Fort Myers, Fla. – National CORE is launching its first new construction development outside of California – Oak Park Senior Living, an affordable housing community in Fort Myers, Florida.
The groundbreaking was celebrated April 24 with elected officials, local leaders, residents, and National CORE employees to showcase a community that promises to provide seniors with a home where they can thrive.
Ariana Brendle, Vice President of Acquisitions at National CORE, highlighted the impact Oak Park Senior Living will have in providing affordable housing options for seniors.
“Oak Park Senior Living represents an important step forward in National CORE’s mission to address housing insecurity and expand access to quality, affordable homes for seniors across a range of income levels,” Brendle said. “This community will allow residents to age with dignity, knowing their housing will remain stable and affordable.”
Oak Park Senior Living will provide 144 new apartment homes to Fort Myers seniors, ages 62 or better, who earn between 30% and 65% of the area median income (AMI). The community will offer 124 one-bedroom apartment homes and 20 two-bedroom apartment homes for residents.
National CORE is projected to nearly double its footprint in Florida thanks to Oak Park Senior Living and a second proposed community called Hawthorne Heights in Gainesville. Oak Park Senior Living marks National CORE’s first venture into new construction developments outside California.
“This project will not only enhance the quality of life for our senior residents who need it the most, it will also provide safe affordable housing along with needed social services” said Commissioner Brian Hamman, whose district includes the area. “I’m excited by what National CORE has built, and the county was able to use some federal dollars we received after Hurricane Ian to push this over the line. This shows the process works.”
Affordable housing has become a priority in Florida, which lost nearly 277,000 homes with monthly rents under $1,000 between 2011 and 2022. Throughout Florida, more than 825,000 low-income renters pay more than 40% of their income for housing.
KeyBank Community Development Lending and Investment (CDLI) provided $16 million in low-income housing tax credit (LIHTC) equity. KeyBank’s Commercial Mortgage Group (CMG) privately placed $22 million in tax exempt bonds for the construction of the project and arranged a $7.4 million Freddie Mac Forward commitment to provide permanent financing, to be funded at the stabilization of Oak Park Senior Living.
“We are thrilled to be working with National CORE to create more affordable housing for our seniors,” said Zammy Arcos, senior relationship manager, KeyBank CDLI. “KeyBank is committed to the communities we serve, and our investment builds on the success of KeyBank CDLI’s Equity Growth Initiative.”
Oak Park Senior Living will be a single, four-story building with an elevator to ensure easy access for all residents. Community amenities include a community room, cybercafe, swimming pool, fitness room, community garden and pickleball court.
Ryan Benson, board member of the Florida Housing Finance Corporation Board of Directors, said Florida Housing Finance Corporation committed $22 million in a Multifamily Mortgage Revenue Note, $9.5 million from the Rental Recovery Loan Program, $1.2 million of Extremely Low-Income funding and $1.9 million in 4% Housing Credits toward the development of Oak Park Senior Living.
“Florida Housing prides itself on working with developers who can deliver safe, high-quality and affordable rental units,” Benson said. “National CORE has demonstrated a strong commitment to building quality affordable housing. This new development will provide 144 units for Florida’s seniors to have a safe, reliable place that they can be proud to call home.”
Residents will receive access to computer training and daily activities as well as free assistance with light housekeeping, grocery shopping and/or laundry through AGPM, National CORE’s property management partner.
“The City of Fort Myers is thrilled to welcome Oak Park Senior Living to the community,” Fort Myers Mayor Kevin Anderson said. “Too many seniors face threats housing insecurity, financial hardship and homelessness – but Oak Park Senior Living and future affordable housing developments will go a long way in remedying those concerns.”
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