Gardner Capital Completes Oklahoma Affordable Senior Housing
- Jun 11, 2021
Gardner Capital has completed the construction of an affordable senior housing project in Enid, Okla. The 54-unit Tennyson Manor, which is currently leasing, is managed by Seldin Cos.
According to Garfield County records, the Oklahoma Housing Finance Agency has allocated low-income housing tax credits for the development. LIHTC provisions require rents to be restricted until 2059. The apartments are available for residents aged 55 and over earning between 30 and 60 percent of the area’s median income, with six units set aside for special needs residents.
Additional financing for the development of the senior housing community includes a two-year $6 million construction loan and a $970,000 permanent loan, both provided by Legacy Bank & Trust Company.
Located at 1201 S. Wheatridge Road, Tennyson Manor offers one- and two-bedroom apartments with multiple floorplans ranging between 600 and 790 square feet. Its apartment homes have covered porches, fully equipped kitchens, walk-in closets, and plank flooring. The smoke-free community offers a clubhouse with a business center, a fitness center, a picnic area, and a storm shelter.
The property is 2.5 miles southwest of the U.S. Highway 412 retail corridor offering multiple shopping and dining options. Downtown Enid, situated approximately 6 miles east of the community, has several medical and healthcare facilities such as St. Mary’s Regional Medical Center and INTEGRIS Bass Baptist Health Center.
Last year, Gardner Capital completed another affordable senior housing development funded by low-income housing tax credits. The garden-style community also includes units for residents with disabilities.