JOHNSBURG, Ill. — Joseph J. Duffy Co. is set to begin the conversion of the former James C. Bush Elementary School into a 68-unit affordable seniors housing project in Johnsburg, about 60 miles northwest of Chicago. General Capital Group is the developer and Hooker DeJong Architects Inc. is the project architect. Oakbrook Corp. will manage the property, which is reserved for residents age 55 and older. Duffy will convert the administration and gym areas of the existing, one-story school into 14 apartment units, resident support facilities and office space. The …
Affordable Housing
HONOLULU — Coastal Rim Properties has purchased a 12,842-square-foot land parcel in downtown Honolulu from an affiliate of Next Realty for an undisclosed price. The buyer plans to develop a 20-story affordable seniors housing tower on the property, which is located at 1192 Alakea St. The site currently houses a vacant parking lot. Steven Sofos of Sofos Realty Corp. represented the seller. Matt David and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego provided advisory services for the transaction.
Beacon Communities Plans 55-Unit Expansion at Old Colony Affordable Community in Boston
by Jeff Shaw
BOSTON — Beacon Communities Development has unveiled plans for a 55-unit expansion of The Anne M. Lynch Homes at Old Colony, an affordable housing property in South Boston. Designed by The Architectural Team (TAT), units in the expansion will be reserved for low-income seniors. The property is also being built the Passive House energy-saving standards. “Leading developers of affordable and workforce housing are employing Passive House standards to benefit from their lower ongoing operating costs, healthier interior environments for residents, and a growing number of incentives from states and cities,” …
Walker & Dunlop Arranges $10.1M in Financing for Affordable Redevelopment Project in Washington, D.C.
by Jeff Shaw
WASHINGTON, D.C. — Walker & Dunlop has structured $10.1 million in construction and permanent financing for Spring Flats. The project calls for the redevelopment of a historic property known as The Hebrew Home, located in the Petworth neighborhood of Northwest Washington, D.C. The development caters primarily to seniors and low-income residents. Development costs are estimated at $59 million. Originally constructed in 1925, The Hebrew Home served as a nursing home until 1968, when the city purchased the property and converted it into a community health center. The asset has been vacant …
NEW YORK CITY — Home Street Partners has completed construction of Home Street Residences, an affordable housing community in the Bronx The 75,000-square-foot building rises eight stories in the Foxhurst neighborhood. Of the 63 apartments, 30 percent are reserved for homeless seniors. Units average 550 square feet. Body Lawson Associates designed the property. Bronx Pro Group is the operator, and DreamYard designed the programming. Approximately 50,000 people have already applied for an apartment, according to Body Lawson Associates.
Highridge Costa, SVA Architects Plan Twin Oaks Affordable Community in Oakley, California
by Jeff Shaw
OAKLEY, Calif. — Highridge Costa Development Co. and SVA Architects Inc. have released plans for Twin Oaks Senior Residence, a mixed-use project in Oakley, located between Sacramento and the Bay Area. The three-story community will feature 98 one-bedroom and 32 two-bedroom units for people age 62 and older. Units are reserved for those earning between 50 percent and 80 percent of the area median income. The project will also include 5,667 square feet of street-fronting commercial space, 188 parking spaces and over 63,000 square feet of open space on the …
PALM COAST, Fla. — Atlantic Housing Partners has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. …
Mogharebi Group Arranges $15.5M Sale of Cinnamon Ridge Affordable Community in Ontario, California
by Jeff Shaw
ONTARIO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Cinnamon Ridge, a 101-unit affordable seniors housing community in Ontario, a city east of Los Angeles. Built in 1989, Cinnamon Ridge Apartments totals 48,520 rentable square feet on a 2.3-acre site. Residents must be over age 55 and meet income requirements. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Southern California-based investor. Another private investor based in Southern California bought the asset for $15.5 million in a 1031 exchange. “Cinnamon Ridge Apartments is an affordable, …
Health, socialization and transportation are top on seniors’ ‘want’ lists for a new home. By John R. Williams, Avanath Capital Management There is a renaissance underway in the seniors housing industry. Today’s seniors are more active and engaged than ever before and are requesting amenities and services that aid in keeping them energetic, healthy and involved. These amenities extend far beyond standard fitness centers or aerobics classes and incorporate programming and services that encourage healthier, dynamic lifestyles that allow residents to age in place. This is important for investors and …
WICHITA, Kan. — KeyBank Community Development Lending and Investment (CDLI) has secured $10 million of construction and permanent financing for an affordable seniors housing property in Wichita. The borrower is Denver-based Steele Properties, which will use the funds to acquire and renovate Shadyway Plaza. The community was built in 1979 and features 100 one-bedroom apartments in a seven-story building. All units are reserved for seniors and disabled resident earning up to 60 percent of area median income. Monroe Group Ltd., Steele Properties’ sister company, will manage the property, which is …