Affordable Seniors Housing Launches Construction in Freeport, ME
WNC & Associates, investor CVS Health and co-developers Freeport Housing Trust and Best Apartments, Inc. have begun construction on Varney Heights, a 42-unit affordable seniors housing community in Freeport, ME. Construction on the 16-million project is expected to be completed in September.
“Varney Heights represents an important investment in Freeport’s future, especially for the older adults who have helped shape this community,” said Matt Peters, executive director at Freeport Housing Trust.
Located on Varney Road in Freeport, the development will be financed through a combination of public and private funding sources. Bath Savings Bank will provide a $12.2-million construction loan. MaineHousing will provide a permanent loan along with two soft financing loans and Freeport Housing Trust will provide a soft loan to the project as well. Finally, WNC in partnership with CVS Health will furnish $8.7 million in equity through the Low-Income Housing Tax Credit Program.
Nominate Commercial Real Estate’s Leading Investment Sales and Leasing Brokers — For the ninth year in a row, Connect CRE will spotlight the industry’s top brokers based on the past year’s achievements. Click here to submit your nominations.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout