NASHVILLE, TENN. — Bridgewood Property Co., a Houston-based developer of senior living properties, has acquired land at 3808 Cleghorn Ave. in Nashville for the development of a mid-rise, luxury retirement community. With guidance and input from zoning counsel; Tune, Entrekin & White PC; the Metropolitan Planning Department; and local neighborhood groups, the property received zoning approval in February 2021 to build 205 senior living units within a 12-story facility. The new Bridgewood community in the city’s Green Hills neighborhood will offer independent living, assisted living and memory care residences and will be located close to the neighborhoods of Belle Meade, Forest Hills and Hillwood. The purchase price of the land was not disclosed. ESa is the project architect of the unnamed community, and Catalyst Design Group will provide civil engineer services. The project’s construction timeline was not disclosed.
WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. The project also received a $1.1 million allocation of 9 percent low income housing tax credits (LIHTC) from DHCD. The project will receive an annual subsidy from the Local Rent Supplement Program, which is administered by the D.C. Housing Authority (DCHA). All units at Abrams Hall Senior Apartments will be available for low-income seniors — those with annual household income at or below $26,500 — who are formerly homeless and have a need for assisted living services. Additionally, the residents will access Medicaid subsidies through the Department of Health Care Finance (DHCF). The Abrams Hall Senior Apartments building will feature studio apartments to accommodate assisted living facilities for seniors who may require medical, dental, rehabilitative and counseling services, along with 24-hour supervision to ensure resident …
CANONSBURG, PA. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team structured the debt, while Ryan Olman, also with the CDLI team, structured the equity. The property will consist of 50 units, approximately 85 percent of which will be reserved for seniors earning between 20 and 60 percent of the area median income. The remaining eight units will be rented at market rates. Completion is scheduled for spring 2022.
WEST WHITELAND TOWNSHIP, PA. — Capitol Seniors Housing has opened Arbor Terrace Exton, an 88-unit seniors housing community in West Whiteland Township, about 30 miles west of Philadelphia. The 78,000-square-foot facility offers personal and memory care services. Amenities include a bistro, clubroom, library with children’s nook, salon, theater and a multi-purpose art room. Meyer Senior Living Studio designed the project, and IMC Construction served as the general contractor.
NEW BEDFORD, MASS. — WinnDevelopment has broken ground on the $19.2 million redevelopment of the historic Cliftex Mill building in New Bedford, about 60 miles south of Boston. The project will convert the 114-year-old building into a 71-unit mixed-income housing development for adults 55 and older. The majority of the units (56) will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center and a resident lounge. Completion is slated for August.
Lument Provides $8.3M HUD-Insured Loan for Refinancing of Senior Living Property in Upstate New York
OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f) program.
SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into a sustainable, transit-oriented village. Siena features 103 apartments for seniors in earning 30 percent to 60 percent of area median income (AMI). The one- and two-bedroom units range from 540 square feet to 783 square feet, with rents starting at $468 per month. Stylus offers 203 two- and three-bedroom apartments for families earning 50 percent to 60 percent of AMI. The units range from 770 square feet to 1,040 square feet, with rents starting at $1,037 per month. Additionally, Stylus features 37,000 square feet of ground-floor retail space, which LA Fitness will occupy. Each apartment community has its own clubroom with kitchen, on-site management, computer lab, laundry facilities on each …
RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga. Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units. Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a five-year term on a 30-year amortization schedule. The property is a joint venture between Merrill Gardens and AEW Capital Management LP.
PRESCOTT VALLEY, ARIZ. — Link Senior Development and Insight Senior Living have started construction of Ativo Senior Living of Prescott Valley. Located near Bob Edwards Park, the 5.3-acre campus consists of 130 residences across more than 117,000 square feet. The community will include a mix of independent living, assisted living and memory care units ranging from studio apartments to two-bedroom cottages. The community is scheduled to open in summer 2022. Link Senior Development leads the project as the developer. Ankrom Moisan is serving as the architect on the project, Seabold Construction as the general contractor and Insight Senior Living as the management company.
GEORGETOWN, TEXAS — Walker Real Estate and Chalk Hill Ventures have completed construction of an active adult community in Georgetown, a northern suburb of Austin. Located on a 12-acre site near Rabbit Hill, NorthStar Georgetown includes 298,800 square feet of active adult living comprising 210 apartments. Roscoe Property Management is the operator. Other project partners include Pi Architects, Square One Consultants, Pat Berry Design and Skybeck Construction.