CHI Moves Forward on Baltimore Senior Development
The firm partnered with AGM Financial Services to procure the funding for Cascades of Frederick.
360 Prospect Blvd. Image courtesy of Community Housing Initiative.
The Community Housing Initiative (CHI) has completed negotiations for the construction of the Cascades of Frederick, a 151 unit, 144,000-square foot affordable senior living community located at 360 Prospect Blvd., in Frederick, Md. The $42 million project broke ground earlier in August and is scheduled for delivery in the Fall of 2023, with move-ins slated for November.
AGM Financial Services partnered with CHI to procure the funding, provided in part by Low-Income Housing Tax Credits and tax-exempt bonds. RBA Architects and Morgan-Keller Construction will design and construct the building, respectively.
The announcement is the second multifamily transaction in Frederick this year, after Rose Valley Capital received a $70 million loan for the acquisition of The Fields at Rock Creek, a 314-unit multifamily development.
After its completion, Cascades of Frederick will feature one- and two-bedroom units serving residents aged 62 and older who fall below the state’s Area Median Income. Amenities include a library, lounge and fitness center, all connected through landscaped walking paths. The community is located within 1 mile of downtown Frederick, offering highway access to the Baltimore-D.C. metropolitan area.
Senior living shortages all around
The community’s construction comes amidst a shortage of senior housing, as the sector experiences higher occupancy rates for four consecutive quarters, increasing from 80.5 percent to 81.4 percent in the first half of 2022, according to data from The National Investment Center for Seniors Housing & Care. At the same time, construction and availability has reached its lowest level since 2015, in part due to delays stemming from inflation, supply and labor shortages, according to the same data.
