Thursday, November 21, 2024
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Development

Plano, Texas Hotel Property
Assisted LivingDevelopmentFinanceMemory CareNewsTexas

Eastern Union Secures $20.4M Financing for Assisted Living Conversion Project in Plano, Texas

by Hayden Spiess

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022.  Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing …

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Residences-Mill-8_Ludlow-Mass
Affordable HousingDevelopmentMassachusettsNews

WinnCos., Westmass Open 95-Unit Mixed-Income Seniors Housing Community in Ludlow, Massachusetts

by Hayden Spiess

LUDLOW, Mass. — WinnCos. and Westmass Area Development Corp. have opened The Residences at Mill 8, a 95-unit mixed-income seniors housing community. Situated within a former mill building, the $43.2 million project features apartments for residents age 55 and older, with 43 units reserved for residents earning at or below 60 percent of the area median income (AMI), 40 market-rate units and 12 units reserved for residents earning at or below 30 percent of the AMI. All of the units have been leased, and full occupancy is expected by Dec. 1.  …

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Kevin Giusti Walker & Dunlop quote on seniors from article
Active AdultAffordable HousingAssisted LivingCCRCContent PartnersDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory Care

With Seniors Housing Positioned for Growth, Financing Activity Begins to Stir

by Sarah Daniels

Slowly but surely, the performance of seniors housing assets is improving. While rent growth in 2022 in the sector represented a period of catch-up after the pandemic stymied the ability of operators to raise lease rates, continuing rent increases in 2023 began contributing to more meaningful net operating income recovery, according to Walker & Dunlop’s recently released Senior Housing Outlook report. Now, seniors housing owners are positioned for a sustained period of significant revenue expansion amid improving occupancy and a shortfall of new inventory, reports the Bethesda, Maryland-based commercial real …

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Caravel_Columbus-Ohio
Affordable HousingDevelopmentFinanceNewsOhio

KeyBank Arranges $93M in Construction Financing for Affordable Seniors Housing Development in Columbus, Ohio

by Hayden Spiess

COLUMBUS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has arranged a total of $93 million in construction financing for a new affordable seniors housing community in Columbus.  Dubbed The Caravel, the community will feature 234 units for residents age 55 and older who earn at or below 50, 60 and 70 percent of the area median income (AMI). Of the garden-style apartments, 25 will be fully accessible, and all units will be adaptable for residents with ADA needs.  KeyBank provided a $43.3 million construction loan and $23.8 million in …

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Clearfield Apartments in Philadelphia
Affordable HousingDevelopmentFinanceNewsPennsylvania

Berkadia Secures $13.6M Financing for Affordable Seniors Housing Development in Philadelphia

by Channing Hamilton

PHILADELPHIA — Berkadia has secured a $13.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the development of Clearfield Apartments, a 48-unit affordable seniors housing community in Philadelphia’s Allegheny West neighborhood.  Chris McGraw, senior vice president based in Berkadia’s Charlotte, N.C. office, secured the equity investment on behalf of the sponsor, NewCourtland.  When completed, Clearfield Apartments will consist of 48 one-bedroom units in one four-story, elevator-serviced building serving seniors age 62 and above. All 48 units will operate under a project-based rental subsidy through the Faircloth-to-Rental Assistance Demonstration (RAD) program. …

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Novum Capitol View in Austin, Texas
Active AdultDevelopmentNewsTexas

AOG Living Breaks Ground on 168-Unit Active Adult Community in Austin, Texas

by Channing Hamilton

AUSTIN, Texas — AOG Living has broken ground on Novum Capitol View, a 168-unit active adult project in Austin. Scheduled for completion in late 2025, the property will offer studio, one- and two-bedroom units for residents ages 55 and older. Amenities will include weekly programming and activities, a saltwater pool, dog park, putting green, community gardens, a grilling station, yoga and aerobics room, hair and nail salon, fitness center, multi-purpose activity room and theater and game lounge. AOG Living will manage the community. CBRE arranged construction financing for the development …

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Affordable HousingCaliforniaDevelopmentNews

DHI Hellenic Apartments Completes Rehabilitation of Affordable Housing Community for Seniors in Sacramento, California

by Channing Hamilton

SACRAMENTO, Calif. — DHI Hellenic Apartments L.P., a California-based limited partnership, has completed the renovation and rehabilitation of Hellenic Senior Apartments, an affordable senior’s housing property in the Pocket-Greenhaven area of Sacramento. Renovations included replaced roofs and siding, new energy-efficient systems and updates to common areas such as the clubhouse, leasing office and laundry facilities. All 70 units received new windows, sliding glass doors, energy-efficient appliances, dishwashers, modern kitchen cabinets and countertops. Fourteen units were upgraded to be fully ADA compliant, and several units received additional modifications to accommodate residents …

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Residences on Lincoln Square in Worcester, Massachusetts
Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment, WNC Break Ground on Affordable Housing Project in Worcester, Massachusetts

by Channing Hamilton

WORCESTER, Mass. — WinnDevelopment and WNC & Associates (WNC) have begun construction on The Residences on Lincoln Square, an affordable seniors houising community, located in downtown Worcester. The developers are preserving and converting the historic three-story Lincoln Square Boys Club building into 16 affordable housing units, while also constructing an adjacent five-story building with an additional 64 units.  A single-story glass enclosure will connect the buildings via the ground floor, allowing residents access between the two buildings. The 80-unit development for seniors age 55 and above is scheduled for completion in …

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Connect55+ Manchester in Manchester, Connecticut
Active AdultConnecticutDevelopmentNews

Connect55+ to Open Active Adult Community this November in Manchester, Connecticut

by Channing Hamilton

MANCHESTER, Conn. — Connect55+ Manchester, an active adult community located about 10 miles east of Hartford, Conn., will host a grand opening in November. The community has received its certificate of occupancy, and the property management team has begun leasing efforts. Details of the grand opening had not been finalized as of this writing. Connect55+ Manchester offers 128 one- and two-bedroom apartments. All units will have either a private patio or a private balcony. The property’s amenities include a movie theater, fitness center, library with a fireplace, spacious community center, …

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DevelopmentIndustry Voices

Create Community with Senior Cottages

by Jeff Shaw

By Carl Malcolm, AIA As the senior population in the United States continues to grow, the demand for innovative and community-focused housing solutions rises. According to the U.S. Census Bureau, the number of Americans age 65 and older is projected to reach 80 million by 2040, nearly doubling from the current figure of 47 million. This demographic shift has prompted developers and architects to rethink traditional senior living models, with a particular emphasis on a sense of community and social engagement.  One housing option gaining traction is the concept of …

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