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The Wartburg Completes Financing of Friedrichs Affordable Housing

The Wartburg completed financing arrangements for its planned Friedrichs Residence, a 4-story building with 61 affordable senior apartments on its 34-acre Mt. Vernon, NY campus.

Wartburg Affordable Supported Senior Housing
PRLog - Dec. 19, 2011 - MOUNT VERNON, N.Y. -- The Wartburg completed financing arrangements for its planned Friedrichs Residence, a 4-story building with 61 affordable senior apartments on its 34-acre Mt. Vernon, NY campus. The building will be named to honor Wartburg benefactors Juanita E. and Arthur M. Friedrichs, whose $1,000,000 bequest provided the project’s initial funding.

The New York State Housing Finance Agency (HFA) issued $8,600,000 in tax-exempt bonds as part of the federal New Issue Bond Program.  HFA will also provide a $500,000 subsidy loan as part of the project’s financial sources.  Enterprise Community Investment is providing the tax credit equity investment and Bank of America, N.A. is providing the letter of credit for the bond issuance’s construction period.  

David Gentner, President & CEO of The Wartburg said, “As the new year approaches, we are firmly on the path to a five year strategic plan to extend the Wartburg’s reach.  Our goal is to develop into a fully integrated provider of senior care and housing in the New York metropolitan area.  The Friedrichs Residence is the first major building project for the 21st century and the first step in broadening the way we will meet the growing needs of an aging population.”

“As New Yorkers grow older and live longer lives, Enterprise is committed to ensuring that all low- and middle-income seniors can live in affordable homes with access to the services they need,” said Abby Jo Sigal, Vice President and New York Market Leader, Enterprise Community Partners, Inc. “We’re proud to partner with The Wartburg and contribute over $5.9 million in Low-Income Housing Tax Credit equity to the Friedrichs Residence to help provide seniors the best quality of life.”

The Wartburg’s Director of Planning, Ryan Herchenroether, is excited about the package being offered to local seniors. “We are committed to providing affordable, safe, and supportive ways for seniors to retain their independence like the Friedrichs Residence.  Southern Westchester has a higher concentration of seniors than the county, state, or national averages.  So we are already researching whether underserved areas would benefit from the combination of customized support packages and thoughtfully designed affordable housing that will be offered here.”    

The first stage in the project will be the demolition of an outpatient clinic building, which is expected to be completed before the end of the year.  Groundbreaking for the Friedrichs Residence is anticipated to take place in mid-January and construction is scheduled to be completed in one year.

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The Wartburg Adult Care Community is a not-for-profit Lutheran ministry, serving people of all faiths with a full range of residential options and health-related services for older area adults and their families. The Wartburg offers skilled nursing care, rehabilitation, Alzheimer’s and dementia care, assisted and independent living, adult day services, home care, memory care, pastoral care and monthly caregiver support groups. The Wartburg is a member organization of the National Center for Creative Aging. For more information about The Wartburg Adult Care Community, please call (914) 699-0800, email info@thewartburg.org or visit www.thewartburg.org .

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Source:The Wartburg Adult Care Community
Location:Mount Vernon - New York - United States
Industry:Health, Non-profit, Real Estate
Tags:the wartburg adult care community, affordable senior apartments, senior living
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