Development

Affordable HousingDevelopmentNewsNorth Carolina

Hunt Capital Partners, Durham Housing Authority Plan Redevelopment of J.J. Henderson Senior Apartments in North Carolina

by Jeff Shaw

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a …

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Affordable HousingDevelopmentNewsSouth Carolina

Progess Carolina Completes 101,583 SF Guardian Angel Villa Affordable Community in Charlotte

by Jeff Shaw

CHARLOTTE, S.C. — Progress Carolina, as general contractor, has obtained the certificate of occupancy for its latest project, Guardian Angel Villa, an affordable seniors housing community in Charlotte. Project partners include Douglas Development, Schaumber Development and the Catholic Diocese of Charlotte. The 101,583-square-foot community sits on 4.4 acres and totals 81 units.

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Affordable HousingCaliforniaDevelopmentNews

Vendaval Plans 400-Unit Affordable Community in Moreno Valley, California

by Jeff Shaw

MORENO VALLEY, Calif. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail …

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DevelopmentIllinoisNews

Spectrum Retirement Opens 180-Unit Silver Glen Senior Living in South Elgin, Illinois

by Jeff Shaw

SOUTH ELGIN, Ill. — Spectrum Retirement Communities has opened Silver Glen Senior Living, a 180-unit independent living, assisted living and memory care community in South Elgin, approximately 35 miles west of Chicago. With COVID-19 restrictions and precautions still in place, the community is hosting a virtual and drive-by Grand Opening event on March 20. The first residents have already moved in.

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Affordable HousingDevelopmentNew YorkNews

Merchants Capital Arranges $78.4M in Financing for Affordable Redevelopment of Manhattan’s Park 79 Hotel

by Jeff Shaw

NEW YORK CITY — Mortgage banking company Merchants Capital has closed a $51 million construction loan and a $28.4 million in Low-Income Housing Tax Credits (LIHTC) to fund an affordable housing project in Manhattan’s Upper West Side. The project, a redevelopment of the historic Park 79 Hotel, comprises the largest 9 percent LIHTC allocation in New York City history, according to Merchants. The borrower and project developer is Fairstead. Renovations to the original hotel, which first debuted in 1899 as “The Indiana,” will create 77 affordable residences for very-low-income seniors in the heart …

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Affordable HousingDevelopmentFloridaNews

Wendover Breaks Ground on $27.6M Hawthorne Park Affordable Community in Orlando

by Jeff Shaw

ORLANDO — Wendover Housing Partners has broken ground on Hawthorne Park, an affordable seniors housing community in Orlando’s Pine Hills neighborhood. The 120-unit development will replace a run-down shopping center and become the new anchor for the neighborhood’s town center. Hawthorne Park will serve as one of the key projects in the Pine Hills Neighborhood Improvement District – an initiative to revitalize the area and its working-class community of more than 60,000 residents. “The Pine Hills neighborhood has an enormous opportunity for revitalization and Hawthorne Park will be a great …

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Active AdultDevelopmentMissouriNews

St. Andrew’s Resources Breaks Ground on $23M Active Adult Community in Missouri

by Jeff Shaw

EUREKA, Mo. — St. Andrew’s Resources for Seniors System has broken ground on Summerville of St. Andrew’s, an active adult community in Eureka, approximately 30 miles southwest of St. Louis. The $23 million development is situated adjacent to its sister community, St. Andrew’s at Francis Place. The neighborhood-style development will feature 96 one- and two-bedroom units spread across 24 fourplex cottages. The “pocket neighborhoods,” each built around a central common space, will have front porches and walking paths that connect households. A neighborhood clubhouse and bar will offer communal dining …

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Affordable HousingDevelopmentNew JerseyNews

Walters Starts Construction of Cornerstone at Greentree Affordable Community in Marlton, New Jersey

by Jeff Shaw

MARLTON, N.J. — Walters has started construction of Cornerstone at Greentree, an affordable seniors housing community in Marlton, approximately 15 miles east of Philadelphia. The 68-unit project, which is being built on 2.3 acres, is slated for completion in the first quarter of 2021. The four-story building consists of one- and two-bedroom residences leased exclusively to residents over age 55 whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. Designed …

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Assisted LivingDevelopmentNewsVirginia

Watercrest, Harbert Break Ground on 98-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II have broken ground on Watercrest Richmond Assisted Living and Memory Care in Richmond. Trustmark Bank provided financing and EMJ Corp. is providing construction services for the 98-unit luxury senior living community. Completion is scheduled for summer 2022. Watercrest Richmond will feature 76 assisted living and 22 memory care apartments.

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DevelopmentFinanceMinnesotaNews

Axial Receives Financing for Willows Bend Redevelopment Project in Fridley, Minnesota

by Jeff Shaw

FRIDLEY, Minn. — Axial Real Estate Advisors, in partnership with United Properties and Ivy Properties, has received acquisition and development financing for Willows Bend Senior Living, a seniors housing project in Fridley, a northern suburb of Minneapolis. Willows Bend will be a 136-unit, four-story building with underground parking. Ebenezer Management Services, a division of Fairview Health System, will operate the community upon completion. Groundbreaking is scheduled for later this month, with an anticipated opening in summer 2022. The site, measuring 2.67 acres, is the former home of Fridley City Hall, …

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