinnati

by Jeff Shaw

CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have broken ground on John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable senior housing community. Located in the city’s Northside neighborhood, the new development includes 57 affordable apartments and on-site supportive services. The community is slated for completion in the summer of 2022. The three-story, elevator-serviced building will include a mix of studio, one-, and two-bedroom apartments for seniors earning 30 percent to 60 percent of the area median income (AMI). The community is located near the Northside business district, McKie …

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Affordable HousingFinanceNew YorkNews

Berkadia Provides $22.6M HUD-Insured Loan for Affordable Senior Living Property in Queens

by Jeff Shaw

NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include …

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Pipitone M&T seniors housing industry
Active AdultAffordable HousingAssisted LivingContent PartnersFeaturesFinanceIndependent LivingIndustry ContentInvestmentM&T Realty Capital Corporation

In the Seniors Housing Sector, a Sense of Recovery is Growing

by Sarah Daniels

For more than a year, seniors housing operators have battled rising vacancy, pressure on net operating income and uncertainty about the future as potential residents steered clear from property tours and lease commitments. Those difficulties have created a tough financing environment for the segment. But a growing number of seniors housing discussions today are centered on how operators and the industry are recovering, according to Christopher Callaghan, head of healthcare banking at M&T Bank. To what degree a recovery is occurring, however, depends on several variables. “There is still a …

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Affordable HousingDevelopmentIllinoisNews

Evergreen, Synergy, Chicago Housing Authority Complete $81M Affordable Seniors Housing Community

by Jeff Shaw

CHICAGO — Evergreen Real Estate Group, Synergy Construction Group and the Chicago Housing Authority have completed construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on the north side of Chicago. The property was previously the Ravenswood Hospital, which was built in 1974 and fell vacant in 2002. The redevelopment project cost $81 million and took a year-and-a-half to complete. Located between Damen and Ravenswood avenues, Ravenswood Senior Living is a 10-story building that is situated close to public transit, including the Damen and …

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AcquisitionsAffordable HousingIllinoisNews

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Jeff Shaw

LYONS, Ill. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as …

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Affordable HousingDevelopmentFinanceNew YorkNews

MRC Provides $29.4M Loan for Multifamily Redevelopment Project in Queens

by Jeff Shaw

NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.

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Affordable HousingDevelopmentFinanceLouisianaNews

Sims Mortgage Funding Arranges $10.8M Loan for Renovations at Metairie Manor Near New Orleans

by Jeff Shaw

METAIRIE, La. — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a $10.8 million loan for Metairie Manor in the New Orleans suburb of Metairie. In 2012, SMF refinanced Metairie Manor, a 287-unit, Section 8, affordable seniors housing community owned and managed by affiliates of the Archdiocese of New Orleans. That refinancing, which paid off its HUD Section 202 direct loan, produced approximately $250,000 in annual debt service savings that have been used to fund wellness and affordable nutrition programs, resident units deep-cleaning services and enhanced transportation …

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Affordable HousingDevelopmentFloridaNews

Swerdlow Group Breaks Ground on $300M Sawyer’s Walk Mixed-Use Development in Miami

by Jeff Shaw

MIAMI — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Fla.-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in …

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