Seniors Housing Business

FEB-MAR 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 16 of 56

Development 16 Seniors Housing Business n February-March 2018 and sitting areas. Accessibility im- provements include the installation of an automatic operating entrance, and door knobs and locks with new lever handles. Fort Schuyler House was origi- nally constructed under the New York State Mitchell Lama Program and HUD 236 Loan Program. In or- der to obtain rental assistance for existing residents, the HUD 236 mortgage will be prepaid, thereby enabling existing residents to re- ceive tenant protection vouchers that will then be converted to Proj- ect Based Vouchers at 110 percent of the 2018 New York City Fair Market Rent. The financing of the project in- cludes a combination of tax-exempt bonds and Low-Income Housing Tax Credits. Short-term and long- term bonds in a total amount of approximately $21.9 million will fund the project's rehabilitation. Bond proceeds will be utilized to fund development costs and make the project eligible for Low-Income Housing Tax Credits. Upon con- struction completion and project stabilization, tax credit equity will take out the short-term bonds. Fort Schuyler Housing Develop- ment Co. will continue to serve as the manager of the property. In ad- dition to Smith & Henzy Advisory Group, MDG Design + Construc- tion and Concord Management, project partners include architects Newman Design, engineers Anto- nucci & Associates, Architects & Engineers LLP, and Nixon Peabody LLP as borrower counsel. Construction begins on 510-unit CCRC in San Diego San Diego — Construction has begun on The Glen at Scripps Ranch, a 510-unit continuing care retirement community (CCRC) in San Diego. KTGY Architects designed the property, located in the Scripps Ranch neighborhood of the city. The community will feature 62 freestanding independent liv- ing villas, 48 garden terrace-style independent living apartments, 290 standard independent living apartments, 58 assisted living units (including memory care) and 52 skilled nursing beds. Continuing Life, based in nearby Carlsbad, will provide business and advisory services for the 53- acre property. The community has been in the planning and approvals phase since 2010, and is slated for completion in late 2019. Housing Trust Group to build $36 million affordable community near Miami Pembroke Pines, Fla. — Housing Trust Group (HTG) has received construction financing for Douglas Gardens V, a 110-unit affordable seniors housing community in the Miami suburb of Pembroke Pines. A joint venture between HTG and Miami Jewish Health Systems has broken ground on the project for completion in early 2019. De- velopment costs are estimated at $36 million. One- and two-bedroom units at Douglas Gardens will be available only to seniors earning no more than 60 percent of area median in- come. Rents will range from $405 to $953 per month to those with quali- fying incomes. The financing package includes a $13 million construction loan from US Bank; $8.9 million of perma- nent financing from Barings Mass Mutual; $8.44 million of housing credit equity (4 percent) through US Bancorp; and $5.8 million of competitively secured loans from the Florida Housing Finance Corp. HTG currently has three other affordable housing communities under construction in South Flori- da: Arbor View, a seniors housing community in Margate; Covenant Villas, an affordable community for families in Belle Glade; and Princ- eton Park, a family affordable com- munity in southern Miami-Dade County. Wolff starts construction of 146-unit independent living community in Idaho Eagle, Idaho — The Wolff Com- pany has broken ground on Revel Eagle, a 146-unit independent liv- ing community in the Boise suburb of Eagle. The property is located within the Eagle River development along the Boise River. It will feature a Pat Byrne Pat Burke $5 BILLION IN SALES TRANSACTIONS 845 SOLD SENIOR HOUSING COMMUNITIES 1997-2018 Grant A. Kief, President (630) 858-2501 (314) 961-0070 Jason Punzel Matt Alley Jeff Binder Ryan Saul Jeff Clousing Nick Cacciabando Dan Geraghy Kyle Shoemaker Dan Piatkowski Brad Clousing Toby Siefert Dave Balow Brad Goodsell Our experts will help you get a "Top-of-the-Market" price for your Seniors Housing community. Teamwork = Results We have 17 seasoned professionals that are national experts in the Seniors Housing and the Affordable Housing market. Together we have over 175 years of experience. Contact us for a confi dential valuation of your Seniors Housing community. Vince Viverito When completed, The Glen at Scripps Ranch will offer 510 units spanning the continuum of care in San Diego.

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