State of Illinois provides state loans and tax credits

A new senior housing facility with 67 units opened this month in Springfield, Illinois and the project received support from the state of Illinois with almost $8 million dollars in state loans and tax credits.  The facility was constructed by non-profit developer Abundant Faith Christian Center.    Sixty of the units are reserved for low income […]

New Orleans senior housing project receives tax credit equity

Providence Community Housing and Enterprise recently announced the investment of $41 million in Gulf Opportunity (GO) Zone low-income housing tax credit equity to renovate three senior apartment buildings and one multi-family apartment building as part of a partnership to redevelop 7,000 houses and apartments damaged by Hurricane Katrina for low-income seniors and families.  The Gulf […]

CalHFA helps preserve affordable senior housing in Los Angeles

The California Housing Finance Agency (CalHFA) has approved $5.525 million in long term, 30 year fixed rate loans which will allow the owners of an existing affordable housing complex in Los Angeles to preserve affordable senior rentals in LA county.  The building, which houses 88 units, will undergo a seismic retrofit and receive replacement windows […]

Eagle/Vail Colorado Senior Housing Project comes online

The Seniors on Broadway, an expansion of a current senior housing project in Eagle, CO, is on track to be completed in the spring of 2008.  The $2.7 million project is financed in part by Eagle County, which kicked in $800,000; and in larger part by tax credits of approximatley $1.9 million.  The project complements […]

Capital Senior Living Acquires Senior Housing Leases

Capital Senior Living Corporation, one of the country’s largest operators of senior living communities, today announced that it has entered into a definitive agreement with Hearthstone Senior Services, L.P. (“Hearthstone”) to acquire Hearthstone’s interests in 32 leases with a healthcare REIT. Capital Senior Living acquired 32 leased communities that are high-quality, newly constructed assisted living and dementia care […]

Hebrew SeniorLife gets $457m for Senior Housing Complex

Hebrew SeniorLife, the Roslindale nonprofit that operates elder housing, healthcare, and research facilities, secured $457 million in funding last week.  Construction on the $485 million dollar project began last summer and is scheduled to be completed in 2009.  The community in Dedham will house about 800 seniors and have home for independent living, assisted living […]

Prudential Mortgage Capital secures $80 million in senior housing financing

Prudential Mortgage Capital closed a $80.3 million dollar loan for Brookdale senior Living.  The portfolio consists of five assisted living, memory care and skilled nursing facilities in Ohio, Texas, Kansas and Kentucky.  The portfolio includes the following: Homewood Residence at Richmond Heights in Cleveland opened in 2000 and boasts 78 assisted-living units and 17 memory-care […]