SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.
NEW YORK CITY — Lendlease has completed construction of Garden Towers, an affordable seniors housing community in the Bronx. Developed by Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, the building features 149 rental homes for low-income adults age 62 or older. Lendlease served as general contractor on the development, located in the Morrisania neighborhood. Garden Towers features two mid-rise residential buildings, with an eight-story building facing Boston Road and a seven-story building facing Clinton Avenue. In addition to meeting Enterprise Green Communities criteria, Garden Towers was …
MIRAMAR, Fla. — Pinnacle has broken ground on Pinnacle at La Cabaña, an affordable seniors housing community in Miramar, a northern suburb of Miami. The $41.2 million project will feature 110 units in one- and two-bedroom floorplans. Construction is scheduled for completion in 2025. The development is part of a public-private partnership between Pinnacle and the City of Miramar. Pinnacle at La Cabaña will offer 11 units to seniors earning up to 28 percent of the area median income, and the remaining units will be available to seniors earning up …
WELDON SPRING, Mo. — New Perspective has opened a leasing office at its new community in Weldon Spring, approximately 30 miles west of St. Louis. The community is scheduled to open this summer. “We are looking forward to the opening of our first location in the St. Louis area,” says New Perspective co-CEO Ryan Novaczyk. The community will offer independent living, assisted living and memory care services. The number of units was not disclosed.
DOWNERS GROVE, Ill. — Lifespace has completed a $112 million expansion project at Oak Trace, a seniors housing community in Downers Grove, approximately 20 miles west of Chicago. The new building completed as the third and final phase of the project features 140 new luxury independent living apartments; a state-of-the-art fitness and aquatic center; a performing arts center; multiple restaurant-style dining venues; a salon and spa; and an upscale style coffee shop. The first phase of the renovation and expansion project, completed in 2019, was the creation of Oak Trace’s …
RICHMOND, Va. — Brinkmann Constructors, with Erickson Senior Living, has broken ground on a four-story, 109-unit residential building at Avery Point in Richmond. The 158,000-square-foot, wood-framed building is the seventh residential building constructed at the community. It is slated to welcome residents in the second half of 2025.
SWEETWATER, Fla. — CREI Holdings has received a $67 million construction loan from Centennial Bank to build an affordable and workforce housing mid-rise building in Sweetwater, just west of Miami. Construction of Li’l Abner III is set to begin in the second quarter of this year, with completion expected in the second quarter of 2026. Coral Gables-based Burgos Lanza Architects and Planners designed the eight-story project, which features 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income up to 80 percent of …
MOORESTOWN, N.J. — Resort Lifestyle Communities has completed Parkers Bend Retirement, an independent living community in Moorestown, approximately 10 miles east of Philadelphia. The company will hold a grand opening for the community on April 18. Although the number of units was not disclosed, they come in studio, one-, two- and three-bedroom plans.
GOSHEN, Ind. — Evergreen Real Estate Group has completed Green Oaks of Goshen, a 120-unit assisted living community for low-income seniors in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50 percent leased. Located at 282 Johnson St., the $30 million project replaces a vacant, three-acre lot on the city’s north side near an existing Salvation Army building. Bourbonnais, Ill.-based Gardant Management Solutions operates the four-story …
FAIRFAX, Va. — Arlington Partnership for Affordable Housing (APAH) has opened Ilda’s Overlook Senior Residences, an affordable seniors housing community in Fairfax, approximately 15 miles west of Washington, D.C. The community provides 80 affordable units to seniors age 62 and above with incomes at or below 60 percent of the area median income (AMI). Ilda’s Overlook was built in partnership with Fairfax County Redevelopment and Housing Authority (FCRHA) and Erickson Senior Living. The property’s name, Ilda’s Overlook, is a nod to Black history in Fairfax County. It references a community …