CENTENNIAL, CO – Walker & Dunlop announced that it structured $52,035,000 in financing for three Class A senior housing properties totaling 196 units in Colorado Springs and Centennial, Colorado. Each of the properties, MorningStar at Jordan, MorningStar at Mountain Shadows, and MorningStar at Bear Creek, is owned in a partnership between MorningStar Senior Living and an alternative investment fund manager based in the Middle East.

Walker & Dunlop played an vital role in the transactions, utilizing its deep expertise in Fannie Mae financing to ensure the lending documents were consistent and compliant with Shari’ah law, which has implications on the payment and receipt of interest. This laid the foundation for a timely and efficient closing process of just 40 days. The Walker & Dunlop team was led by Managing Director, Stuart Wernick, alongside Jeff Ringwald and Bill Jackson, who specialize in senior housing properties. Each of the three assets was refinanced with a ten-year, fixed-rate loan that included interest-only for a part of the term.

Mr. Wernick commented, “Working with our partners at Fannie Mae, we were able to tailor Fannie Mae’s program to meet our client’s unique needs. These complex transactions required diligence, attention to detail, and coordination among several Walker & Dunlop teams to facilitate a smooth process.”

“As baby boomers continue to age, communities like MorningStar at Jordan, Mountain Shadows, and Bear Creek are becoming increasingly critical to offering housing and care to our most vulnerable citizens,” added Mr. Ringwald. “These properties have a lot to offer for both residents and the surrounding community, and we are honored to have played a role.”

Managed by MorningStar Senior Living, each of the three senior housing communities is well-located and outfitted with best-in-class community amenities such as beauty salons, theaters, chapels, wellness centers, activity/craft rooms, a computer center, and walking paths surrounding the property. Built in 2014, MorningStar at Jordan is a three-tale, 84-unit helped living and memory care facility located in Centennial, Colorado. The property is adjacent to Cherry Creek State Park, and just 16 miles from Denver’s central business district. MorningStar at Mountain Shadows was built in 2013 and comprises one two-tale building with 64 helped living and memory care units. MorningStar at Bear Creek is a one-tale property with 48 units and specializes exclusively in Alzheimer’s patients. Mountain Shadows and Bear Creek are both located in scenic neighborhoods on the outskirts of Colorado Springs.

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SAN DIEGO, CA – Affirmed Housing and its development partners broke ground on The LINK, designated primarily for people who have experienced homelessness.  The project is located in the downtown San Diego community of East Village at 707 17th Street.  The LINK is one of numerous developments by Affirmed Housing, which are designed to provide solutions for the homeless population in Southern California.  

Located on an 11,318-square-foot site, The LINK will provide 72 permanent supportive housing units to people who have experienced homelessness, and 14 affordable studios for households earning 50 percent or less of the area median income (86 total resident units). Each apartment will be approximately 250-300 square feet, with a living space, kitchen, and bath.  The five-tale, 50,000-square-foot project will feature a glass-encased lobby, a community room, supportive services by Father Joe’s Villages, laundry facilities, and large terraces. 

Last year alone, The LINK investment partner, Bank of America, financed a record $4.7 billion in loans, tax credit equity investments and other real estate development solutions nationwide for new affordable housing.    

“Lifting people out of poverty and onto the path to economic stability is one of the most vital things we can do as a bank, so we are particularly proud to finance over $48 million for The LINK. Working closely with Affirmed Housing and Civic San Diego, this public-private partnership has made a truly transformative community for our most vulnerable San Diegans,” said Rick Bregman, San Diego market president, Bank of America.  “Bank of America’s approach to addressing homelessness is twofold – financing quality permanently affordable housing units, combined with supportive services that enable people to have sustainable success. The LINK brings all of this together to help set people up to make meaningful change in their lives.”  

Designed by Carrier Johnson + CULTURE with a dramatically sharp angle, The LINK will be a striking presence downtown.  Because the site belongs in the Makers Quarter/Thought District, the design pays homage to the area’s tradition in creative fabrication.  The building will have a metal façade, reminiscent of the raw steel materials of Makers Quarter.  Communal spaces will have exposed concrete to highlight its beauty.

James Silverwood, President of Affirmed Housing, states, “The LINK will provide quality housing and on-site supportive services, designed to enrich the lives of our residents.  This comprehensive approach will offer this vulnerable population a high level of support, which we have seen lead to success in addressing homelessness.  It’s our responsibility as a community leader to raise the standard of living for those who truly need it most.” 

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AUSTIN, TX – Capstone Development Partners announced that the New Residence and Dining Hall at the University of Massachusetts Boston, was awarded the Best Public-Private Partnership Development at the Student Housing Business Ninth Annual Innovator Awards ceremony held in Austin, TX. 

The project was selected among 115 student housing development nominees encompassing a total of 23 award categories. The project was judged on multiple criteria including: how it solved a unique need for the university; served as a win-win-win for the school, its residents in the project and the developer; building architecture; design into the campus fabric; and the project’s performance relative to budget and schedule.

The new residence hall is the first on-campus housing at the University and houses more than 1,000 first year and transfer students and includes a 500-seat dining hall that serves the entire campus. 

The UMass Boston New Residence and Dining Hall, was developed by Capstone in collaboration with the University of Massachusetts Boston and University of Massachusetts Building Authority in a public-private partnership.

“This is a wonderful recognition of the vision, plotting, direction and oversight of the project by the ‘public’ partners, the University of Massachusetts President’s Office, the UMass Building Authority, and UMass Boston, and the creative transaction and development execution by the ‘private’ partners, Provident Commonwealth Educational Resources, Capstone Development Partners, Elkus Manfredi Architects, Shawmut Design and Construction, and COCM,” said Jeff Jones, Capstone Principal.

The Project was designed by Elkus Manfredi Architects; constructed by Shawmut Design and Construction; and the project is operated by COCM. The engineering team included Haley Aldrich, Nitsch Engineering, WSP, McNamara Salvia and AHA Engineering. Copley Wolff Design Group was the Project’s landscape architect. The Project was financed with tax-exempt bonds and is owned by Provident Commonwealth Educational Resources, a 501(c)3 non-profit owner. 

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