MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable senior housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a Project-Based Section 8 HAP contract. The borrower is Trinity Limited Partnership. The property will receive $6.7 million ($56,000 per unit) in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized Low Income Housing Tax …
Development
Mountain West Commercial Brokers Sale of Seniors Housing Development Site in Ogden, Utah
by Jeff Shaw
OGDEN, Utah — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.
RICHMOND, Va. — Cushman & Wakefield | Thalhimer has arranged the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care services. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the buyer.
LOS ANGELES — If you look hard enough, it’s easy to see seniors housing opportunities throughout the U.S. Leftover land, raw sites, office buildings and obsolete malls can all serve as promising locations, according to participants in the “Experts Analyze the Smartest Plays for Developers in 2020” panel. The discussion took place during France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. Though there was no one-size-fits-all approach to identifying development opportunities, panelist David Waite, partner at Cox, Castle & Nicholson, believes there are …
EVANSTON, Ill. — JLL has arranged construction financing and joint venture equity for Trulee Evanston, a 163-unit luxury seniors housing community in Evanston, just north of Chicago. Although the amount of the financing was not disclosed, the total development cost was estimated at $75 million. Construction is scheduled to start immediately. The borrower is a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living. A national bank provided the debt, while an institutional private equity fund manager provided the equity. Trulee Evanston will be …
VENICE, Fla. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, improved the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided …
CBRE Arranges Construction Financing for 100-Unit Clearwater Living Development Near Los Angeles
by Jeff Shaw
NORTH TUSTIN, Calif. — CBRE has arranged an undisclosed amount of financing for construction of Clearwater of North Tustin in Orange County. The borrower is a joint venture between Clearwater Living and an institutional investor. The development will feature 72 assisted living units and 28 memory care units on an infill, 7.5-acre plot. Within a one-mile radius of the property, average home values are over $1 million and incomes are over $192,000. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the non-recourse, five-year, floating-rate loan with full-term, interest-only …
Wendover Housing Partners Plans $15.9M Norton Commons Affordable Community Near Orlando
by Jeff Shaw
SANFORD, Fla. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rent for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in Low-Income Housing Tax …
NORTH PORT, Fla. — Civitas Senior Living and Experience Senior Living Development have started construction of The Gallery at North Port, a seniors housing community in the Sarasota County city of North Port. The three-story community will feature 79 independent living apartments, 28 independent living cottages, 66 assisted living units and 24 memory care units. The development is located across the street from the city’s downtown area. The community is slated to open in August 2021. OZ Architecture and Senior By Design designed the property, which Core Construction is building.