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Affordable Housing

Cartwright-Family-Apts-Irvine-CA
Affordable HousingCaliforniaMultifamilyWestern

C&C Development, Riverside Charitable Corp. Open 60-Unit Affordable Housing Community in Irvine, California

by Amy Works

IRVINE, CALIF. — C&C Development, in partnership with Riverside Charitable Corp., has opened Cartwright Family Apartments, an affordable housing community in Irvine. Situated on 1.6 acres at 17861 Cartwright Road, the property features 60 apartments for households earning between 30 and 80 percent of the Orange County, Calif., area median income, with a portion of the units designated for veterans. Additionally, Cartwright Family Apartments includes a leasing presence for current Irvine residents or persons employed by the city. Designed by KTGY, Cartwright Family Apartments consists of four single-story residential buildings with 15 one-bedroom, 17 two-bedroom and 28 three-bedroom units with private balconies. Community amenities include a courtyard with pool, barbecue pavilion, tot lot, bike storage, community room with a kitchen, computer room, laundry room, leasing office and a supportive services manager office. At its opening, the property was 100 percent leased.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheastSeniors Housing

Partnership Completes 153-Unit Affordable Seniors Housing Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between Gilbane Development, Blue Sea Development Co. and JASA has completed Linden Grove, a 153-unit affordable seniors housing project in the Bushwick neighborhood of Brooklyn. Residences at the 13-story building are reserved for renters earning 30 to 40 percent of the area median income, with 46 units reserved for formerly unhoused seniors. Amenities include a fitness room, arts and crafts area, laundry room, a rooftop terrace, outdoor dining areas and community gardens.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhioSeniors Housing

KeyBank Provides $56M in Construction Financing for Ohio Affordable Seniors Housing Project

by Kristin Harlow

GALLOWAY, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $16.5 million taxable construction loan, a $9.4 million federal Low Income Housing Tax Credit (LIHTC) equity investment and an $8.2 million state LIHTC investment for the construction of Clover Glen II in Galloway near Columbus. National Church Residences is developing the 96-unit affordable housing project for seniors age 55 and older. KeyBank Commercial Mortgage Group also provided a Freddie TEL permanent loan of $8.2 million. KeyBanc Capital Markets served as bond underwriter and underwrote $13.8 million in tax-exempt bonds for the project. Clover Glen II will feature 15 units restricted to residents earning up to 50 percent of the area median income (AMI), 76 units restricted to 60 percent AMI and five units for 70 percent AMI. Amenities at the four-story property will include a clubhouse, fitness center, central laundry, onsite management, surface parking and picnic areas. David Lacki and Ryan Olman of KeyBank CDLI structured the financing, while Sam Adams and Alex Steckler of KeyBanc Capital Markets underwrote the bonds. In October 2022, CDLI, through an investment with Ohio Capital Corp. for Housings, closed the Clover Glen I transaction.

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175-Third-Street
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

Developers Receive $785M Financing Package for Residential Project in Brooklyn

by Hayden Spiess

NEW YORK CITY — Charney Cos., Tavros and Incoco Capital have received $785 million in construction financing for the development of 175 Third Street, the fifth building at the $1 billion Gowanus Wharf campus in Brooklyn.  Apollo and Affinius Capital are providing $600 million in debt, and RXR is providing $185 million in equity. Christopher Peck, Peter Rotchford and Nicco Lupo of JLL secured the financing on behalf of the borrowers.  Upon completion, 175 Third Street will mark the largest building at the development, which is situated within the Gowanus area of Brooklyn. Charney and Tavros purchased the site in May for $160 million. The residential building will total roughly 1.1 million square feet across 27 stories and will house approximately 1,100 units. Of the residences, 25 percent will be designated as permanently affordable housing.  Bjarke Ingels Group designed the property, which will also feature a 28,000-square-foot public waterfront esplanade in collaboration with the New York City Department of Parks & Recreation. Additionally, Life Time has signed an 85,000-square-foot lease at the building for a three-story fitness club and spa.  “Securing this financing with Apollo, Affinius and RXR validates both the strength of 175 Third Street and our long-term commitment to this …

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1920-Turnbull-The-Bronx
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Unveils Plans for $170M Affordable, Supportive Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — A partnership between local owner-operator Gilbane Development Co., Strada Development LLC and the Center for Urban Community Services (CUCS) has unveiled plans for a $170 million affordable and supportive housing project in The Bronx. Designed by Magnusson Architecture and Planning PC and known as 1920 Turnbull, the 22-story building will be located in the borough’s Castle Hill/Soundview submarket and will house 228 affordable housing units, including 137 permanent supportive housing units for formerly homeless individuals and families. CUCS will operate a 3,500-square-foot office within 1920 Turnbull to facilitate residents’ access to onsite social support services such as case management, behavioral health support, benefits assistance, employment services and connections to community resources. Additional amenities will include outdoor recreation space, a fitness room, community room and onsite laundry facilities. Site remediation and a groundbreaking are scheduled to take place in the coming weeks, with completion slated for 2029.

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AcquisitionsAffordable HousingDevelopmentMultifamilyNew YorkNortheast

Tredway Buys 168-Unit Affordable Seniors Housing Complex in Peekskill, New York, Plans Rehabilitation

by Taylor Williams

PEEKSKILL, N.Y. — New York-based owner-operator Tredway has purchased a 168-unit affordable seniors housing complex in Peekskill, about 50 miles north of New York City. The property at 901-907 Main St. houses units that are reserved for renters earning 60 percent or less of the area median income. As a means of preserving affordability, Tredway plans to invest about $4.5 million in capital improvements to the property, including façade repairs, upgrades to building systems and the installation of new in-unit appliances. Tredway also plans to enhance the building’s security systems and introduce new social services. The seller and sales price were not disclosed.

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Affordable HousingDevelopmentMultifamilyTexas

April Housing Reopens Three Affordable Housing Communities in East Austin Following $60M Rehabilitation

by Taylor Williams

AUSTIN, TEXAS — April Housing, Blackstone Real Estate’s affordable housing division, has reopened three affordable housing communities totaling 654 units in East Austin. Working in partnership with the Housing Authority of the City of Austin (HACA), April Housing completed roughly $60 million of renovations across the following properties: Heritage Point, a 240-unit senior living community for residents earning between 30 and 80 percent of the area median income (AMI); Eagle’s Landing, a 240-unit multifamily property for those earning 60 percent or less of AMI; and Village at Collinswood, a 174-unit senior living community for residents earning 60 percent or less of AMI. All three communities now offer updated units interiors, including bathrooms, kitchens, fixtures and appliances, as well as upgraded building systems and amenity spaces.

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Affordable HousingColoradoDevelopmentMultifamilySeniors HousingWestern

MGL Partners to Develop Affordable Seniors Housing Property at Former Hospital Campus in Colorado

by Amy Works

WHEAT RIDGE, COLO. — Denver-based MGL Partners will develop an affordable seniors housing community in Wheat Ridge, approximately 10 miles outside downtown Denver.  The community will be situated within the redevelopment of the former Lutheran Hospital campus. MGL Partners recently executed a purchase-and-sale agreement with E5x Management, which is leading the redevelopment of the hospital campus, for the project site.  Dubbed Legacy Terrace Apartments, the community will feature 50 units for residents age 62 and older earning between 30 and 80 percent of the area median income. MGL Partners plans to pursue Low-Income Housing Tax Credit financing and Colorado state tax credits in February 2027.  Construction is anticipated to begin following financing approvals. 

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500-Lynnfield-Street-Lynn-Massachussetts
Affordable HousingMassachusettsMultifamilyNortheastSeniors Housing

MassDevelopment Provides $29M in Bond Financing for Affordable Seniors Housing Project in Lynn, Massachusetts

by Taylor Williams

LYNN, MASS. — MassDevelopment has provided $29 million in tax-exempt bond financing for a 150-unit affordable seniors housing project in Lynn, located northeast of Boston. The financing will support construction of 105 units for the project at 500 Lynnfield St., which is being developed by an affiliate of 2Life Communities. The development will consist of three buildings with 138 one-bedroom units and 12 two-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Eastern Bank purchased the bond.

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Affordable HousingDevelopmentIllinoisIndianaLoansMichiganMidwestMinnesotaMultifamilyWisconsin

Cinnaire Closes $307M LIHTC Equity Fund for 2,259 Affordable Housing Units Across 10 States

by Kristin Harlow

LANSING, MICH. — Lansing-based Cinnaire has closed a $307 million Low-Income Housing Tax Credit (LIHTC) equity fund, Fund for Housing LP 45, which will finance the creation and preservation of 2,259 affordable housing units across 27 properties in 10 states. Fund 45 will support multifamily development in Delaware, Illinois, Indiana, Maryland, Maine, Michigan, Minnesota, Pennsylvania, Virginia and Wisconsin. Specific projects include 3rd Avenue Flats in Dilworth, Minn., and The Argus Apartments in Verona, Wis. A new-construction development, 3rd Avenue Flats will bring 44 affordable housing units, five of which will be reserved for people with disabilities and four of which will be designated for households experiencing high-priority homelessness. The developer, Commonwealth Holdings IV, will partner with Lakes & Prairies Community Action Partnership to provide access to the state’s community coordinated entry system CARES, which provides access to all homeless housing programs as well as emergency resources to prevent households from falling into homelessness. The Argus Apartments is also a new development that will provide 60 affordable housing units, including nine reserved for individuals with developmental, physical or mental disabilities. Social services provider Lutheran Social Services will provide onsite services to the nine Permanent Supportive Housing units. The project developers are …

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