CHICAGO — The NHP Foundation (NHPF) has completed a major renovation of the Edwin C. Berry Manor Apartments in Chicago. The Section 8 seniors housing property is located at 737 E. 69th St. The rehabilitation project was made possible by a financial partnership between HUD, Merchants Capital, Illinois Housing Development Authority, National Affordable Housing Trust and UnitedHealth Group. The 57-unit community, built in 1991, marks the fourth property that NHPF has acquired or built in Chicago in the last five years and the first specifically for seniors. The units are fully leased. The project team included Weese Langley Weese, Burling Builders Inc., Solis Construction and baso ltd. Operation Pathways, a subsidiary of NHPF, will provide social and enrichment services to the residents. An onsite resident services coordinator will work with residents to support aging well in their independent living spaces.
HOLYOKE, MASS. — WinnDevelopment has broken ground on a $55.3 million affordable seniors housing project in the western Massachusetts city of Holyoke. The project will convert a historic mill complex into 88 affordable apartment homes for seniors ages 55 and older. The redevelopment of the Appleton Mill property in downtown Holyoke will create new loft-style apartments in three interconnected, 111-year-old industrial buildings that were once home to the Farr Alpaca Co. and have been vacant for decades. In addition, WinnDevelopment will construct a new community building and connect it to the residential space via a closed skybridge spanning nearby railroad tracks. All 88 apartments will be reserved for low- and moderate-income seniors, with 12 units reserved for households earning below 30 percent of the area median income (AMI), 63 for those below 60 percent of AMI, and 13 for households below 80 percent of AMI. Delivery is slated for spring 2025.
LAKE FOREST, CALIF. — Community HousingWorks (CHW) has opened Portola Senior Apartments, an affordable housing community in Lake Forest. CHW’s first community in Orange County, Portola Senior Apartments is built as a standalone, four-story building with ground-floor retail space. The property features 58 one-bedroom apartments (including one designated for an onsite property manager) for singles or couples age 62 years and older who are living on 50 percent of the area median income (AMI) or less (approximately $50,000 per year). Over 750 people applied to live in Portola within three months of opening the interest list and the apartments were 100 percent occupied in less than 30 days after opening. Rent is $1,264 per month (after a utility allowance) and the waiting list currently has more than 1,000 applicants. Funding sources for Portola Senior Apartments included Pacific Western Bank as the construction and permanent financing lender; Red Stone Equity Partners as the tax credit equity investor; SunRanch Capital Partners LLC as the soft lender; and tax-exempt bonds issued by California Municipal Finance Authority, California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. The development team included general contractor Sunrise Pacific Construction Inc.; architectural firm AVRP Studios; civil …
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners is nearing completion of Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided a $34.8 million construction loan for the project, completion of which is scheduled for next year.
AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Grand Living at The Grove, a five-story, 213-unit seniors housing project in Central Austin. The 348,353-square-foot building will house 177 independent and assisted living apartments, as well as 36 memory care apartments. Grand Living at The Grove will feature studio, one- and two-bedroom apartments that will range in size from 450 to 1,600 square feet. Ryan Cos. is co-developing the project with Grand Living and Castletop Capital. PACE Loan Group and Bankers Trust provided financing for the project. Construction began about a year ago, and delivery is slated for early 2025.
PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community will include a mix of studio and one-bedroom apartments available to residents earning between 20 percent and 60 percent of the area median income. Additionally, the energy-efficient project will meet National Green Building Standards and offer a variety of amenities, including a fitness room, management suite, multi-purpose room, outdoor recreation area with seating, and parking. Bank of America (LIHTC equity and construction loan), Cedar Rapids Bank and Trust (permanent loan) and the City of Phoenix (HOME loan) provided financing for the $28 million project. U.S. Rep. Ruben Gallego’s office also arranged $500,000 in Congressional Program Funds for the development.
SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.
PFLUGERVILLE, TEXAS — Cambridge Realty Capital (CRC), a lender with offices in Chicago and Los Angeles, has provided a $2.1 million HUD-insured loan for the refinancing of Wells Point Lodge, a 60-bed seniors housing complex located in the northern Austin suburb of Pflugerville. Anthony Marino of CRC originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company.
BOSTON — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 53-bed skilled nursing facility located just south of downtown Boston. The building was originally constructed in 1960, spans over 18,000 square feet and features a variety of unit configurations. The buyer was an undisclosed family office that intends to convert the property into traditional multifamily housing. Details on the seller and sales price were not disclosed. Kyle Hallion and Michael Segal led the Blueprint team on the transaction.
SAGINAW, TEXAS — Dallas-based developer Journey Capital has broken ground on the third phase of development at Edition of Saginaw Senior Living, located just north of Fort Worth. The project will add 36 independent living cottages to the property. Journey Capital unveiled Phase I of the Edition of Saginaw Senior Living community in January 2022, featuring 22 independent living cottages. Phase II, which is currently under construction, will add a 71-bed assisted living and memory care facility by the end of this year.