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Pennrose Closes on Eastern Woods Senior in Findlay, Ohio
October 5, 2020
Pennrose and the Blanchard Valley Health System (BVHS) are pleased to announce they have closed on financing for Eastern Woods Senior, the first of multiple phases designed to expand the approximate 120-acre mixed-use Eastern Woods campus in Findlay, Ohio. Once complete, the multi-phase initiative will add over 150 units of high-quality mixed-income senior, family, and workforce housing.
Phase I includes 50 affordable, senior units available to households earning up to 60% of the Area Median Income (AMI). Eastern Woods Senior will sit adjacent to Birchaven Village, BVHS’ world-class Continuum of Care Retirement Community. The prime location provides residents with easy access to Birchaven Village’s extensive senior-focused services, resources, and amenities as well the other healthcare services on the campus. Pennrose will also provide tailored, on-site programming.
“Eastern Woods Senior has been thoughtfully designed to place seniors in an amenity-rich area, surrounded by the services and resources they need to live happy, healthy, and independent lives,” said Lasserre Bradley, Regional Vice President at Pennrose. “We’re thrilled to serve as co-developer with Blanchard Valley Health System and continue to build on their success in this master-planned community.”
“We are very pleased to be able to expand our current offerings and welcome new clients to our Eastern Woods Campus,” said Bridgett Mundy, Director of Residential Care with Blanchard Valley Health System. “These new affordable apartments will expand the type of homes available to seniors on our campus.”
Eastern Woods Senior will feature 44 one-bedroom and six two-bedroom apartments in a three-story elevator building. Of the total units, five are set aside for residents participating in the 811 Program, which connects individuals with disabilities to affordable housing. Residents will also enjoy on-site amenities, including a fitness center, outdoor green space, community room, and leasing and management office. The building has been designed to meet “Aging in Place” design requirements and LEED for Homes Criteria to ensure energy efficiency.
In addition to Eastern Woods Senior, Phase II of the development will deliver 48 units of affordable family housing and 9 units of workforce housing for health system staff and families. Additional future phases of family and senior housing are included in the master plan. The Eastern Woods campus also includes market-rate units at the Apartments at Eastern Woods, single-family homes at the Birchaven Estates at Eastern Woods, and an array of healthcare services, including Spectrum Eye Care, DeClerck Family Dental, Eastern Woods Family Practice, Blanchard Valley Obstetrics & Gynecology, Women Wise Mammography, Hematology & Oncology Associates, and The Ames Family Cancer Care Center.
The financing structure for the $9.42 million Eastern Woods Senior project includes low-income housing tax credits through the Ohio Housing Finance Agency (OHFA) with equity investment facilitated by Hunt Capital Partners through a proprietary fund with Aetna, a CVS Health company. Riverhills Bank has provided a $2.65 million construction loan and a $1.57 million permanent financing commitment. OHFA provided a $1.25 million construction bridge loan. Further, the project is supported through participation by The Blanchard Valley Port Authority.
“Providing affordable housing options to seniors, who are often facing chronic health conditions, can truly have a significant impact on their overall health and wellbeing,” said Michael Avotins, Ohio/Kentucky Market President, Aetna, a CVS Health Company. “We are committed to helping people that need it the most and believe that the Eastern Woods Senior Apartments will help seniors in Findlay who are among the most vulnerable members of the community.”
With a regional office in Cincinnati, Pennrose is active throughout Ohio and the Midwest region of the United States. Pennrose has a successful track record partnering with local healthcare systems. In Pennsylvania, Pennrose developed West Turner Residences with St. Luke’s Hospital. The building includes 61 senior apartments and 6,000 square feet of ground floor space for geriatric, physical therapy, and other senior focused medical functions.