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Affordable HousingDevelopmentGeorgiaNews

McShane Completes 198-unit Covington Crossings Affordable Development in Covington, Georgia

by Jeff Shaw

COVINGTON, Ga. — McShane Construction Co. has completed work at Covington Crossings, a 198-unit affordable seniors housing community in Covington, approximately 35 miles east of Atlanta. Units are available in one- to three-bedroom options. Additionally, the property contains a surface-level parking lot with 208 spaces. Situated on a 13-acre site, the four-story building features wood frame construction with brick and cement siding. Martin Riley Associates provided architectural services for Covington Crossings.

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Active AdultDevelopmentIndianaNews

Kittle Property Group Completes $36.2M Reserve at White River Active Adult Community in Indianapolis

by Jeff Shaw

INDIANAPOLIS — Kittle Property Group Inc. has opened the doors at Reserve at White River, an active adult community in Indianapolis. The $36.2 million development features 210 units that include one-bedroom/one-bathroom homes and two-bedroom apartments with either one or two bathrooms. Units range from 794 to 1,040 square feet. Residents will enjoy close proximity to downtown Indianapolis, as the property sits four miles from the center of the city. It is located on IndyGo’s No. 37 line, which connects to the Julia Carson Transit Center downtown. It is also located …

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Affordable HousingDevelopmentNewsTexas

Lument Provides $47.1M in Financing for The Oaks Mixed-Income Community in Dallas

by Jeff Shaw

DALLAS — Lument has provided $25 million in short-term bonds and a $22.1 million Freddie Mac unfunded forward loan for The Oaks, a mixed-income seniors housing development in Dallas The borrowers are co-developers DHA Housing Solutions for North Texas and the Volunteers of America National Services (VOANS). Tracy Peters, senior managing director, and Dale Giffey, associate director, led the transaction for Lument. The Oaks is being co-developed by DHA and VOANS, the latter of which is also the sponsor and guarantor. DHA is the tenth largest housing authority in the …

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Partners to Develop 46-Unit Cedarwood Homes Affordable Project in Pittsburgh

by Jeff Shaw

PITTSBURGH — New Jersey-based Tryko Partners has announced plans for Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

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CCRCDevelopmentFinanceNewsVirginia

Walker & Dunlop Arranges $300M Construction Loan for The Mather in Tysons, Virginia

by Jeff Shaw

TYSONS, Va. — Walker & Dunlop, Inc. has arranged $300 million in construction financing for The Mather, a high-rise continuing care retirement community in the Washington, D.C. suburb of Tysons. A 50/50 partnership between Mather and Westminster Capital is developing the building. The project was announced in 2017, the land acquisition was completed in 2019 and pre-sales began this past summer. The transit-oriented project will comprise two buildings with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites that will be built …

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DevelopmentFloridaNews

Belmont Village, Baptist Health Break Ground on 232-Unit Community in Coral Gables, Florida

by Jeff Shaw

CORAL GABLES, Fla. — Belmont Village Senior Living and Baptist Health South Florida have broken ground on Belmont Village Coral Gables, a 232-unit seniors housing community in the Miami suburb of Coral Gables. The 10-story property will total 350,000 square feet, including 18,388 square feet of ground-floor retail and commercial space. The community will offer independent living, assisted living and memory care services. A health and wellness center on the ground floor, Healthy Living by Baptist Health, will be open to both residents and area seniors. This is Belmont Village’s …

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DevelopmentMinnesotaNews

New Perspective Starts Construction of 146-Unit Community in Arden Hills, Minnesota

by Jeff Shaw

ARDEN HILLS, Minn. — New Perspective has broken ground on New Perspective-Arden Hills, a 192,000-square-foot seniors housing community in the Minneapolis suburb of Arden Hills. The property will offer 146 units of independent living, assisted living and memory care. It is scheduled for completion in early 2023. Co-developers on the project include Boldt, and New Perspective will operate the community upon completion.

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DevelopmentFinanceNewsWisconsin

Ziegler Arranges $38.7M Financing for Construction of Stair Crest in Muskego, Wisconsin

by Jeff Shaw

MUSKEGO, Wis. — Ziegler has arranged $38.7 million in bond financing for PHW Muskego, an affiliate of Presbyterian Homes and Services. The funds will be used for the construction of a new senior living community, Stair Crest  in Muskego, approximately 16 miles southwest of downtown Milwaukee. The bonds are non-rated, tax-exempt, fixed-rate serial and term bonds with a 40-year maturity. The community will feature 80 independent living apartments, 40 assisted living apartments (20 of which are designated for memory care) and a town center. Upon construction completion, the borrower expects …

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Affordable HousingAssisted LivingDevelopmentIndianaNews

Evergreen to Develop $30M Affordable Assisted Living Community in Goshen, Indiana

by Jeff Shaw

GOSHEN, Ind. — Evergreen Real Estate Group has secured financing and started preliminary site work for Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen. Evergreen Construction Company, a division of Evergreen Real Estate Group, is serving as general contractor on the development and plans to officially break ground on Oct. 28. Completion is scheduled for early 2023. The $30 million project will replace a vacant three-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. …

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DevelopmentIndependent LivingMichiganNews

American House, MHT Housing Plan 150-Unit Community in Bloomfield, Michigan

by Jeff Shaw

BLOOMFIELD, Mich. — American House Senior Living Communities and MHT Housing Inc. have unveiled plans for American House Village at Bloomfield, an independent living community in Bloomfield, a suburb of Detroit. The property will feature 150 units within Village at Bloomfield, a mixed-use development that includes apartment, fitness, medical, hotel, grocery, retail and office uses. American House Senior Living Communities will operate the community upon completion.

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