DALLAS, ATLANTA and NASHVILLE — BWE has arranged three financings totaling over $60 million to build, renovate and provide permanent financing for three affordable multifamily housing properties. Jon Killough and John Roberts originated the Freddie Mac tax-exempt loans on behalf of the borrowers. In the first transcation, BWE arranged a $14.2 million loan for Villages at Carver in Atlanta. The borrower, an Atlanta-based developer and operator, will fund renovations and permanent financing for the 220-unit, mixed-income, garden-style apartment complex. The development houses a mix of one-, two-, three-, and four-bedroom …
LEISURE CITY, Fla. — Housing Trust Group (HTG) has started construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development. The eight-story property will feature 120 units reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in …
STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston. SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case …
ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …
SWEETWATER, Fla. — CREI Holdings, a development firm, has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, just west of Miami. Marc Suarez led the Lument team, which provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, the eight-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, …
Seniors housing acquisition and development is a costly business these days. Inflation has increased the price of construction materials, and wage pressures are driving up personnel costs. And after nearly two years of interest rate hikes to slow inflation, debt service on short-term construction and bridge loans is straining borrowers’ budgets and potentially threatening their ability to qualify for take-out financing when their properties reach stabilization. That is, if they can even source a long-term mortgage from increasingly risk-averse regional banks distracted by today’s market volatility, says Jason …
NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project includes some units reserved for seniors. The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and …
HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.
MIRAMAR, Fla. — Pinnacle has received $41.2 million in financing to start construction of Pinnacle at La Cabaña, a 110-unit affordable housing development for seniors in the Miami suburb of Miramar. Construction is scheduled to begin this January. Pinnacle at La Cabaña will consist of one- and two-bedroom apartments with enhancements to ensure adaptability for aging residents. Of the total units, 11 will be available for seniors earning up to 28 percent of the area median income and the remaining will be affordable to seniors earning up to 60 percent …
HALLANDALE BEACH and MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking …