A 50-unit affordable housing development for residents 55 and older will be the newest addition to the Blanchard Valley Health System (BVHS) Eastern Woods campus in Findlay, Ohio.
Hunt Capital Partners, in collaboration with developer Pennrose and BVHS, announced the closing of $7.25 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Eastern Woods Senior Apartments.
The development will offer affordable apartment homes for residents 55 and older who earn up to 30%, 50%, and 60% of the area median income.
The BVHS’ existing Eastern Woods campus features medical offices, market-rate apartments, and single-family condominiums. BVHS also runs and operates Birchaven Village, which provides a continuum of care for seniors living in Hancock County and the surrounding areas. Eastern Woods Senior Apartments will be adjacent to Birchaven Village so residents will have access to Birchaven Village’s services and amenities, including a pool, a playground, a recreation area, a sport court, a theater room, a barbershop, a salon, walking paths, and transportation services.
“We are glad to partner with Blanchard Valley Health System and Pennrose on the development of Eastern Woods Senior Apartments,” said Hunt Capital Partners executive managing director Dana Mayo. “Eastern Woods Senior Apartments will truly improve the quality of life for low-income seniors by providing high-quality housing as well as easy access to health, recreational, and other important resources.”
BVHS and Pennrose assembled a development team that includes The Douglas Co. as general contractor; Moody Nolan as project architect; and Wallick Communities as the property management agent.
Construction began in early August and is scheduled for completion by June 2021. When finished, Eastern Woods Senior will offer 44 one-bedroom and six two-bedroom apartments with modern amenities. The development will set aside five of the one-bedroom units for the Department of Housing and Urban Development’s Section 811 Supportive Housing for Persons with Disabilities program. The development is also eligible to enter into a 20-year project-based rental assistance contract with Ohio Housing Finance Authority (OHFA) for the Section 811 units.
The total development cost for Eastern Woods Senior is $9.57 million. Hunt Capital Partners facilitated the federal LIHTCs through a proprietary fund with Aetna, a CVS Health company. RiverHills Bank provided a $2.65 million construction loan and a $1.57 million permanent financing commitment. OHFA provided a $1.25 million construction bridge loan.
“Providing affordable housing options to seniors, who are often facing chronic health conditions, can truly have a significant impact on their overall health and well-being,” said Michael Avotins, Ohio/Kentucky market president at Aetna. “We are committed to helping people that need it the most and believe that the Eastern Woods Senior Apartments will help seniors in Findlay who are among the most vulnerable members of the community.”