Execs Form Senior Housing Group

The two founders are David Rubin, a Beverly Hills-based investment adviser who also serves as a commissioner on the Housing Authority of the City of Los Angeles; and Marc Gelman, a Los Angeles developer who served as general counsel and assistant to the chairman at Long Beach Bank. Rubin also is president of CDR Financial Products, a national investment advisory firm.

The announcement by the two says Rubin has structured more than $3 billion in transactions for a variety of senior living projects. His career includes experience in tax-exempt home purchase and multifamily acquisition programs for low and middle-income families.

Over the past 15 years, Gelman has specialized in the management and development of for-sale housing and condominium projects as well as several commercial properties. He has developed or consulted for a variety of senior living projects and has managed the development and joint venture of more than 2,000 apartment units.Enhanced Affordable Development Co. says its first venture will be Grandon Village, a $22 million development in San Marcos, Calif., in San Diego County.

The project is an age-restricted community for seniors 55 and older and is a part of the City of San Marcos' affordable housing program. Grandon Village is primarily financed with tax-exempt bonds and low-income housing tax credit equity. The project will provide 161 units of affordable housing, composed of three, three-story apartment buildings with a total of 52 one-bedroom and 109 two-bedroom units. In addition, the complex will offer approximately 11,000 sf of retail space.

Rubin and Gelman cite what they call "a tremendous demand for affordable housing" in Southern California, including housing for seniors of all ages but especially for "for seniors and lower income households."