Meta Housing Corp. Completes $70 Million Senior Artists Community

| July 17, 2013

Meta Housing Corporation recently announced the completion of Long Beach Seniors Arts Colony, a $70 million affordable housing community for people aged 55 and older that received both public and private financing.

The multifamily community has 200 units and is located nearby public transportation.

“Development of today’s senior housing requires a completely different approach than that of generations past,” says John Huskey, president of Meta Housing Corporation. “Americans are living longer, healthier lives, and are in need of housing that will provide new opportunities to increase longevity and sustain good health.”

This is the third arts colony developed by Meta Housing Corporation, along with Burbank Senior Artists Colony, a 141-unit multifamily property completed in 2006 and North Hollywood Senior Arts Colony, a 126-unit apartment community completed in late 2012.

“Drawing upon national research on how the arts can positively impact the health of older individuals, we have designed each of our arts-focused senior apartment communities to include spaces where residents can participate in free, professional-level arts activities on an ongoing basis,” says Huskey.

On-site amenities at Long Beach Senior Arts Colony include an art gallery, a 99-seat performance theatre, working arts and dance studios, a digital media room, and a grand piano salon.

Residents can also attend on-site arts classes for free, conducted by Meta Housing Corporation’s nonprofit partner, EngAGE.

Along with its arts-focused amenities, the new property also features more than 15,000 feet of community space, including a fitness room, a yoga/meditation room, a computer room, game room, dog park, community gardens, outdoor spa, and outdoor BBQ and seating area with a fireplace.

Meta Housing strategically chose the project’s development site based on its location along Long Beach’s light rail line, according to Huskey, along with its proximity to several local bus stops.

Century Housing Corporation was Long Beach Senior Arts Colony’s managing general partner and played a key role by providing the acquisition financing for the development site.

Construction was completed through multiple avenues of public partnership with the City of Long Beach and California, both of whom provided construction and permanent financing for the project. The state of California provided a loan through the Prop 1C Infill Infrastructure Grant and Transit Oriented Development programs.

Financing sources include a $10 million permanent loan with the California Community Reinvestment Corporation through tax-exempt bonds allocated by CDLAC, a $33 million construction loan with Wells Fargo Bank through tax-exempt bonds allocated by CDLAC, $23 million in tax credit equity with Wells Fargo Bank, $13 million from the City of Long Beach Housing Development Company, $26 million from the State of California Housing & Community Development—Transit Oriented and Infill Infrastructure Grant, and $1.4 million from the Federal Home Loan Bank Affordable Housing Program.

The community is currently 85% occupied and 95% leased.

 

Written by Alyssa Gerace


Companies: ,

Category: Development, Finance, Senior Housing

Comments (1)

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  1. curt schalller says:

    $350K per unit for an "affordable" housing project?