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Affordable Housing

AcquisitionsAffordable HousingCaliforniaNews

Avanath Capital Purchases Grove Senior Apartments in Garden Grove, California for $19.8M

by Jeff Shaw

GARDEN GROVE, CALIF. — Irvine, Calif.-based Avanath Capital Management has purchased The Grove Senior Apartments, a seniors housing property located at 12721 Garden Grove Blvd. in Garden Grove. Meta Housing sold the asset for $19.8 million. The Grove, which is currently 100 percent occupied, features 85 units, a fitness center, club room, courtyard and bus stop directly in front of the property. Rents range from $840 to $1,729 per month for units ranging from 542 to 815 square feet. While Avanath is headquartered in Irvine and has more than 10,000 …

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Affordable HousingDevelopmentNewsNorth Carolina

Hunt Capital Partners, Durham Housing Authority Plan Redevelopment of J.J. Henderson Senior Apartments in North Carolina

by Jeff Shaw

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a …

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Affordable HousingDevelopmentNewsSouth Carolina

Progess Carolina Completes 101,583 SF Guardian Angel Villa Affordable Community in Charlotte

by Jeff Shaw

CHARLOTTE, S.C. — Progress Carolina, as general contractor, has obtained the certificate of occupancy for its latest project, Guardian Angel Villa, an affordable seniors housing community in Charlotte. Project partners include Douglas Development, Schaumber Development and the Catholic Diocese of Charlotte. The 101,583-square-foot community sits on 4.4 acres and totals 81 units.

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Affordable HousingLegal IssuesMassachusettsNewsPeople

2Life Communities Names Jeff Sacks as Chairman of the Board

by Jeff Shaw

BOSTON — 2Life Communities, a Boston-based developer, owner and operator, has named Jeff Sacks as the company’s chairman of the board. He replaces Donna Kalikow, who will continue to serve on the board. Sacks, a partner with Nixon Peabody, is a community development attorney who represents for-profit and nonprofit developers of affordable and seniors housing. Through his work with public housing authorities, he has helped to transform outdated public housing projects in the state into vital communities that continue to serve their low-income residents. Sacks served as a commissioner of …

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Affordable HousingCaliforniaDevelopmentNews

Vendaval Plans 400-Unit Affordable Community in Moreno Valley, California

by Jeff Shaw

MORENO VALLEY, Calif. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail …

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Affordable HousingDevelopmentNew YorkNews

Merchants Capital Arranges $78.4M in Financing for Affordable Redevelopment of Manhattan’s Park 79 Hotel

by Jeff Shaw

NEW YORK CITY — Mortgage banking company Merchants Capital has closed a $51 million construction loan and a $28.4 million in Low-Income Housing Tax Credits (LIHTC) to fund an affordable housing project in Manhattan’s Upper West Side. The project, a redevelopment of the historic Park 79 Hotel, comprises the largest 9 percent LIHTC allocation in New York City history, according to Merchants. The borrower and project developer is Fairstead. Renovations to the original hotel, which first debuted in 1899 as “The Indiana,” will create 77 affordable residences for very-low-income seniors in the heart …

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Affordable HousingDevelopmentFloridaNews

Wendover Breaks Ground on $27.6M Hawthorne Park Affordable Community in Orlando

by Jeff Shaw

ORLANDO — Wendover Housing Partners has broken ground on Hawthorne Park, an affordable seniors housing community in Orlando’s Pine Hills neighborhood. The 120-unit development will replace a run-down shopping center and become the new anchor for the neighborhood’s town center. Hawthorne Park will serve as one of the key projects in the Pine Hills Neighborhood Improvement District – an initiative to revitalize the area and its working-class community of more than 60,000 residents. “The Pine Hills neighborhood has an enormous opportunity for revitalization and Hawthorne Park will be a great …

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Affordable HousingDevelopmentNew JerseyNews

Walters Starts Construction of Cornerstone at Greentree Affordable Community in Marlton, New Jersey

by Jeff Shaw

MARLTON, N.J. — Walters has started construction of Cornerstone at Greentree, an affordable seniors housing community in Marlton, approximately 15 miles east of Philadelphia. The 68-unit project, which is being built on 2.3 acres, is slated for completion in the first quarter of 2021. The four-story building consists of one- and two-bedroom residences leased exclusively to residents over age 55 whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. Designed …

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Affordable HousingDevelopmentNewsTexas

Gardner Capital Breaks Ground on Gala at Central Park Affordable community in Hurst, Texas

by Jeff Shaw

HURST, Texas — Gardner Capital has broken ground on Gala at Central Park, an affordable seniors housing community in the Fort Worth suburb of Hurst. The 94-unit senior complex, with a mix of one- and two-bedroom apartments, will include a three-story residential building and a two-story clubhouse with a variety of resident amenities. Construction in slated for completion in early 2022. Treymore Construction will serve as general contractor for the project. Hurst Public Facility Corp. is the development partner, while NDC Corporate and Redstone are the financial partners for the …

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Affordable HousingDevelopmentFloridaNews

Alliant Capital Building $12.5M Deer Creek Senior Affordable Community in Gainesville, Florida

by Jeff Shaw

GAINESVILLE, Fla. — Alliant Capital has started construction of Deer Creek Senior, a 62-unit affordable seniors housing community in Gainesville. Units will be reserved for residents over age 62 earning up to 60 percent of the area median income. Four units are reserved specifically for those who are homeless, survivors of domestic violence or persons with disabilities. The project is receiving $12.5 million in financing via 9 percent Low Income Housing Tax Credits. It is scheduled for completion in December 2021. Alliant Capital is working with Rural Neighborhoods on the …

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