In the Nov. 4 Seniors Housing Business webinar “Seniors Housing Middle Market Conundrum — Development Challenges in Today’s Environment,” panelists Craig Abbott and Mike Edwin of Health Dimensions Group weighed in on the challenges of developing products for the middle market. They describe demographic and development trends, plus strategies to meet changing needs. “The pandemic exacerbated the development challenges for those in the middle market by bringing with it higher retail and labor costs, higher costs of operations due to regulatory requirements of disease and infection management, PPU increases, as well as other …
Affordable Housing
VIRGINIA BEACH, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. This acquisition and renovation represents an investment of approximately $22 million and includes capital improvements at the 186-unit property. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. “Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for …
Evergreen, CJE SeniorLife Break Ground on $25M Affordable Community in Evanston, Illinois
by Jeff Shaw
EVANSTON, Ill. — Evergreen Real Estate Group and CJE SeniorLife have started construction of Evanston Senior Housing, a 60-unit affordable seniors housing community approximately 12 miles north of downtown Chicago in Evanston. The four-story, 73,017-square-foot building will be located next to the existing CJE SeniorLife Adult Day Services center. 1015 Howard LP, a partnership that includes CJE SeniorLife, Evergreen and U.S. Bancorp Community Development Corp., will own the property upon completion. Development costs are estimated at $25 million. “It is unusual to have affordable senior housing and support services paired …
RANCHO CUCAMONGA, Calif. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement …
MIAMI — Integra Investments, through its affordable housing development affiliate Interurban, has broken ground on Mosaico, a 271-unit affordable seniors housing project in Miami’s Allapattah neighborhood. Interurban is developing Mosaico in partnership with Elderly Housing Development & Operations Corp. (EHDOC), an affordable seniors housing nonprofit. Slated for delivery in 18 months, Mosaico is situated on a 1.2-acre site. The 13-story project will include 179 one-bedroom units and 92 oversized studio units, with four townhome units lining the southern perimeter. CC Hodgson Architectural Group designed the project. The development was financed …
Lument Provides $8M in Freddie Mac Financing for Affordable Housing Conversion in Delaware
by Jeff Shaw
MIDDLETOWN and SMYRNA, Del. — Lument has provided an $8 million Freddie Mac unfunded forward commitment loan to the Delaware State Housing Authority (DSHA). The permanent financing will pay off construction and renovation debt for a portfolio of three properties. The 106-unit portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. The three properties will convert from public housing to Section 8-assisted …
M&T Realty Capital Provides $17.1M Acquisition Loan for Cascades Village in Sterling, Virginia
by Jeff Shaw
STERLING, Va. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill …
Woda Cooper Starts Construction of 50-Unit Center Crossing Affordable Community in Hickory, North Carolina
by Jeff Shaw
HICKORY, N.C. — Woda Cooper Cos. has started construction of Center Crossing, a 50-unit affordable housing community for seniors in Hickory, 50 miles northwest of Charlotte. The property will be near the city’s downtown Union Square and close to many shopping, dining and cultural opportunities, plus various medical facilities and public offices. Center Crossing will serve seniors age 55 and older who earn up to 80 percent of area median income (AMI) with some units reserved for those at 40 percent, 50 percent and 60 percent AMI. The four-story, elevator-serviced …
Hunt, Envolve Receive $5.2M in Financing for Affordable Community Rehabilitation in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Envolve Community Management LLC, has received $5.2 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Shady Oaks Manor. Located in Fort Worth, Texas, Shady Oaks Manor is an existing LIHTC development, offering 138 affordable housing units to seniors aged 62 years and older. All units benefit from a Section 8 project-based Housing Assistance Payments rental subsidy. Originally constructed in 1979, Shady Oaks Manor was rehabilitated in 2002 utilizing tax-exempt bonds and LIHTC. …
Eden Housing Opens Corsair Flats Affordable Community as Part of $1B Mixed-Use Project in Alameda, California
by Jeff Shaw
ALAMEDA, Calif. — Eden Housing, along with the City of Alameda and Alameda Point Partners, has opened Corsair Flats in Alameda, a suburb of Oakland. The new affordable residential community features 60 residential units for low-income seniors age 62 and up. It is the first of two affordable residential communities to be completed by Eden Housing at Alameda Point’s Site A. The $1 billion, mixed-use, transit-oriented, waterfront development is located on the site of the former Naval Air Station Alameda, which closed over 20 years ago. KTGY Architecture + Planning …