MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable senior housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a Project-Based Section 8 HAP contract. The borrower is Trinity Limited Partnership. The property will receive $6.7 million ($56,000 per unit) in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized Low Income Housing Tax …
Affordable Housing
Mountain West Commercial Brokers Sale of Seniors Housing Development Site in Ogden, Utah
by Jeff Shaw
OGDEN, Utah — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.
Wendover Housing Partners Plans $15.9M Norton Commons Affordable Community Near Orlando
by Jeff Shaw
SANFORD, Fla. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rent for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in Low-Income Housing Tax …
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How One Lender is Expanding to Meet the Evolving Needs of Seniors Housing Borrowers
If they haven’t already, it may be time for investors to reject the notion that seniors housing is a niche asset class. To meet surging demand for the properties brought on by the aging baby boomer population, sophisticated owners have spent years building modern, amenity-rich properties that feel like home, a far cry from 20th century versions of the model, which were often bare-boned and sterile environments. Despite the complex nature of underwriting healthcare operators, the number of lenders serving seniors housing developers has ballooned over the years given the …
Love Funding Provides $55.6M in HUD Financing for Multigenerational Development in New Jersey
by Jeff Shaw
PATERSON, N.J. — Love Funding has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartment, both in Paterson. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. The Housing Authority of the City of Paterson and other third-party providers will offer social services at the property. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing …
STONECREST, Ga. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55 meeting income maximums. “There’s a nationwide shortage of affordable housing that extends into the senior living market,” says Scott Hoppa, senior vice president of McShane’s Southeast region. Units will be offered in one- to three-bedroom configurations with one-, 1.5- …
CHICAGO— Evergreen Real Estate Group and the Chicago Housing Authority (CHA) have started construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on Chicago’s North Side. The $81 million project will convert the former 10-story Ravenswood Hospital — which was built in 1974 and has been vacant since 2002 — into affordable rental units. The property will total 74 independent living apartments for low-income residents and 119 units under the Illinois Supportive Living program, which allows government reimbursement for assisted living services. While the …
Dane Real Estate Negotiates $19.1M Sale of York Towne House Affordable Community in Pennsylvania
by Jeff Shaw
YORK, Pa. — Dane Real Estate has arranged the sale of York Towne House, an affordable seniors housing community in York, approximately halfway between Harrisburg and Baltimore. The price was $19.1 million. Neither the buyer nor the seller were disclosed. The 10-story building was constructed in 1979 and features 201 units. All apartments are reserved for the elderly under the Section 8 program. Heidi Burkhart of Dane Real Estate arranged the transaction.
WALKERSVILLE, Md. — Greysteel has arranged the sale of Victoria Park at Walkersville, an 80-unit affordable seniors housing community in the Western Maryland town of Walkersville. Osprey Property Cos. sold the property to an undisclosed buyer for $10.2 million. The community was constructed in 2008 using Low-Income Housing Tax Credits. Residents must be at least 62 years old and meet low-income requirements. According to Greysteel, it is both the only seniors housing and affordable housing in Walkersville. Ari Firoozabadi, Henry Mathies and Fletcher Hultman from the Greysteel’s Washington, D.C. office …
WESTBROOK, Maine — Boston Capital has invested in the development of Robert L. Harnois Apartments, a 61-unit affordable housing development for seniors in Westbrook, a suburb of Portland. The general partner is Westbrook Development Corp., based in Westbrook. Robert L. Harnois Apartments will serve seniors ages 62 or older earning 60 percent or less of the area median income (AMI). The five-story property is located near public transportation, a retail center and supportive services. Robert L. Harnois Apartments is Phase II of the adjacent Larabee Village, a 150-unit seniors housing …