A new senior living facility at the former McFadden Manor nursing home site in Malden is expected to open to residents in

A new senior living facility at the former McFadden Manor nursing home site in Malden is expected to open to residents in early 2018.

Forestdale Park will feature 80 apartments for 86 seniors, including 59 studio and one-bedroom apartments, 10 of which will be designated as affordable. Eighteen apartments for 23 seniors will be set aside for residents with Alzheimer's disease and dementia, and three apartments will be for independent living.

On Wednesday, Executive Director Dinah Olanoff held an information session for prospective families at Malden's Exchange Street Bistro. Next month, Olanoff plans to have two model units on-site to show to the public.

The facility will serve as a relatively affordable assisted living option for families in the region. Olanoff said market-rate studios will rent for $4,500 per month and affordable units will go for $2,300 per month.

"If you income qualify, that's a really good deal," Olanoff said.

The median monthly cost of assisted living care in Massachusetts is $5,463, according to Genworth's 2016 cost of care survey.

Forestdale Park is a collaboration between for-profit Senior Living Residences and nonprofit Volunteers of America Massachusetts. The two have teamed up before on two other senior living facilities -- Nashoba Park in Ayer and Concord Park in West Concord.

The Planning Board approved the project in December 2015, and the city held a groundbreaking ceremony in August 2016. There, local and state officials celebrated the fact that both the design and function of the project will preserve the history of the site.

The 2.6-acre location was once known as Malden's "poor farm," providing food to those who lived on the farm. In 1955, according to the city, the farm evolved into the city-run McFadden Manor nursing home, and in 2009 the nursing home closed and fell into disrepair.

"McFadden Manor served the underserved population in Malden, and it was always there for people who were struggling," Olanoff said. "It's meaningful that we'll be continuing with that in mind."

Mayor Gary Christenson echoed that sentiment in a statement last August.

"Not only will this project serve members of our community similar to the way that McFadden Manor did for many decades, it will preserve a historical Malden site," Christenson said.

The design of the project is similar to that of McFadden Manor, due in part to stringent requirements from the state historical commission.

The project is privately financed, with an estimated $28 million in private investment. The developers originally planned to receive $600,000 in federal HOME funds through the North Suburban consortium, but decided not to do so.

There is another assisted living facility for seniors in Malden -- Atria Maplewood Place on Broadway, which offers independent living and memory care in addition to assisted living. The Heritage Apartments on Pleasant Street also provide affordable independent living to seniors.

Forestdale Park will also be flanked by two Malden Housing Authority properties for seniors.

Olanoff believes Forestdale Park will fill an important role -- providing structured programming for those with mild cognitive impairment, as well as treatment for people with memory loss through one of Senior Living Residences' so-called Compass Memory Support Neighborhoods.

According to Senior Living Residences, the memory support program offers "curriculum-based" adult learning, exercise, a nutrition program, and structured activities.

Olanoff also hopes to make Forestdale Park a consistent presence within the Malden community, hiring local residents and helping make the city more "dementia friendly."

"I'm hoping that we're really going to be contributing to Malden," Olanoff said. "I think we'll bring a lot to the community."

Olanoff is not yet sure how many people the facility will employ, but she plans to hire this summer and have a team assembled by November.

Before becoming executive director of Forestdale Park on April 1, Olanoff served as senior director of marketing and communications for Youville Assisted Living in Cambridge and Lexington.

Forestdale Park is being built in the northern part of Malden, at 341 Forest St., next door to the Forestdale School in Ward 5.