VIERA, Fla. — ConcordRENTS has started construction of Venue at Viera Senior Living Apartments, a 145-unit affordable seniors housing community in Viera, a master planned community centrally located on Florida’s Space Coast near the City of Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income. Development costs for the four-story building were estimated at $32 million. Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million …
Affordable Housing
LAWRENCEVILLE and DACULA, Ga. — KeyBank Real Estate Capital (KBREC) has secured $50 million of fixed-rate Freddie Mac financing for Dominium, a developer and manager of affordable housing. The twin $25 million loans will be used for the construction of two affordable seniors housing communities — Grayson Ridge Apartments in Lawrenceville and The Preserve at Peachtree Shoals in Dacula, both suburbs of Atlanta. Both four-story, garden-style properties will each contain 240 units for residents age 55 and older. The unit mix for both will consist of 124 one-bedroom units, 100 …
Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing
by Jeff Shaw
AUBURN, Mass. — Pennrose has closed on financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will turn the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of a new expansion. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Comprising a mix of studio, one-bedroom and two-bedroom apartments, 80 percent of the …
MAYWOOD, Ill. — Evergreen Real Estate Group has completed $7 million in renovations to Garden House of Maywood, a 144-unit affordable seniors housing community in the western Chicago suburb of Maywood. Housing and Human Development Corporation (HHDC) acquired the 10-story building in 2018 using tax credits to help fund capital improvements. Evergreen has managed since 2017, and Evergreen Construction Co. managed the nine-month project. The phased renovations allowed residents to remain in their homes during construction. All residential units were updated with new windows and window treatments. Sinks, cabinetry, countertops, …
BOCA RATON, Fla. — Fairstead has acquired Gould House, a 101-unit Section 8 housing development for the elderly in Boca Raton. The property is located on the 100+ acre Jewish Federation of South Palm Beach County Campus. While the seller and price were not disclosed, Fairstead did unveil plans for a $6 million rehabilitation of the entire complex. The project will include new kitchens, baths, lighting, HVAC, flooring and windows for all apartments, as well as common area improvements to the physical plant, security systems, grounds, lobbies, community room and …
ORANGE CITY, Fla. — ConcordRENTS has scheduled a late summer grand opening for Parc Hill Senior Living Apartments, a $15 million affordable seniors housing community in Orange City. Located approximately 30 miles north of Orlando, Parc City features 88 apartments for those making between 40 percent and 80 percent of the area median income.. Floor plans at the four-story building include one-bedroom, two-bedroom and two-bedroom-with-den options. Funding for Parc Hill Senior Living comes from $7.5 million in tax-exempt bonds issued by the Housing Finance Authority of Volusia County, $5.78 million …
KAPOLEI, Hawaii — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans. Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential towers with ground-level retail and commercial space. Communities amenities include a community meeting room, picnic area …
MULVANE, Kan. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The general partner is Homestead Affordable Housing. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed. LK Architecture LLC designed the community, which will be restricted to residents 62 or older earing up to 80 percent of the area median income …
Hunt’s $166M Herndon Square Mixed-Use Project in Downtown Atlanta to Include Affordable Seniors Housing
by Jeff Shaw
ATLANTA — Hunt Development Group has started construction of Phase I of Herndon Square, a 12-acre, mixed-use project in downtown Atlanta. Upon full build-out, the project will feature 700 residential units, 40,000 square feet of retail space and 20,000 square feet of community space open to the general public. The site is located on Northside Drive, approximately one mile north of Mercedes-Benz Arena, Philips Arena, Centennial Olympic Park and the other attractions in the heart of the city. The project, a redevelopment of the former Herndon Homes affordable community, will …
LUNENBURG, Mass. — Boston Capital has invested in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, a small town north of Worcester. The developer is Great Bridge Properties. Residents must be age 55 or older and earn 80 percent or less of the area median income (AMI). Forty-eight units are reserved for seniors earning 60 percent or less of AMI and eight units are for seniors earning 30 percent of less of AMI. Ten percent of the units are reserved for those currently homeless. Located …