The Society and NAHT close on $4.75M of Equity for Sage View Glen
Columbus, OH. Friday, September 14, 2018. National Affordable Housing Trust (NAHT) is proud to announce the closing of Sage View Glen in Rapid City, South Dakota. NAHT closed on Sage View Glen in partnership with The Evangelical Lutheran Good Samaritan Society (The Society) and with investment from Bank of the West. Sage View Glen joins Echo Glen, an adjacent senior-restricted, affordable apartment community which was constructed by The Society in 2015-16.
“NAHT is proud to continue its longstanding relationship with The Evangelical Lutheran Good Samaritan Society by providing affordable housing for seniors in Rapid City, South Dakota,” stated Lori Little, NAHT President and CEO. “The success of Echo Glen underscored the need for more affordable housing in the area which Sage View Glen strives to address.”
Sage View Glen consists of the new construction of a 50-unit mid-rise building containing one- and two-bedroom units. The 9% LIHTC transaction will serve seniors with incomes up to 30% to 60% of area median income. The community provides residents with access to a community kitchen and activity room, outdoor patio area, and a fitness center. The on-site management also provides access to social services.
“We recognized a growing need for additional affordable housing opportunities in the Rapid City area, and we’re stepping up to meet that need,” said Shannon Clark, manager of affordable housing development for the Good Samaritan Society. “Providing an affordable option for seniors seeking safe, clean living accommodations that fit within their budget is one way the Society lives out its mission to thoughtfully support the well-being of everyone.”
The Society is the nation's largest not-for-profit provider of senior housing and services, with more than 200 locations in 24 states, serving more than 30,000 individuals. Sage View Glen is the eighth partnership between The Society and NAHT, and their first with Bank of the West.
“Bank of the West thanks The Society and NAHT for welcoming us as a new investor. We are pleased to help finance this development that will improve the lives of its residents,” added John Denton, manager of Bank of the West’s Community Development Finance group. “We hope to build on this initial success in many future endeavors.”
For media inquiries, contact: Heather Holland, [email protected], (614)917-2864