Wermers Multi Family Corp. began construction of Foundations at Market Square Manor, a 200-unit senior living apartment project located at Island and Market streets, says Dana Ochoa, senior project manager for Wermers Multi Family.

Grading is finished and work currently in progress at the site includes the pouring of concrete foundations, waterproofing and block walls. Framing will begin in September. The project is scheduled for completion in mid-2003, Ochoa says.

The project will include garden-like settings, a park next door, an industrial kitchen serving many Downtown seniors, a library, media rooms, and laundry facilities.

The project is jointly owned and developed by Senior Community Centers of San Diego, Chelsea Investment Corporation and Simpson Housing Solutions.

In North County, Oceanside city leaders recently approved up to $1.7 million for nearly 200 senior multifamily dwellings at Canyon Drive and Bush Street. The $19 million apartment project on five acres will be an extension of the Vintage Pointe senior housing project, according to representatives for the City Council.

A one-bedroom unit will rent for $451, while a two-bedroom apartment will cost $811. Residents over age 55 with incomes below the county average will be eligible for the units.

A local development company, Senior Resource Group, recently obtained a three-year, $44.5 million construction loan for Maravilla, a 363-unit senior living project in Santa Barbara.

Fremont Investment & Loan provided the short-term financing. Senior Resource sourced the loan through Jerry Wise of Holliday Fenoglio Fowler's Los Angeles office.

Wise says capital is available for good projects, even "during a time when senior housing is out of favor with the lending community."