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Affordable Housing

Watsonville-Metro-Watsonville-CA
Affordable HousingCaliforniaLoansMultifamilyWestern

MidPen Housing Secures $132.8M in Grants for Three Central California Affordable Housing Developments

by Amy Works

SAN JOSE, ALAMEDA AND WATSONVILLE, CALIF. — The California Strategic Growth Council has awarded funding to existing MidPen Housing developments in San Jose, Alameda and Watsonville that include a total of 362 affordable units. Valley Transportation Authority (VTA) Capitol Station in San Jose was awarded $49.3 million. Located next to the Capitol Light rail station, this transit-oriented development will include 203 affordable rental homes, including 51 permanent supportive housing apartments for formerly homeless individuals. The project will replace an underutilized VTA parking lot with an all-electric residential building and a new transit plaza, complemented by multimodal improvements such as 2.3 miles of bike paths, upgraded walkways and new bus shelters. The project is slated for completion in 2029. The Stardust Gardens project in Alameda was awarded $44.5 million. This project includes 80 units that will be developed on public land and will include units for households that have experienced homelessness. Transportation enhancements include electric ferry charging infrastructure to enable zero-emission ferry service, bike and pedestrian safety improvements, traffic calming and new bikeways. A completion date was not available. Lastly, the state awarded $39 million to Watsonville Metro in Watsonville. This project involves redeveloping a downtown transit center into 79 affordable …

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Dogwood-Trail-II
Affordable HousingDevelopmentGeorgiaSeniors HousingSoutheast

Lockwood Cos. Breaks Ground on 40-Unit Affordable Seniors Housing Community in Albany, Georgia

by Abby Cox

ALBANY, GA. — Lockwood Cos. has broken ground on Dogwood Trail Apartments II, a 40-unit affordable seniors housing community located in the South Georgia city of Albany. Construction of Dogwood Trail Apartments II is estimated to take 14 months to complete, with a scheduled opening in winter 2027. Upon completion, the senior living community will provide housing for residents age 55 and older who earn 30, 50, 60 and 70 percent of the area median income (AMI). In partnership with the Albany Housing Authority, eight units will also be set aside for residents with project-based Housing Choice Vouchers. Dogwood Trail Apartments II will offer 20 one-bedroom and 20 two-bedroom apartments with elevators. The energy-efficient project will meet National Green Building Standards and will be furnished with dishwashers and washer/dryer connections. Additionally, all units will be pre-wired for cable and high-speed internet access.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastOfficeTop Stories

Walker & Dunlop Arranges $867M Financing Package for Office-to-Residential Conversion Project in Lower Manhattan

by John Nelson

NEW YORK CITY — Walker & Dunlop Inc. has arranged an $867 million financing package for 111 Wall Street, a 24-story, waterfront office building in Lower Manhattan’s Financial District. The development team, led by borrower InterVest capital partners, a global alternative investment manager based in New York City, plans to convert the fully vacant office building into a 30-story luxury apartment building housing 1,568 rental units. Approximately 25 percent of the units will be designated as affordable housing for residents earning an average of 80 percent of the area median income (AMI), qualifying the project for New York City’s Affordable Housing Conversion Program. Dustin Stolly, Aaron Appel, Adam Schwartz, Keith Kurland, Jonathan Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged a $778.6 million construction loan through Apollo Global Management, J.P. Morgan Chase & Co. and TYKO Capital. The closing of this financing marks the largest single-building office-to-residential conversion loan in New York City history as well as the country, according to Walker & Dunlop. Walker & Dunlop also advised on the extension of an existing $88.4 million C-PACE loan from Petros that remained in the capitalization, bringing the total financing package to $867 million. “With office vacancies …

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Sparrow-Square
Affordable HousingDevelopmentMultifamilyNew YorkTop Stories

Breaking Ground, Douglaston Development Finalize $242M Phase I of Affordable Housing Project in Brooklyn

by Hayden Spiess

NEW YORK CITY — A joint venture between nonprofit Breaking Ground Housing Development Fund Corp. and New York City-based Douglaston Development has finalized plans for the first phase of Sparrow Square, a $1 billion affordable housing development project in the Brooklyn borough of New York City.  The $242 million phase will comprise two 10-story residential buildings. Totaling 262 units of affordable housing, the buildings will feature 117 units designated as supportive housing. Amenities at the property will include a fully equipped gym, bike storage and private terraces. Supportive services will also be available onsite.  Additionally, Phase I will features an 8,000-square-foot community facility for the Brooklyn Ballet, which will support arts programming and community engagement. Project work will also include the addition of a new private drive (dubbed Sparrow Way) to integrate the residential buildings and community facility into the surrounding street grid.  Each building in Phase I will be designed to Passive House standards and offer all-electric utilities. The development will also feature electric vehicle charging, sustainable stormwater management practices, solar panels and green roofing.  Financing for Phase I includes state tax-exempt bonds, a subsidy from New York State’s (NYS) Supportive Housing Opportunity Program and 4 percent low-income housing tax …

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Affordable HousingLoansMultifamilySouth CarolinaSoutheast

JLL Arranges $59M Loan for Refinancing of Affordable Housing Portfolio in Upstate South Carolina

by John Nelson

GREENVILLE, S.C. — JLL has arranged a $59 million loan for the cross-collateralized, cash-out refinancing of three affordable housing communities in the Upstate South Carolina region totaling 598 units. The properties include Paris Park and Terrain at Haywood in Greenville and Mauldin Meadows in Mauldin. Carter Wroblewski, Taylor Allison and Sydney Powell of JLL arranged the three-year, interest-only loan through Truist Bank. The borrower, Affordable Upstate, purchased the properties between December 2021 and September 2022 and has since invested $13.6 million in capital improvements. The company purchased each community using a similar equity structure, which allowed for the cross collateralization, according to JLL. The properties are managed by NOAH Property Management and feature self-imposed rent restrictions of 60 percent and 80 percent of the area median income (AMI).

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AcquisitionsAffordable HousingDevelopmentMultifamilyTexas

Fairstead Announces $242M Acquisition, Rehabilitation of Houston Affordable Housing Property

by Taylor Williams

HOUSTON — Fairstead, an affordable housing owner-operator based in New York City, has announced the $242 million acquisition and rehabilitation of Haverstock Hills, a 700-unit affordable housing property in Houston’s East Aldine neighborhood. Haverstock Hills comprises 44 two- and three-story buildings on a 22-acre site. Residences include a mix of studio, one-, two- and three-bedroom units, all of which are reserved for households earning 60 percent or less of the area median income. Fairstead plans to upgrade unit interiors, building exteriors and common areas, as well as enhance the amenities via an updated clubhouse, outdoor playground, laundry facilities and a business center. Fairstead will also invest in new safety and security measures across the property. Rainbow Housing Corp. will continue to provide onsite social services for residences of Haverstock Hills.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Gilbane to Develop 266-Unit Affordable Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — Gilbane Development will build a 266-unit affordable housing project in The Bronx. Designed by Aufgang Architects and developed on the site of a former parking lot, 860 Concourse Village East will be a two-building project with 148 studios, 60 one-bedroom units, 47 two-bedroom residences and 11 three-bedroom apartments. Information on rent restrictions was not disclosed. Amenities will include a fitness center, laundry and package rooms, recreational lounge, an outdoor courtyard and a social services suite with offices and a conference room. The project will also feature a 7,818-square-foot commercial space that will be occupied by the Institute for Community Living. Construction is scheduled to begin next year and to be complete sometime in 2027.

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1810-Randall-Ave.-The-Bronx
Affordable HousingDevelopmentMultifamilyNew YorkNortheastSeniors Housing

VCD to Develop 180-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams

NEW YORK CITY — Vertical Community Development (VCD) will develop a 180-unit affordable seniors housing project at1810 Randall Ave. in The Bronx. Designed by Aufgang Architects, the eight-story building will offer 157 studios, 22 one-bedroom units and a single two-bedroom unit. Information on age and rent restrictions was not disclosed. Amenities will include a fitness center, indoor and outdoor recreational spaces and social support services, and the building will also house church facilities on its ground floor. Construction is scheduled to begin next year and to be complete sometime in 2027.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Begins Construction of $24M Affordable Housing Project in Downtown Minneapolis

by Kristin Harlow

MINNEAPOLIS — Kraus-Anderson has broken ground on Exodus, a $24 million affordable housing project in downtown Minneapolis. The developer, Aeon, is partnering with St. Olaf Catholic Church on the project, which involves the rehabilitation and addition to an existing eight-story building adjacent to the church. Once complete, the development will provide 72 studio units of deeply affordable housing, designed to support individuals experiencing homelessness and housing instability. Residents will be referred through Hennepin County’s Coordinated Entry and Behavioral Health Systems. Touchstone Mental Health will provide comprehensive supportive services. Through a long-term ground lease, Aeon will be the new owner and operator of the building. Constructed in the 1950s, the building was originally designed to provide dorm-style housing for young professional women working downtown. Over time, the property transitioned to providing temporary shelter for unhoused individuals downtown through Catholic Charities and Hennepin County, before becoming completely vacant. Urbanworks Architecture and Kraus-Anderson will serve as the architect and general contractor. Plans call for the substantial rehabilitation of the building’s interior and connecting a newly built eight-story addition adjacent to the original. There will be community spaces, outdoor green space and a fitness center as well as new mechanical systems. The project is …

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Affordable HousingLoansMassachusettsMultifamilyNortheast

Lument Provides $27M HUD-Insured Loan for Refinancing of Boston Affordable Housing Property

by Taylor Williams

BOSTON — New York City-based Lument has provided a $27 million HUD-insured loan for the refinancing of East Canton Street Apartments, a historic affordable housing property located in the InkBlock neighborhood of Boston. The property consists of four five-story buildings that were originally constructed in the late 1800s and a house total of 80 units. East Canton Street Apartments was converted to HUD-subsidized housing in 1981 and rehabilitated in 2007. Tracy Peters of Lument originated the fixed-rate loan through HUD’s 223(f) program on behalf of the owner, HallKeen Management.

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