DALLAS — New York City-based Lument has provided a $33.6 million Freddie Mac construction loan for The Culbreath, a 364-unit affordable seniors housing project in Dallas. The Culbreath will be reserved for seniors age 62 or older and will consist of 270 one-bedroom units and 94 two-bedroom units. Amenities will include a clubhouse, fitness center, library, game room, multipurpose room, pool, pickleball and bocce ball courts and two dog parks. The opening is slated for summer 2027. Tracy Peters and Dale Giffey led the transaction for Lument on behalf of DHA Housing Solutions of North Texas and Volunteers of American National Services.
OCEANSIDE, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided Mirka Investments a $32 million tax-exempt construction loan and a $15 million taxable construction loan to finance the development of El Camino Real, an affordable housing community at 2136 S. El Camino Real in Oceanside. Additionally, a $27.8 million permanent loan will be privately placed with one of KeyBank Commercial Mortgage Group’s (CMG) institutional investors. El Camino Real will feature a four-story residential building with 111 two- and three-bedroom apartments for families earning between 30 and 80 percent of the area median income. The property will include a leasing office and community area within a 6,500-square-foot common space, including outdoor recreation space and central laundry rooms on each floor. Supportive services will be provided by Mission Neighborhood Centers, which offers educational programs, workforce development, homelessness prevention and social services. The project received an additional $32 million construction loan from the California Municipal Finance Authority through a Multifamily Housing Private Activity Bond issuance, $12.9 million in certificated credits from the City of Oceanside State Housing Tax Credit program via Monarch Private Capital and $16 million in federal Low-Income Housing Tax Credit equity from WNC. Matthew Haas of KeyBank CDLI structured …
CHARLOTTE, N.C. — Coldwell Banker Commercial Realty has brokered the $3.4 million sale of a 3.4-acre, multifamily-zoned parcel at 5703-5707 N. Tryon St. in Charlotte. The buyer, The Annex Group, plans to develop a 200-unit affordable housing community on the site. Capital partners for the project include City of Charlotte, Bank of America and the North Carolina Housing Financing Authority (NCHFA). The construction timeline was not released. Ryan Pilsy of Coldwell Banker represented the land seller, an entity doing business as Kilbros3 LLC, in the transaction. Annex Group was represented internally by Joy Skidmore and Ryan Clark.
FORT LAUDERDALE, FLA. — Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal (AME) Church have opened Mount Hermon Apartments, a new affordable seniors housing community in Fort Lauderdale. Development costs totaled $43.5 million. Monthly rental rates at the community, which features one- and two-bedroom apartments, range from $433 to $1,422 per month. Units are reserved for seniors earning at or below 25 and 60 percent of the area median income (AMI). According to Apartments.com, the average rental rate for a one-bedroom apartment in Fort Lauderdale is $2,222. Amenities at the property include a rooftop terrace, fitness center, clubroom and community gathering space. Services offered at the community include 24-hour assistance, adult literacy training and support with light housekeeping, grocery shopping and laundry. Financing for the development included $32.6 million in 9 percent low-income housing tax credit (LIHTC) equity syndicated through Raymond James; a $33 million construction loan from TD Bank; a $7.5 million permanent Freddie Mac loan provided and serviced by Berkadia; and a $640,000 loan from the City of Fort Lauderdale. HTG Gomez Construction served as the project’s general contractor. The project team also included architect REP-R-TWAR, civil engineer Thomas Engineering and interior design firm B. Pila …
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided a $12 million construction loan and invested $16.1 million in Low-Income Housing Tax Credit equity for the construction of Churchill Gateway II, a 70-unit affordable housing project in Cleveland. KeyBank Commercial Mortgage Group (CMG) also arranged a $5.6 million Freddie Mac permanent loan for the project, which will be built at 10526 Churchill Ave. and received an additional $1.7 million in funding from the Ohio Housing Finance Agency. Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. The project will consist of a four-story building with one-, two- and three-bedroom units for residents earning 30 to 60 percent of the area median income and will contain 19 units supported by project-based subsidies. The NRP Group is the developer. The May Dugan Center will provide supportive services. Seaver Rickert and Ryan Olman of KeyBank CDLI structure the financing, while Robbie Lynn of KeyBank CMG arranged the permanent loan.
NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.
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Lenders Are Back in Action for Multifamily Development Deals, Says InterFace Panel
CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). A year prior, RealPage reported that deliveries (135,652) outstripped absorption (103,826) in first-quarter 2024. Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “It couldn’t be more different what it looked like a year ago trying to capitalize deals in tertiary markets,” said Block. “Last year we would call 50 lenders with the hope of one to get to do it at terms that we didn’t like with ridiculous deposit requirements. I probably get four or five cold calls a week from bankers now.” Block’s comments came during the development panel at InterFace Carolinas Multifamily, an annual networking and information conference held on May 21 …
SEDONA, ARIZ. — Wespac Residential, as general contractor, has broken ground on The Villas on Shelby, an affordable multifamily property in Sedona. Project partners include HS Development Partners, the City of Sedona, Athena Studio and the Arizona Department of Housing. The Villas on Shelby will be Sedona’s first-ever affordable housing community and will be funded through federal Low-Income Housing Tax Credits (LIHTC). Situated on a 1.2-acre site acquired by the City of Sedona, the three-story apartment complex will feature 30 affordable rental homes, including 24 one-bedroom units and six three-bedroom units. The development will include covered parking, a community room with a kitchen, fitness room, playground and elevator access. Additionally, the property will feature future-ready infrastructure with stubs in place for electric vehicle charging stations. Construction is underway, with completion and tenant move-in scheduled for May 2026. In addition to federal LIHTC, the project is being funded via an investment from the State Housing Trust Fund, part of Governor Katie Hobbs’ allocation toward addressing Arizona’s housing crisis.
WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have broken ground on Shea Ravines, a 56-unit affordable housing community adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer 40 one-bedroom units and 16 two-bedroom residences for singles, families and seniors who earn up to 80 percent of the area median income. There will be 20 Permanent Supportive Housing units reserved for renters exiting homelessness. Those units are supported by rental assistance provided by the Grand Rapids Housing Commission. Nonprofit services provider Community Rebuilders of Grand Rapids will coordinate supportive services to assist these residents. Amenities will include a multipurpose room, playground and bike storage. The US Green Building Council expects the property to be certified LEED Zero Energy. The project is named in honor of prior Cherry Health CEO Chris Shea. Additional phases of development are planned, for a total of 112 affordable housing units on the campus. The City of Wyoming approved a 3 percent Payment in Lieu of Taxes, which helped make the project possible. In 2024, the Michigan State Housing Development Authority (MSHDA) allocated housing tax credits to Shea Ravines to support the development financing. Earlier this year, MSHDA allocated housing …
ORANGE COUNTY, VT. — M&T Realty Capital Corp. has provided $5 million in equity for Chelsea Williamstown Apartments, an affordable housing redevelopment project in Vermont’s Orange County. The project involves the rehabilitation and adaptive reuse of two noncontiguous properties that will add 61 rent-restricted units, many of which will be marketed to seniors, to the local supply. Northfield Savings Bank is financing construction, which is expected to be complete next spring. The owner was not disclosed. M&T also provided a $5.6 million Fannie Mae M.TEB forward commitment as part of the capital stack.
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