CATHEDRAL CITY, Calif. — National Community Renaissance (National CORE) has received $7.7 million in funding for planned renovations to Cathedral Palms Senior Apartment Homes in Cathedral City, approximately 120 miles east of downtown Los Angeles. The property is one of the organization’s oldest affordable housing communities. Ever since acquiring this community in 1996, National CORE has been developing plans to revitalize the 1950s-era development. “This renovation has been in the works for years,” says Steve PonTell, National CORE’s president and CEO. Funding sources for the redevelopment include the State of …
Development
CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have secured $31 million of financing for National Church Residences, which will use the funds to renovate an affordable seniors housing community in Cleveland. Built in 1976, the 171-unit Carnegie Tower at Fairfax is a 12-story, project-based Section 8 apartment building on two acres adjacent to the Cleveland Clinic. The units are available in one- and two-bedroom configurations. The project will preserve the building as affordable housing and ensure the long-term viability of the development. KBREC provided $14 …
The Paces Foundation Opens Brownsville Manor Affordable Community in Pensacola, Florida
by Jeff Shaw
PENSACOLA, Fla. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property features 88 one- and two-bedroom units and is over 80 percent leased. The units will benefit from state-of-the-art heating and cooling units, high-efficiency water heaters, as well as water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.
In spring of 2019, the National Investment Center for Seniors Housing & Care (NIC) released a research study showing that fewer than half (46 percent) of America’s middle-income seniors will be able to afford the $60,000 average annual costs of seniors housing and out-of-pocket medical expenses in 2029. The silver lining of the study was that seniors housing developers and operators could opt to build for this underserved market. About 18 months since the study was released, the dynamic hasn’t changed much, according to Michael Edwin, vice president with consulting …
Moss Construction to Build $120M Expansion at John Knox Village in Pompano Beach, Florida
by Jeff Shaw
POMPANO BEACH, Fla. — Moss Construction has been awarded a $120 million contract for an expansion at John Knox Village in Pompano Beach. The project will be divided into two phases and the first phase has started. The 37,117-square-foot project will consist of a first-level pavilion featuring a performing arts center, pre- and post-event gallery space, two restaurants with indoor and lakeside dining, a bar in between the two restaurants, a lakefront promenade and gathering spaces. The second phase is scheduled to start in the first quarter of 2022. The …
MAYFIELD HEIGHTS, Ohio — Anthology Senior Living, a new organization created by development firm CA Ventures, has opened Anthology of Mayfield Heights in the suburbs of Cleveland. The property features 180 units of independent living, assisted living and memory care in 164,000 square feet. “Our team has been operating several senior living communities in 11 states including Ohio since our launch as Anthology Senior Living in 2019,” says Benjamin Burke, president of Anthology Senior Living. HED designed the community.
Evergreen, CJE SeniorLife Break Ground on $25M Affordable Community in Evanston, Illinois
by Jeff Shaw
EVANSTON, Ill. — Evergreen Real Estate Group and CJE SeniorLife have started construction of Evanston Senior Housing, a 60-unit affordable seniors housing community approximately 12 miles north of downtown Chicago in Evanston. The four-story, 73,017-square-foot building will be located next to the existing CJE SeniorLife Adult Day Services center. 1015 Howard LP, a partnership that includes CJE SeniorLife, Evergreen and U.S. Bancorp Community Development Corp., will own the property upon completion. Development costs are estimated at $25 million. “It is unusual to have affordable senior housing and support services paired …
NOVATO, Calif. — Oakmont Senior Living has opened Oakmont of Novato in the San Francisco suburb of Novato Oakmont of Novato is the third Oakmont Senior Living community to be built and opened during the 2020 pandemic. The 72,614-square-foot community sits on nearly three acres and features 49 assisted living and 36 memory care apartments Oakmont of Novato is close to shopping, fine dining, and arts and entertainment.
RANCHO CUCAMONGA, Calif. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement …