Buffalo Cactus Senior Apartments
Buffalo Cactus Senior Apartments will bring 150 new, affordable senior apartments to a Las Vegas community with no existing apartment properties. The completed building will have an elevator, a clubhouse, 76 one-bedroom/one-bath, and 49 two-bedroom/one-bath apartments. All units will have affordability restrictions between 30% and 60% of the area median income.
Loan Purpose: Predevelopment and acquisition
Project: Affordable, senior rental housing
Nevada Hand, Inc. (NVH) will develop a vacant site into a 150-unit affordable senior project financed with 4% LIHTC and tax-exempt bonds.
Borrower: NVH has over 25 years of experience developing affordable family housing, independent senior housing, and assisted living facilities. NVH owns and operates more than 5,000 units across 44 communities.
Loan Details: Partners and Community Housing Capital collaborated to deliver a total loan of $3,132,250. Partners provided a $500,000 loan. The funds covered predevelopment and acquisition costs to develop this 5-acre site for senior housing. This project will be the first affordable apartment complex for seniors in this submarket.