Development

Affordable HousingDevelopmentNew YorkNews

Olshan Properties, O’Connor Capital Partners Break Ground on 221-Unit Parkchester Gardens in the Bronx

by Jeff Shaw

NEW YORK CITY — A partnership led by Olshan Properties and O’Connor Capital Partners — in conjunction with New York City’s Housing Development Corporation (HDC) and Department of Housing Preservation and Development (HPD) — has begun construction on a new 221-unit affordable seniors housing development in the Parkchester section of the Bronx. The development, which will be called Parkchester Gardens, is scheduled for completion by mid-year 2023. Financing for the construction of Parkchester Gardens was sourced through a combination of public and private entities. The New York City HDC provided …

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DevelopmentGeorgiaNews

Independent Living, Assisted Living Community Underway in Jasper, Georgia

by Jeff Shaw

JASPER, Ga. — Construction has begun on The Lodge at Stephens Lake, a seniors housing community in Jasper, a small city in the North Georgia Mountains. The developer was not disclosed. The community is slated to open in spring 2022. When completed, the it will feature 70 independent living cottages as well as 86 apartments for assisted living and memory care. The active adult section of the community, Grandview at Gateway, features 106 homes for sale and a 4,000-square-foot clubhouse. Residents will begin to move into the homes by the …

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ArkansasDevelopmentFinanceNews

Twain Financial Partners Provides $11M in Ground Lease Capital for Senior Living Development in Little Rock

by Jeff Shaw

LITTLE ROCK, Ark. — Twain Financial Partners has provided $11 million in ground lease capital to The Summit, a senior living community in Little Rock. O’Reilly Development Co. is developing the property, which will feature 96 independent living units, 44 assisted living units and 18 memory care units. O’Reilly is a real estate investment and development firm specializing in historic preservation, seniors housing, affordable housing, multifamily and student housing communities.

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Affordable HousingDevelopmentNewsWashington, D.C

DHCD Provides Construction Financing for 54-Unit Affordable Seniors Housing Project in D.C.

by Jeff Shaw

WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Ward 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility. The project also received a $1.1 million allocation of 9 percent Low-Income Housing Tax Credits (LIHTC) from DHCD. The project will …

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DevelopmentNewsTennessee

Bridgewood Acquires Land in Nashville, Plans to Develop Luxury Seniors Housing Community

by Jeff Shaw

NASHVILLE, Tenn. — Bridgewood Property Co., a Houston-based developer of senior living properties, has acquired land in Nashville for the development of a mid-rise, luxury retirement community. With guidance and input from zoning counsel; Tune, Entrekin & White PC; the Metropolitan Planning Department; and local neighborhood groups, the property received zoning approval in February 2021 to build 205 senior living units within a 12-story facility. The new Bridgewood community in the city’s Green Hills neighborhood will offer independent living, assisted living and memory care residences and will be located close …

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DevelopmentIllinoisNews

Holland Construction Completes $39M Keystone Place at Richland Creek in O’Fallon, Illinois

by Jeff Shaw

O’FALLON, Ill. — Holland Construction Services has completed work on the new Keystone Place at Richland Creek Senior Living Development in O’Fallon, a suburb of St. Louis. The four-story, $39 million development features 64 independent living units, 66 assisted living units and 19 memory care units, plus one guest suite. It is located on a five-acre plot. The 170,000 square-foot development was constructed adjacent to Parkway Lakeside Apartments, which Holland completed several years ago.

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DevelopmentMassachusettsNews

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

by Jeff Shaw

MEDWAY, Mass. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.

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Assisted LivingDevelopmentNewsTexas

Spectra Properties Plans 118-Unit Worthington Manor in Conroe, Texas

by Jeff Shaw

CONROE, Texas — Spectra Properties has started construction of Worthington Manor at the Lakes of Wedgewood in Conroe. Insight Senior Living will manage the property upon completion, which is scheduled for November. At more than 135,000 square feet, the community is situated on 26 acres and will include 72 assisted living apartments and 46 memory care units. The development was funded in part by the U.S. Housing and Urban Development (HUD) Federal Housing Administration (FHA).

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Jeff Rodman seniors affordable housing
Affordable HousingContent PartnersDevelopmentFeaturesFinanceIllinoisIndustry ContentM&T Realty Capital CorporationTexas

MTRCC’s Affordable Housing Expansion Anticipates Seniors Housing Opportunities

by Sarah Daniels

Concerns about real estate distress have primarily focused on retail and hospitality properties, both of which have most visibly borne the brunt of COVID-19 state and local lockdowns. Yet, arguably, seniors housing has suffered just as severe a blow, say Matthew Pipitone and Jeff Rodman, program managers for M&T Realty Capital Corp. (MTRCC), the commercial mortgage banking subsidiary of M&T Bank. Not only have seniors housing residents been restricted from having guests and seeing family members, but owners and operators have been tasked with finding ways to continue caring for …

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Affordable HousingDevelopmentFinanceKeyBankNewsPennsylvania

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Jeff Shaw

CANONSBURG, Pa. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team …

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