Sunday, April 27, 2025
Read the Magazine Subscribe

Affordable Housing

Affordable HousingContent PartnersFeaturesFinanceFloridaIndustry ContentM&T Realty Capital CorporationOregonWashington

How One Lender is Expanding to Meet the Evolving Needs of Seniors Housing Borrowers

by Sarah Daniels

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentFinanceNew JerseyNews

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentGeorgiaNews

McShane Starts Construction of 238-Unit Affordable Housing Community Near Atlanta

by Jeff Shaw

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- …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisNews

Evergreen Breaks Ground on $81M Ravenswood Hospital Redevelopment Project in Chicago

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingNewsPennsylvania

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.

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingMarylandNews

Greysteel Negotiates $10.2M Sale of a 80-Unit Affordable Community in Maryland

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentInvestmentMaineNews

Boston Capital Invests in 61-Unit Affordable Community in Maine

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingFloridaNews

Lincoln Avenue Capital Acquires 196-Unit Affordable Community in Miami

by Jeff Shaw

MIAMI — Lincoln Avenue Capital (LAC) has acquired Brownsville Transit Village I and II, a mid-rise, two-building affordable housing complex in Miami’s Brownsville neighborhood. The first building features 96 units available to any age, while the second features 100 units reserved for independent seniors. The purchase price was not disclosed. Both properties are part of a larger campus of affordable apartment buildings that were built in 2012, encompassing almost 500 affordable housing units plus ground-floor retail. The development is transit-oriented, located near the Metrorail Green Line station, with easy access …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingFinanceMassachusettsNews

Hunt Real Estate Capital Funds $7.8M Refinancing for Emanuel Village Apartments in Worcester, Massachusetts

by Jeff Shaw

WORCESTER, Mass. — Hunt Real Estate Capital has provided a $7.8 million loan to refinance Emanuel Village Apartments, an affordable seniors housing community in Worcester. The community features 75 units reserved for the disabled and those over age 62 who meet certain income restrictions. The community was initially developed in 1991 on a 3.8-acre parcel under the Section 202 program. The Section 202 financing was retired in 2005 with a refinance under the Section 223(f) program, and that loan was retired when the borrower acquired the asset. The new Section …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingCaliforniaDevelopmentInvestmentNews

Alliant Capital Invests in Blue Mountain Terrace Affordable Development Near Sacramento

by Jeff Shaw

WINTERS, Calif. — Alliant Capital has completed an investment in Blue Mountain Terrace, a 63-unit affordable seniors housing development in Winters, a rural city approximately 25 miles west of Sacramento. Domus is developing the community, which will serve those age 62 and older earning between 25 and 60 percent of the area median income. The size of Alliant’s investment was not disclosed. “California’s demand for affordable housing is high statewide,” says Dudley Benoit, executive vice president at Alliant Capital. “In particular, the need for quality housing for low-income seniors is …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts