Canyon Pointe will be receiving over $1.3 million for upgrading the project’s heating and air conditioning system and includes $240,000 for installation of the 58.8 kW solar panels that will reduce energy costs by approximately $7,000 per year.  The project is also receiving rebates from Xcel Energy for $105,00.

“It is this type of relationship that allows for a seamless handoff between preconstruction and construction, as well as a constant real-time look into the costs of the project which proves to be nothing but a benefit to the owner”, said Timothy Little, President.

Since the early 1990′s Senior Star has operated retirement communities in both Toledo and Dublin, Ohio and the Kenwood will be the third time Health Care REIT and Senior Star work together.

"We’re looking forward to meeting our new residents at The Kenwood," remarked Senior Star’s Mr. Robert Thomas. "They will find we have one immediate and long-term focus: surpassing their expectations by doing our very best to recognize unspoken needs and meeting those needs when ever possible."

HomeTowne on Wayside, a 161,000 square foot affordable senior living apartment community in the Settegast neighborhood of Houston, Texas, celebrated its grand opening last month with project team members, financial partners and the City of Houston representatives.  The $14.9 million community, developed by Integrated Real Estate Group, is the first of its kind in the economically-depressed neighborhood and features 56 one-bedroom units and 72 two-bedroom units.

“This new community brings an unprecedented standard of retirement living – previously unavailable to this senior population – into an overlooked area of Houston,” said developer Rick Simmons, president and CEO, Integrated Real Estate Group.  “HomeTowne on Wayside would not have been possible without some visionary thinking on the part of the City of Houston and our banking partners, JPMorgan Chase and First Sterling Financial.”

The overall average rent for a standard retirement home space was $2,232 in Atlantic Canada in 2010. Nova Scotia and New Brunswick recorded above regional average rents of $2,412 and $2,275, respectively. Standard spaces in Newfoundland and Labrador and Prince Edward Island recorded rents below the regional average at $2,042 and $2,181, respectively.

"Standard spaces in bachelor and two-bedroom units continued to be most in demand as evidenced by the relatively lower vacancy rates," said Tim Andrews, market analyst with CMHC’s Atlantic Business Centre. "Newfoundland and Labrador had the highest provincial vacancy rate at 18.1 per cent while New Brunswick recorded the lowest provincial vacancy rate at 6.2 per cent," added Andrews.

“This has been a part of OHA’s vision for a long time,” Oakland Housing Authority Executive Director Jon Gresley said. “Ensuring that we continue to serve our older residents is an important objective that we could not realize without the continued efforts of partners like Christian Church Homes. We are proud that we were able to provide the land necessary to get this development off the ground. We are also excited that this is the first ground up project that involves OHI, our non-profit affiliate.”

The project includes funding from Wells Fargo Bank ($11.2 million construction loan), U.S. Department of Housing and Urban Development ($8.6 million capital advance), Merritt Community Capital ($6.5 million), City of Oakland (5.1 million redevelopment funds), Federal Home Loan Bank ($700,000 Affordable Housing Program), and Oakland Housing Authority ($500,000 bridge loan).

“Every American citizen deserves a future full of promise and possibilities.  For a senior living on a modest social security income, that starts with a warm, safe place to live.  At Christian Church Homes we strive to provide affordable quality housing in caring communities with our various partners,” Christian Church Homes President and CEO Don Stump said. “Harrison Street Senior Housing is our latest effort in Oakland to create a place for more local seniors to call home and thrive.”

"Our government continues to invest in affordable housing here in London as well as across Canada to improve the life for those who need it most. These new rental options will help seniors in our community access safe and affordable housing that meets their needs," said Member of Parliament for London West Ed Holder. "This funding also creates an important source of well paying jobs".

”One of my highest priorities is to increase our City’s supply of affordable housing,” said Mayor Antonio Villaraigosa.  “And today, we’re putting words into action.”

Photo Courtesy LA Mayor’s Office.

“We listen to what our residents want and we build to their specifications, which is empowering,” said John Mann, Administrator for Renaissance Gardens at Riderwood. “More living space means keeping more of a resident’s  treasured belongings close. Also, offering a spacious living room allows comfortable space for visitors and guests, even for out of town family to stay the night.”

The project’s green roof hold rainwater to prevent overcharging city sewer systems and helps absorb sunlight and provides insulation and cooling . Of equal importance, the green roof areas offer a beautiful stepback to the dwelling and common area windows.  Worn Jerabek PC architects, the firm that designed Mayor Daley’s green roof at City Hall, is proud of this green initiative, created in partnership with The Renaissance Companies.  Greenview Place, completed in February 2010, offers over 100 studio and one-bedroom apartment homes.

The facility was 100% occupied at the time of closing and was sold to a regional owner operator that plans expand the facility to provide Skilled Nursing care in conjunction with the full Seniors Housing component and to also license the facility for Assisted Living.   Ryan Saul and Jeff Binder of Senior Living Investment Brokerage, Inc. handled the transaction.

“The Blair Ridge transaction was a win-win for both Buyer and Seller.  We secured a buyer with nursing home focus that saw value in developing skilled nursing on-site.  The Seller was able to achieve a 30%+ return on the sale and divest a facility outside their geographic focus,” said Ryan Saul of Senior Living Investment Brokerage, Inc.

“Completing our construction financing is a testament to the support we received from seniors who are seeking to enhance their rewarding daily lifestyle, while also putting a plan in place no matter what the future brings,” said Don Englesman, Vice President of Marketing New Development for Providence Life Services. “Before you can finance construction of a new Life Care community, you typically need to have 75 percent of the residences reserved. We surpassed that goal, because so many people love the vibrant retirement atmosphere created by the combination of our Park Place community and the surrounding Elmhurst area.”

“We are thrilled to be preserving this significant historic landmark while creating much-needed affordable housing on an infill site,” said Cynthia A. Parker, President and CEO of BRIDGE Housing.

The rehabilitation and adaptive reuse of the Main Building will include seismic upgrades and will comply with the Secretary of the Interior’s Standards for Rehabilitation of Historic Properties. The apartments will be affordable to seniors age 62 and older with annual incomes ranging from $18,750 to $31,250 for a one-person household (30 to 50% of Area Median Income) and monthly rents are expected to range from $439 to $803, depending on income and apartment size.

Financing for St. Joseph’s was provided by the City of Oakland, the Redevelopment Agency of the City of Oakland, U.S. Bank, Union Bank, Northern California Community Loan Fund/Lower San Antonio Community Development Fund, Evelyn and Walter Haas, Jr. Fund, California Pollution Control Financing Authority, California Tax Credit Allocation Committee, California Department of Housing & Community Development, Oakland Housing Authority, Federal Home Loan Bank of California. The architect is Van Meter Williams Pollack and the general contractor is James E. Roberts-Obayashi Corporation.