Seniors Housing

Eva-White-Apartments-Boston

BOSTON — A partnership between local nonprofit organization Castle Square Tenants Organization (CTSO) and regional owner-operator WinnDevelopment has begun the $40 million repositioning of Eva White Apartments, a 102-unit affordable housing complex in Boston’s South End. The project will encompass upgrades to unit interiors and the creation of new amenity spaces, as well as energy system retrofits to the property’s two seven-story buildings. Specifically, each of the property’s 34 studios, 57 one-bedroom units and 11 two-bedroom units will be improved with modern kitchens, bathrooms and living room flooring. New health and wellness spaces and a new fitness room will be created for residents. The current common laundry room, community room and management office will also be renovated. Bank of America, MassHousing and Citizens Bank are financing construction, with BoA also serving as the federal Low-Income Housing Tax Credit investor. Completion is scheduled for 2026. Eva White Apartments originally opened in 1967 and serves seniors and people with disabilities. The Boston Housing Authority holds a 99-year ground lease on the complex, which protects the property’s long-term affordability status. CSTO became the 99 percent owner of the property in December after securing the financing for the project. This venture marks the organization’s …

FacebookTwitterLinkedinEmail

DALLAS — New York City-based Lument has provided a $33.6 million Freddie Mac construction loan for The Culbreath, a 364-unit affordable seniors housing project in Dallas. The Culbreath will be reserved for seniors age 62 or older and will consist of 270 one-bedroom units and 94 two-bedroom units. Amenities will include a clubhouse, fitness center, library, game room, multipurpose room, pool, pickleball and bocce ball courts and two dog parks. The opening is slated for summer 2027. Tracy Peters and Dale Giffey led the transaction for Lument on behalf of DHA Housing Solutions of North Texas and Volunteers of American National Services.

FacebookTwitterLinkedinEmail
1450-N-Fair-Oaks-Ave-Pasadena-CA

PASADENA, CALIF. — NAI Capital Commercial has arranged the sale of a former assisted living facility located at 1450 N. Fair Oaks Ave. in Pasadena. Agri Capital sold the asset to 1450 N Fair Oaks LLC for $5.1 million, or $180 per square foot of building area and $147 per square foot of land. Stephen Lam, Guillermo Olaiz and John Archibald of NAI Capital represented the seller in the deal. The 28,512-square-foot, 42-unit former nursing facility is situated on a 34,980-square-foot lot and was vacant at the time of sale. The owner plans to repurpose the building as a temporary housing facility focused on mental health support and substance use prevention.

FacebookTwitterLinkedinEmail
Troy Marek Regions Real Estate Capital Markets quote from article

By Troy Marek, Regions Real Estate Capital Markets As we embark on the second half of 2025 amidst some economic uncertainty, there are two bright spots within real estate. Both the multifamily and the seniors housing/healthcare sectors boast strong fundamentals and occupancies. RealPage data indicates 138,302 apartment units were absorbed in the first quarter, and NIC MAP data shows a seniors housing occupancy increase to 87.4 percent, or 621,000 occupied units over the same period. This suggests strong demand in both critical housing sectors, at the same time new supply is slowing.  Interest Rates Drive Lending Activity Agencies Freddie Mac, Fannie Mae and HUD remain the primary loan providers supporting these two asset classes today. Unsurprisingly, interest rates heavily impact lending activity. Since the Federal Reserve decided to hold rates steady in May, sector experts have been closely watching employment and inflation data, as well as tariff impacts, as all three have the power to influence the Fed to lower rates later this year. With the Federal Reserve deciding to hold rates as-is in June, industry players will continue to keep an eye on the data. Once rates are brought down some, perhaps later this year, multifamily and seniors housing/healthcare …

FacebookTwitterLinkedinEmail
Development-Panel

CHICAGO — Philip Kroskin, head of real estate and senior vice president of investments with Sunrise Senior Living, has a message for those who are reluctant to invest in seniors housing development: “Why are you being so stupid?” Kroskin’s blunt question came during a recent two-day InterFace event at the Swissotel Chicago. Taking place June 24-25, the InterFace Seniors Housing Midwest conference drew 215 attendees and featured a number of panel sessions.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Joining Kroskin on stage for a panel titled “When Will Development Rebound?” during the first evening of the conference were Paul Branin, executive vice president of growth for Health Dimensions Group; Mike Mattingly, principal and co-founder of Avenue Development; Greg Markvluwer, vice president of real estate development at Erdman; and moderator Erin Berry, director of interior design Direct Supply Aptura.  Development Deterrents  Kroskin’s somewhat damning query was not to suggest that economic and logistical difficulties — such as heightened interest rates and labor costs — do not pose a valid deterrent. Panelists acknowledged these challenges throughout the course of session. …

FacebookTwitterLinkedinEmail
Valage-Senior-Living-Minden-NV.jpg

MINDEN, NEV. — Metcalf Builders has completed Valage Carson Valley, a senior living community in Minden. Situated on 4 acres, the 79,829-square-foot project offers 88 units, totaling 92 beds, with full-sized kitchens and dining areas. Community amenities include interior and exterior courtyards, an arbor and planters, as well as a wellness center for the assisted living and memory care community. The seniors housing project is valued at $25 million and owned by Valage Minden LLC.

FacebookTwitterLinkedinEmail

FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church have opened Mount Hermon Apartments, a new affordable seniors housing community in Fort Lauderdale. Development costs totaled $43.5 million. Monthly rental rates at the community, which features one- and two-bedroom apartments, range from $433 to $1,422 per month. Units are reserved for seniors earning at or below 25 and 60 percent of the area median income (AMI). According to Apartments.com, the average rental rate for a one-bedroom apartment in Fort Lauderdale is $2,222. Amenities at the property include a rooftop terrace, fitness center, clubroom and community gathering space. Services offered at the community include 24-hour assistance, adult literacy training and support with light housekeeping, grocery shopping and laundry. Financing for the development included $32.6 million in 9 percent low-income housing tax credit (LIHTC) equity syndicated through Raymond James; a $33 million construction loan from TD Bank; a $7.5 million permanent Freddie Mac loan provided and serviced by Berkadia; and a $640,000 loan from the City of Fort Lauderdale. HTG Gomez Construction served as the project’s general contractor. The project team also included architect REP-R-TWAR, civil engineer Thomas Engineering and interior design firm B. Pila …

FacebookTwitterLinkedinEmail
Douglas-Care-Mountain-Lodge-Douglas-WY

DOUGLAS, WYO. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Douglas Care Center and Mountain Lodge, a senior living and skilled nursing facility located in Douglas. The facility totals 74 units with 96 beds across two adjacent properties, with assisted living, memory care and skilled nursing offerings. Originally built in 1968, Douglas Care Center was renovated in 2010. Mountain Lodge was developed in 2018. Vince Viverito and Jason Punzel of SLIB arranged the transaction. 

FacebookTwitterLinkedinEmail

ORANGE COUNTY, VT. — M&T Realty Capital Corp. has provided $5 million in equity for Chelsea Williamstown Apartments, an affordable housing redevelopment project in Vermont’s Orange County. The project involves the rehabilitation and adaptive reuse of two noncontiguous properties that will add 61 rent-restricted units, many of which will be marketed to seniors, to the local supply. Northfield Savings Bank is financing construction, which is expected to be complete next spring. The owner was not disclosed. M&T also provided a $5.6 million Fannie Mae M.TEB forward commitment as part of the capital stack.

FacebookTwitterLinkedinEmail
Brightview-Joy's-Farm-Paramus-New-Jersey

PARAMUS, N.J. — Brightview Senior Living is underway on construction of a 332-unit community in the Northern New Jersey community of Paramus. Brightview Joy’s Farm will total 55,192 square feet, with 162 independent living units and a separate, 170-unit assisted living and memory care facility. Amenities will include a clubhouse, pool and both fitness and entertainment areas/venues. Project partners include Market Square Architects, IMC Construction and T&T Construction Management Group Inc. A tentative completion date was not announced.

FacebookTwitterLinkedinEmail
Newer Posts