BILOXI, MISS. — Hunt Capital Partners has transferred ownership of Cadet Point Senior Village, an affordable seniors housing community in Biloxi, back to Biloxi Community Development Corp., the nonprofit arm of the Biloxi Housing Authority. Developed in 2007, the property comprises 76 units. Hunt Capital transferred ownership back to the civic organization in late November following negotiations accounting for the operational expense challenges at the property. According to Hunt Capital, Cadet Point has experienced insurance premium increases totaling more than 65 percent over the past five years due to its exposure to hurricanes. Biloxi Community Development will have full control of development and operational decisions at Cadet Point.
SEATTLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle. Emerald City features 99 assisted living and 20 memory care units. It was built in 2006 with renovations in 2017. The property totals 88,839 square feet on approximately 0.8 acres of land. The seller was an out-of-state private equity group with a third-party operator. The buyer was an experienced regional owner-operator looking to expand its footprint in the Seattle MSA. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.
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 store 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. Weese Langley Weese Architects designed the project. F.H. Paschen served as general contractor on the development. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credits) and subordinate funds provider; the Village of Bellwood, which provided a TIF loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; Cook County, which provided HOME funds; and the ComEd Energy Efficiency Program.
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.
MIRAMAR, FLA. — Pinnacle has obtained $41.2 million in construction financing for Pinnacle at La Cabana, a 110-unit affordable seniors housing development in Miramar, a city in South Florida’s Broward County. The financing included debt or LIHTC equity from Bank of America, Neighborhood Lending Partners, Florida Housing Finance Corp., City of Miramar and United Way of Broward County. Located at 8911 Miramar Parkway, the development is a public-private partnership between Pinnacle and the City of Miramar, which is the landowner. Pinnacle at La Cabana will feature one- and two-bedroom apartments, with 11 units reserved for seniors earning 28 percent of the area median income (AMI) and the remaining affordable to seniors earning 60 percent of AMI. Amenities will include indoor and outdoor multi-purpose facilities. Completion of the project is estimated for mid-2025.
TUPELO, MISS. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Avonlea Assisted Living, a 68-unit seniors housing property in Tupelo. The community was built in 1999 and renovated in 2005. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Mississippi that intends to renovate the asset and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. The sales price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB brokered the transaction.
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 five-story building will include one- and two-bedroom units, onsite parking, modern amenities and age-friendly features. Five units will be reserved for formerly homeless residents. Completion is slated for late summer 2024. Project partners include the New Jersey Housing & Mortgage Finance Agency, Enterprise Community Partners, TD Bank, Essex County and the Township of West Orange.
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 trails. A timeline for the project was not disclosed.
BOSTON — California-based owner-operator Kisco Senior Living will develop The Newbury at Brookline, a 159-unit complex that will be located on the west side of Boston. The site is located on the historic former Newbury College campus. The facility will ultimately comprise 81 independent living units, 38 assisted living residences and 40 memory care units via 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House. The complex is scheduled to open next fall.
SAN ANTONIO — Artemis Real Estate Partners has purchased Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Artemis is taking over as equity partner for Chicago-based Harrison Street while retaining Franklin Park as part owner in the joint venture. Franklin Park Alamo Heights features 117 independent living units, 64 assisted living units and 40 memory care units. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of JLL arranged the recapitalization of the property. Allison Holland, also with JLL, arranged a Freddie Mac loan for the new ownership entity. Neither the price nor the amount of the financing were disclosed.