PARK RIDGE, IL – Senior Lifestyle Corporation, a privately-held owner, operator, and developer of senior housing communities, announced the official ground breaking of one of its newest plotted communities, The Sheridan at Park Ridge.

Co-Developed by Senior Lifestyle Corporation and Kaufman Jacobs, a national real estate investment firm, The Sheridan at Park Ridge is scheduled to open in late 2018 and will feature 64 helped-living apartment homes, as well as 36 memory care residences developed specifically to support those with Alzheimer’s, dementia and other memory-impairing illnesses. The 99,000 square foot retirement community will sit on approximately 1.74 acres of land.

“At Senior Lifestyle, our overall mission is to make fantastic places to live and fantastic places to work, and The Sheridan at Park Ridge is part of that vision,” said Matthew Phillips, Executive Vice President of development for Senior Lifestyle Corporation. “We look forward to bringing a new, much needed option for helped living and memory care to the families and residents of Park Ridge. The Sheridan at Park Ridge offers the latest in innovation and design, as well as exceptional care to seniors.”

Residents of the community will have access to a large common area with elegant dining room, interactive multi-purpose rooms, physical therapy center, a creative studio, an indoor sun porch and more. Residents can also delight in views of the golf course from perfectly landscaped outdoor spaces, including the memory care tranquility garden.

Senior Lifestyle is a privately-held, owner-operator and developer of senior housing communities. With a portfolio of more than 181 communities located throughout 27states, Senior Lifestyle offers independent living, helped living, memory care and skilled nursing for the luxury, moderate and affordable segments.

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ARLINGTON, TX – Dallas-based Fountain Residential Partners, in a joint venture with Dallas-based HC2 Capital, announced the development of its first student housing community in Arlington, Texas serving the University of Texas – Arlington.  Located on West Mitchell just west of Cooper Street, 8FOUR8 Mitchell will provide 298 luxury apartment homes for up to 687 students in the most highly amenitized and luxurious student housing to serve the rapidly expanding UTA market.

The University of Texas – Arlington attracted the attention of the award-winning national development firm due to its Tier One research designation, incredible growth, diversity of student population, and nationally recognized quality education. The new community will be constructed near the on-campus Centennial Court apartment, across from UTA’s Administration Building, and directly adjacent to Doug Russell Park.

The 5.1-acre property will consist of 687 bedrooms including one-, two-, three-, four-, and five-bedroom apartments and townhouses, along with a resort-style pool area, an expansive 9,000 SF clubhouse with strength training and cardio center, and multiple private study rooms.  Each fully furnished apartment home will feature condo-like finishes including wood-look flooring, granite countertops, queen sized pillow-top beds, 50-inch flat screen TVs, stainless steel appliances and full-sized washer and dryers.

Brent Small, President of Fountain Residential, says, “We have designed the next generation of housing for the students of UTA in the heart of campus with convenient access to both retail and restaurants along Cooper Street. With over 5 acres of land in a wooded area, we are able to make a fantastic residential feel in the heart of the city. This also afforded us the chance to build spacious townhome units, which will be unique to this market, and to offer larger, better amenitized public spaces.”

Within walking distance to the University of Texas-Arlington campus, 8FOUR8 Mitchell is aimed at the University’s steadily increasing enrollment, which has been bolstered by becoming a Tier One Research, and their commitment to becoming a right global leader in education.  Jim Crigler of HC2 Capital says, “We are excited about our first venture with Fountain Residential Partners.  We’ve known the team there for a long time and we are pleased to find a project to work on together. 8FOUR8 Mitchell is the perfect opportunity to provide a superior housing option for The University of Texas – Arlington students while making an investment in the community that we believe will have a positive impact on the University and the local community.”

As part of the pre-development of development, Fountain worked closely with community stakeholders, the local home and business owners, the City of Arlington Plotting Department, City Council members, and mayor Jeff Williams.

8FOUR8 Mitchell was designed by Stuart Roosth Architects and is being constructed by Temple, TX-based MW Builders, Inc., and will be completed before the Fall 2019 school year.

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WASHINGTON, DC – Fannie Mae announced that it will resume low-income housing tax credit (LIHTC) activities to provide a reliable source of capital for affordable rental housing and underserved markets. The Federal Housing Finance Agency (FHFA) approved Fannie Mae’s re-entry into the LIHTC market as an equity investor effective immediately. Fannie Mae’s return to the LIHTC market will expand the company’s efforts to increase and improve affordable housing stock and help those markets most in need of support.

Fannie Mae’s deep experience, long history, strong leadership, and partnership approach in the LIHTC market positions the company to provide immediate and ongoing support for the production and preservation of affordable rental housing. Since its inception, the LIHTC program has built nearly 3 million apartment units, housing about 6.7 million low-income families, and currently finances the construction and rehabilitation of nearly all subsidized housing in the U.S. Approximately 90,000 apartment units are built each year using LIHTC, enabling thousands of Americans to find affordable housing.

“We are thrilled to announce our re-entry into the LIHTC market. The LIHTC program has long been the most effective tool at driving housing supply for low- and very low-income families. Fannie Mae’s renewed participation in these business activities will support the LIHTC market by providing a reliable source of capital and a stabilizing influence on affordable housing throughout diverse economic markets and cycles,” said Jeffery Hayward, Executive Vice President, Multifamily. “This is a significant step forward for Fannie Mae to better serve the multifamily market and play an integral role in addressing America’s affordable housing crisis.”

“We look forward to expanding the productive relationships we have with key partners in the LIHTC industry and enhancing our product line to offer equity financing solutions to support the ongoing needs of the market,” said Dana Brown, Director of Multifamily Customer Engagement and program lead for Fannie Mae LIHTC investment activities. “We are ready to hit the ground running and we look forward to expanding our relationships and forming new partnerships.”

For more information about Fannie Mae’s Low-Income Housing Tax Credit program, visit their website.

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