It’s becoming more and more difficult for seniors to find affordable housing, and retirement communities with high entrance fees aren’t viable options for many seniors. The Chicago Tribune reports: Often living on fixed incomes, many seniors need an affordable apartment. But the demand for decent, low-cost places far exceeds the supply. The recent housing slump [...]
Unless there are significant changes in how communities are constructed and what services are offered, many older adults will find it increasingly difficult to live in their communities and may have to consider institutional care, says an AARP state survey on Aging in Place. “The great majority of older adults have a strong desire to [...]
The Texas Department of Housing and Community Affairs (TDHCA) along with State Representative Jim Pitts announced on Monday the awarding of a $950,000 loan to private developers who are constructing Terrace at MidTowne, a new affordable rental property in Midlothian, Tex. The loan, made through the Department’s HOME Investment Partnerships Program, is funded through the [...]
Wood Partners is nearing completion on construction of the $13 million Steele Creek Seniors community in Charlotte, N.C. The company has received certificate of occupancy for amenity areas, leasing office and clubhouse, as well as 54 units; the property is already 50% leased, and the first move-ins have commenced. In November 2010, Wood Partners broke [...]
Chicago, Ill.-based developer Heartland Housing is planning the construction of an 80-unit apartment building slated as affordable housing for lesbian, gay, bisexual and transgender (LGBT) seniors, reports the Chicago Tribune. The project will be located next to the Center on Halsted, a resource center for the LGBT community. Gensler, the project architect, also designed the Center [...]
A former Los Angeles public housing site now offers 100 affordable senior apartments to seniors who are at or below 30% of the L.A. County area median income. The green development, Dana Strand, officially opened on October 6 as the product of a partnership between the City of Los Angeles and ROEM Development Corporation. The [...]
The Michaels Development Company and LINC Housing Corporation recently broke ground on a $23 million, mixed-use affordable housing community, Red Star Apartments, in Oakland, Ca. The community will offer one- and two-bedroom apartment homes to income-eligible seniors, and is based on the former site of the Red Star Yeast factory. “We are very grateful for [...]
The Paces Foundation recently broke ground for Las Brisas Manor, an independent living community for low-income seniors in Del Rio, Texas. Construction is expected to start immediately, with the community due to open by summer 2012. “The City of Del Rio is pleased to partner with The Paces Foundation, the Federal Home Loan Bank of [...]
The Jamaica Plain Neighborhood Development Corporation (JPNDC) recently received a MetLife Foundation Award for Excellence in Affordable Housing for its work with the Julia Martin House in Jamaica Plain, Mass., after demonstrating outstanding leadership, innovation, effectiveness and quality operations and services in the affordable senior housing realm. JPNDC, along with three other winners, will receive [...]
Are Private Equity Firms the Next Big Investor in Senior Housing?
Most will agree that 2011 was the year of the REITs, with healthcare real estate investment trusts going on a $20 billion spending spree, writes the National Real Estate Investor, but in 2012, private equity firms could be the “next big investors in seniors housing.” “Private equity will be active this coming year in seniors [...]
Healthcare M&A Spending Swells 11% in 2011 to $227 Billion
Last year saw $227.4 billion worth of healthcare merger, acquisition, and takeover activity, representing an 11% increase from the $205.6 billion spend in 2010, according to Irving Levin Associates, Inc. In terms of financing dollars, 2011 was the fourth-largest year of the past decade, although the actual number of deals announced in the year decreased [...]
Challenges and Prospects in Repurposing Old Buildings for Assisted Living
When various types of buildings end up vacant and in disuse, sometimes the next logical step is to repurpose them for senior housing, especially as the nation’s senior demographic grows at a rapid pace. Old hospitals, hotels, and schools are probably the three most common types of buildings that can be converted into an assisted [...]
Financing Senior Care Renovation: Less Risky Alternative to New Construction?
New construction starts remain significantly below peak 2007 levels, according to data from the National Investment Center for the Seniors Housing & Care Industry, and with financing largely unavailable for ground-up construction, is renovation or rehabilitation of senior care facilities a less-risky alternative for lenders? With nursing homes across the nation an average of nearly four [...]
Recent Senior Housing Finance Activity: Love, Ziegler, KeyBank
Love Funding Secures a $4.6 Million Loan Refinance for Illinois ALF Love Funding announced on Jan. 3 that it closed a $4.6 million refinancing through the Department of Housing and Urban Development’s 232/223(f) loan program for an assisted living and memory care center located in Milan, Illinois. Avonlea Cottage of Quad Cities is a 46-unit [...]
