FORT MYERS, FLA. — National CORE has announced plans to develop Oak Park Senior Living, an affordable seniors housing project in Fort Myers. Upon completion, the four-story community will feature 144 apartment units for residents age 62 and older earning between 30 and 65 percent of the area median income. Residences will include 124 one-bedroom apartments and 20 two-bedroom apartments. Amenities will include a community room, cybercafe, swimming pool, fitness room, community garden and a pickleball court. Residents will have access to computer training, daily activities and free assistance with light housekeeping, grocery shopping and laundry through AGPM, National CORE’s property management partner. KeyBank Community Development Lending and Investment has provided $16 million in low-income housing tax credit (LIHTC) equity. KeyBank’s Commercial Mortgage Group privately placed $22 million in tax exempt bonds for the construction and originated a $7.4 million Freddie Mac Forward commitment for permanent financing, which will be funded upon stabilization of the community. Florida Housing Finance Corp. has committed $22 million to the project in the form of a Multifamily Mortgage Revenue Note, as well as $9.5 million from the Rental Recovery Loan Program, $1.2 million of Extremely Low-Income funding and $1.9 million in 4 percent LIHTC …
TEMPLETON, MASS. — A partnership between metro Boston-based MPZ Development and Capstone Communities will undertake a $36 million multifamily adaptive reuse project in Templeton, about 65 miles northwest of Boston. Designed by ICON Architecture, the project will convert the historic Baldwinville Elementary School, which was originally built in 1923, into a 54-unit apartment complex that will be known as Baldwinville School Apartments. Residences will come in studio, one-, two- and three-bedroom floor plans, and the majority (49) of the units will be reserved for households earning between 30 and 60 percent of the area median income. Amenities will include a children’s playground, fitness center, electric vehicle charging stations, onsite laundry facilities and a community walking trail and green space. Rockland Trust provided $21.5 million in construction financing for the project. A groundbreaking ceremony will take place in May.
Colliers Mortgage Arranges $5.7M HUD-Insured Loan for Refinancing of Stanton Park Apartments in D.C.
WASHINGTON, D.C. — Colliers Mortgage has arranged a $5.7 million HUD-insured loan to refinance Stanton Park Apartments, a 62-unit affordable housing community located in Washington, D.C. As part of the refinance, the Non-Profit Community Development Corp. of Washington, D.C. (NPCDC) has obtained an extension for its use restriction to preserve its affordable housing options while operating under the Low-Income Housing Tax Credit (LIHTC) program. The HUD loan features a 35-year term and amortization schedule. Stanton Park Apartments comprises three one-bedroom units, 42 two-bedroom units and 17 three-bedroom units. Laundry facilities are located in each building, while disabled-accessible units contain an in-unit washer/dryer. Additional amenities at the property include barbecue and picnic areas and onsite parking.
WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have opened The Enclave in Whitehall, six miles east of Columbus. The 102-unit affordable housing community is located at 3540 E. Main St. The $29.9 million development is reserved for renters who earn between 30 and 80 percent of the area median income. Rents range from $435 to $1,240 per month, depending on income restriction and size of unit. The City of Whitehall approved a Payment in Lieu of Taxes related to the real estate taxes for 15 years on 100 percent of the residential improvements. The development also received significant support from Franklin County. The Board of Commissioners approved a permanent mortgage loan through its Magnet Fund program. The project also benefits from a $25 million linked deposit fund created by the Franklin County Treasurer Brooks Sullivan. The four-story building features a large mural created by Ohio-based muralists Lucie Shearer and Thom Glick. Units at The Enclave offer one-, two- and three-bedroom layouts. Several units are adapted for those with mobility challenges and/or sight and hearing disabilities. Amenities include a community room with kitchenette and management office. The development is certified LEED Gold. The project also features …
GALLOWAY, N.J. — Locally based developer Walters is underway on construction of Phase I of Cornerstone at Galloway, a project in southern coastal New Jersey that will deliver 66 affordable housing units to the local supply. Residences will be furnished with full-size washers and dryers and fully equipped kitchens, and amenities will include a multipurpose clubhouse with a fitness center, as well as a children’s tot lot, basketball court and computer workstations. Cornerstone at Galloway will ultimately offer 198 units in one-, two- and three-bedroom floor plans that will be developed across two phases and will be reserved for households earning 60 percent or less of the area median income.
NEW YORK CITY — A partnership between locally based owner-operators, The Hudson Cos. and BRP Cos., has received $343 million in financing for Phase II of La Central, a multifamily project in the South Bronx that will add 420 affordable and supportive housing units to the local supply. The second phase will encompass Building C (166 units) and Building E (254 units), which will rise 13 and 26 stories, respectively, and house one-, two-, three- and four-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. In addition, Phase II, which is slated for a 2028 completion, will include 1,567 square feet of commercial space, 13,000 square feet of community space and 7,134 square feet of public garden space. Building C will be constructed to meet Passive House standards, operating entirely on electricity to eliminate carbon emissions, while Building E will be built to achieve LEED Gold certification. Following completion of Phase II, La Central will comprise more than 1,000 units across five buildings. Buildings A and B, which opened in 2021, house nearly 500 affordable apartments between them, and Building A is also home to a YMCA. Building D, completed …
PRINCETON, FLA. — Miami-based Pinnacle has opened Pinnacle at Tropical Pointe, a new 215-unit affordable housing community located at 25155 S.W. 136th Ave. in Princeton, a city in south Miami-Dade County. The property features a mix of one- to four-bedroom apartments spread across six garden-style buildings, with amenities including a swimming pool, fitness center, business center and a playground. The community is designated for households earning up to 60 percent of the area median income. Pinnacle’s capital partners on the project included Bank of America, the Florida Housing Finance Corp., Miami-Dade County and Citibank.
OSCEOLA COUNTY, FLA. — Green Mills Group has broken ground on a $26 million affordable seniors housing community in unincorporated Osceola County. Dubbed Poinciana Parc, the midrise property will comprise 86 units and amenities including a fitness center, business center, club/game room, laundry room and a swimming pool. The Florida Housing Finance Corp. awarded the project a 9 percent tax credit allocation in May 2023. Additional capital partners on Poinciana Parc include TD Bank, Raymond James Affordable Housing Investments and Neighborhood Lending Partners.
LAKE FOREST, CALIF. — C&C Development and Riverside Charitable Corp. have opened The Meadows Senior Apartments in Lake Forest, an affordable housing community for residents 62 years and older. Located within Toll Brothers’ Meadows master-planned community, The Meadows Senior Apartments offers 65 units designed for seniors earning 30 percent to 60 percent of the area median income (AMI). The two-story building offers units ranging in size from 600 square feet to 800 square feet, all of which are ADA-accessible and adaptable. The property offers community space with grassy areas, verandas and pickleball courts and a common amenity space with a kitchen, laundry room, leasing office, supportive services manager office and outdoor verandas with a barbecue pavilion. The property is also located adjacent to a community park and dog park. Residents will receive onsite supportive services from LifeSTEPS. Services will consist of educational classes and health-and-wellness programs. Financing for The Meadows consists of LIHTC (low-income housing tax credit) funding through the California Tax Credit Allocation Committee, California Debt Limit Committee and California Statewide Communities Development Authority. Bank of America also provided a construction and permanent loan. Additional financing was provided by the City of Lake Forest, The County of Orange, Calif., OC …
LOS ANGELES — Community Preservation Partners (CPP) has purchased Witmer Manor, an affordable housing property in Los Angeles. Located at 1501 Miramar St. in Los Angeles’ Westlake neighborhood, Witmer Manor comprises eight three- and four-story, elevator-served buildings containing 142 studio and 96 one-bedroom units. Common area amenities include a laundry room and an onsite property management office. CPP is partnering with LifeSTEPS to provide onsite adult education, health-and-wellness and skill-building classes and services to residents. Originally built in 1930, the property was most recently renovated in 2005. CPP’s total development investment is approximately $64 million, which includes the purchase price of $48.4 million and estimated renovation costs of approximately $65,000 per unit. Planned renovations include extensive ADA upgrades; exterior upgrades with new roofing, energy-efficient windows, upgraded heat pumps and LED lighting; and interior upgrades with kitchen updates, new vanities, new flooring, LED interior lighting, fresh paint and essential drywall repairs. Additionally, bathrooms will be upgraded with modern fixtures and replacements and new blinds. Renovations are slated for completion in early 2026. Dedicated to serving residents through the Section 8 program, all units will be income-restricted to family households earning between 30 percent to 60 percent of the area median income (AMI). …
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