Senior Housing

Evergreen Real Estate Group commenced construction on the $81-million project at 4515 N. Winchester Ave. in Chicago's Ravenswood neighborhood last week.

Rockport Mortgage Corp. closed a $24-million FHA loan for the. Verona Senior Citizens Apartments in Verona and $27 million in FHA financing for Mansion Apartments in Pine Hill.

The properties are located in Florida cities of Naples, St. Petersburg and Clearwaters as well as one in Greenville, SC.

Demand is robust in the master-plan market, particularly for 55-plus active adult communities.

Financing for the Sailboat Bend II includes $25 million in low-income tax credit equity through Bank of America.

New York City-based Fundamental Advisors has reportedly sold its 75% stake in the 53-story property at 55 E. Pearson St. to LCS of Des Moines, IA and Senior Care Development of Harrison, NY.

"Seniors used to move into senior housing in their 70's and now they aren't moving until into their 80's. So developers need to be astute to that."

The annual 9% federal Low-Income Housing Tax Credits are expected to generate $214.7 million in private investment to create 17 projects totaling nearly $325 million in total development investment.