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Affordable HousingDevelopmentNew YorkNews

Related Cos., Sterling Equities Break Ground on 2,500-Unit Willets Point Affordable Housing Project in Queens

by Jeff Shaw

NEW YORK CITY — Queens Development Group, a joint venture between Related Cos. and Sterling Equities, has broken ground on the first phase of a 2,500-unit affordable housing project in the New York City borough of Queens. The project includes some units reserved for seniors.  The project, named Willets Point, will be the city’s largest affordable housing development in 40 years, according to the joint venture. Wells Fargo has arranged a total of $360 million in financing for Phase I of the development, with a $236.5 million construction loan and …

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Affordable HousingDevelopmentNewsWest Virginia

Cornerstone Community Development Plans $51M Adaptive Reuse Project in Huntington, West Virginia

by Jeff Shaw

HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property.  The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources.  Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.

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Affordable HousingDevelopmentFinanceFloridaNews

Pinnacle Receives $41.2M in Financing for Affordable Development in Miramar, Florida

by Jeff Shaw

MIRAMAR, Fla. — Pinnacle has received $41.2 million in financing to start construction of Pinnacle at La Cabaña, a 110-unit affordable housing development for seniors in the Miami suburb of Miramar. Construction is scheduled to begin this January.  Pinnacle at La Cabaña will consist of one- and two-bedroom apartments with enhancements to ensure adaptability for aging residents. Of the total units, 11 will be available for seniors earning up to 28 percent of the area median income and the remaining will be affordable to seniors earning up to 60 percent …

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Affordable HousingDevelopmentFloridaNews

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

by Jeff Shaw

HALLANDALE BEACH and MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking …

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Assisted LivingDevelopmentNew JerseyNews

Meyer Opens 76,700 SF The Chelsea at Washington Township in New Jersey

by Jeff Shaw

WASHINGTON TOWNSHIP, N.J. — Meyer has opened The Chelsea at Washington Township, a luxury assisted living and memory care community located in the Washington Township, a suburb of Philadelphia. Capitol Seniors Housing owns the two-story, 76,700 square-foot community, which Chelsea Senior Living operates. The asset features 85 residential units with one and two-bedroom options. Its opening marks the fourth senior living property Meyer completed in 2023.

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Affordable HousingDevelopmentIllinoisNews

Evergreen Completes $31.5M Bellwood Senior Apartments Affordable Community in Metro Chicago

by Jeff Shaw

BELLWOOD, Ill. — Evergreen Real Estate Group has completed Bellwood Senior Apartments, an 80-unit affordable seniors housing community in Bellwood, a western suburb of Chicago. The $31.5 million project replaces a former Walgreens that had been vacant for nearly five years. The four-story development offers 76 one-bedroom and four two-bedroom apartments for seniors age 62 or older with incomes at or below 60 percent of the area median income (AMI).  Evergreen says the building is 40 percent leased and will reach full occupancy in the next few months. “The robust …

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Affordable HousingDevelopmentNew JerseyNews

Alpert Group Breaks Ground on 65-Unit Affordable Community in West Orange, New Jersey

by Jeff Shaw

WEST ORANGE, N.J. — The Alpert Group LLC has broken ground on a 65-unit affordable seniors housing community in West Orange, approximately 20 miles west of Manhattan. Located at 46 Mount Pleasant Ave., the project will be situated in the town’s central business district, adjacent to the town hall, police facility, and Renna House senior apartments. The five-story building will include one-bedroom and two-bedroom units, on-site parking, modern amenities and age-friendly features. Five units are reserved for formerly homeless residents. The income-restricted community is helping to satisfy West Orange’s affordable …

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DevelopmentFeaturesFinanceNewsPeople

CEOs Tackle Labor Issues, Rent Growth, Borrower Challenges During InterFace Panel Discussion

by Jeff Shaw

PHILADELPHIA — The wants and needs of the labor force in seniors housing are different today than they were pre-pandemic, forcing operators to adapt on many levels, said Lynne Katzmann, founder and CEO of Juniper Communities. “The gig economy has created a new set of demands on us that we haven’t had to face before.”  Katzmann has her finger on the pulse. Bloomfield, New Jersey-based Juniper is an owner and operator of 29 senior living communities in four states with a resident capacity of 2,300 and 1,750 employees. Ultimately, workers …

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DevelopmentMassachusettsNews

Kisco Plans 159-Unit The Newbury of Brookline on Former College Campus in Metro Boston

by Jeff Shaw

BROOKLINE, Mass. — Kisco Senior Living has opened The Newbury of Brookline, a 159-unit seniors housing community in the first-ring Boston suburb of Brookline. Part of Kisco’s upscale portfolio, the development is situated on the historic Newbury College site. Welltower purchased the campus in 2019 and announced at that time its plans to convert the site into seniors housing. The development is scheduled to open in fall 2024. With 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House, the project includes 81 independent living, …

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AcquisitionsDevelopmentInvestmentOperationsPeopleVideosWebinars

Webinar: What Will 2024 Hold for Seniors Housing Investment & Acquisition Activity?

by Sarah Daniels

    The Dec. 7 webinar “What Will 2024 Hold for Seniors Housing Investment & Acquisition Activity?” covered where the industry stands now and how experts are preparing to succeed in 2024. Webinar panelists listed factors like interest rates, wages, insurance costs, inflation, margin compression, resident move-ins and bank short sales as market indicators for the health of seniors housing. Learn their outlook and forecasts for what the industry may face in the new year. The speakers covered transaction activity, cap rate trends, capital availability and pricing, as well as the …

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