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Caravel_Columbus-Ohio
Affordable HousingDevelopmentFinanceNewsOhio

KeyBank Arranges $93M in Construction Financing for Affordable Seniors Housing Development in Columbus, Ohio

by Hayden Spiess

COLUMBUS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has arranged a total of $93 million in construction financing for a new affordable seniors housing community in Columbus.  Dubbed The Caravel, the community will feature 234 units for residents age 55 and older who earn at or below 50, 60 and 70 percent of the area median income (AMI). Of the garden-style apartments, 25 will be fully accessible, and all units will be adaptable for residents with ADA needs.  KeyBank provided a $43.3 million construction loan and $23.8 million in …

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Clearfield Apartments in Philadelphia
Affordable HousingDevelopmentFinanceNewsPennsylvania

Berkadia Secures $13.6M Financing for Affordable Seniors Housing Development in Philadelphia

by Channing Hamilton

PHILADELPHIA — Berkadia has secured a $13.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the development of Clearfield Apartments, a 48-unit affordable seniors housing community in Philadelphia’s Allegheny West neighborhood.  Chris McGraw, senior vice president based in Berkadia’s Charlotte, N.C. office, secured the equity investment on behalf of the sponsor, NewCourtland.  When completed, Clearfield Apartments will consist of 48 one-bedroom units in one four-story, elevator-serviced building serving seniors age 62 and above. All 48 units will operate under a project-based rental subsidy through the Faircloth-to-Rental Assistance Demonstration (RAD) program. …

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Novum Capitol View in Austin, Texas
Active AdultDevelopmentNewsTexas

AOG Living Breaks Ground on 168-Unit Active Adult Community in Austin, Texas

by Channing Hamilton

AUSTIN, Texas — AOG Living has broken ground on Novum Capitol View, a 168-unit active adult project in Austin. Scheduled for completion in late 2025, the property will offer studio, one- and two-bedroom units for residents ages 55 and older. Amenities will include weekly programming and activities, a saltwater pool, dog park, putting green, community gardens, a grilling station, yoga and aerobics room, hair and nail salon, fitness center, multi-purpose activity room and theater and game lounge. AOG Living will manage the community. CBRE arranged construction financing for the development …

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Affordable HousingCaliforniaDevelopmentNews

DHI Hellenic Apartments Completes Rehabilitation of Affordable Housing Community for Seniors in Sacramento, California

by Channing Hamilton

SACRAMENTO, Calif. — DHI Hellenic Apartments L.P., a California-based limited partnership, has completed the renovation and rehabilitation of Hellenic Senior Apartments, an affordable senior’s housing property in the Pocket-Greenhaven area of Sacramento. Renovations included replaced roofs and siding, new energy-efficient systems and updates to common areas such as the clubhouse, leasing office and laundry facilities. All 70 units received new windows, sliding glass doors, energy-efficient appliances, dishwashers, modern kitchen cabinets and countertops. Fourteen units were upgraded to be fully ADA compliant, and several units received additional modifications to accommodate residents …

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Residences on Lincoln Square in Worcester, Massachusetts
Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment, WNC Break Ground on Affordable Housing Project in Worcester, Massachusetts

by Channing Hamilton

WORCESTER, Mass. — WinnDevelopment and WNC & Associates (WNC) have begun construction on The Residences on Lincoln Square, an affordable seniors houising community, located in downtown Worcester. The developers are preserving and converting the historic three-story Lincoln Square Boys Club building into 16 affordable housing units, while also constructing an adjacent five-story building with an additional 64 units.  A single-story glass enclosure will connect the buildings via the ground floor, allowing residents access between the two buildings. The 80-unit development for seniors age 55 and above is scheduled for completion in …

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Connect55+ Manchester in Manchester, Connecticut
Active AdultConnecticutDevelopmentNews

Connect55+ to Open Active Adult Community this November in Manchester, Connecticut

by Channing Hamilton

MANCHESTER, Conn. — Connect55+ Manchester, an active adult community located about 10 miles east of Hartford, Conn., will host a grand opening in November. The community has received its certificate of occupancy, and the property management team has begun leasing efforts. Details of the grand opening had not been finalized as of this writing. Connect55+ Manchester offers 128 one- and two-bedroom apartments. All units will have either a private patio or a private balcony. The property’s amenities include a movie theater, fitness center, library with a fireplace, spacious community center, …

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DevelopmentIndustry Voices

Create Community with Senior Cottages

by Jeff Shaw

By Carl Malcolm, AIA As the senior population in the United States continues to grow, the demand for innovative and community-focused housing solutions rises. According to the U.S. Census Bureau, the number of Americans age 65 and older is projected to reach 80 million by 2040, nearly doubling from the current figure of 47 million. This demographic shift has prompted developers and architects to rethink traditional senior living models, with a particular emphasis on a sense of community and social engagement.  One housing option gaining traction is the concept of …

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Affordable HousingDevelopmentNew YorkNews

Olshan Properties, O’Connor Capital Complete 221-Unit Affordable Senior Living Project in The Bronx

by Channing Hamilton

NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has completed Parkchester Gardens, a 221-unit affordable senior living project in The Bronx. Units are reserved for renters earning 50 percent or less of the area median income. Wells Fargo financed the project in conjunction with the New York City Housing Development Corp. and the Department of Housing Preservation & Development. Construction began in spring 2021.

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DevelopmentFeaturesNewsOperationsWashington, D.C

Exclusive NIC Conference Coverage: Operators Share Their Strategies, Show Ingenuity in Serving the Middle Market for Seniors

by Channing Hamilton

WASHINGTON, D.C. — Jon Fletcher of Senior Housing Partners, the development arm of Roseville, Minnesota-based Presbyterian Homes & Services, offers this advice to developers undertaking a middle-market project: set aside your ego, focus on what the residents need, and avoid the temptation to provide a variety of “fringe luxury amenities.” Not every community needs two to four restaurants, for example. “The reality is that it’s just not going to work in a middle-market space. Residents obviously still need to be treated with respect and have an amazing life enrichment experience, …

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AcquisitionsActive AdultAssisted LivingCCRCDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory CareOperations

Tempo of Deal Velocity Increases as Industry Enters Homestretch of 2024

by Channing Hamilton

By Matt Valley Following a quiet end-of-summer period on the dealmaking front — “quieter than it has been for years with the exception of the pandemic” — Sabra Health Care REIT Chief Investment Officer Talya Nevo-Hacohen encountered a flurry of transaction activity in late August and early September.  “It’s been gangbusters, and what we’re seeing is primarily seniors housing assets (independent living and assisted living) coming to market,” said the veteran REIT executive who participated in the webinar Seniors Housing Business hosted on Sept. 5, titled “Creating Value in Seniors Housing — …

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