HAINESPORT, N.J. — New Jersey-based developer Walters is underway on construction of a 73-unit affordable housing project in Hainesport, located outside of Philadelphia. Cornerstone at Hainesport will consist of six buildings that will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a basketball court, children’s play area and a clubhouse with computer workstations. The first units are expected to be available for occupancy by December.
By Wilson Ding, Related Midwest The integration of sustainable features in affordable housing often comes with a perceived conflict: the expense of green technologies versus tight operating margins. However, innovative financing strategies and open dialogue with government agencies can bridge the gap, making sustainability more achievable for these projects. By their very nature, affordable housing developments tend to be very complex, often with a number of public and private stakeholders and a multifaceted capital stack. Securing additional resources for the implementation of sustainable technologies in both new and existing communities adds another layer of intricacy, contributing to the sector’s lag behind market-rate in this area. Yet while the installation of sustainable technologies may require a higher upfront investment of time and money, their ability to reduce ongoing expenses makes them a smart long-term strategy. Tax incentives, grants and other subsidies can also help make these projects feasible. Round Barn Manor My firm, Related Midwest, recently finished a $6.8 million renovation of Round Barn Manor, a 156-unit affordable seniors housing community in Champaign, Illinois. Completed in September 2024, the renovation was part of a broader $38.6 million recapitalization initiative carried out in collaboration with Related Affordable, our national affordable housing arm …
By Taylor Williams DALLAS — As is the case for many commercial asset classes and markets in 2025, there is an expectation of elevated deal volume for investment sales of affordable housing properties in Texas. But brokers in that space caution that the rebound will likely be marginal and is not necessarily indicative of ideal market conditions taking hold. A quintet of panelists broke down this notion and others at the InterFace Texas Affordable & Workforce Housing conference on Feb. 13 at the Westin Galleria Dallas hotel. Mary Ann Bennett, senior managing director at BBG Real Estate Services, moderated the discussion on investment sales activity. 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. Panelist Michael Furrow, senior vice president of affordable housing at commercial finance firm BWE, took the audience of 200-plus back in time to illustrate just how quiet the past two years had been. He did so by providing statistics on affordable housing sales for Dallas-Fort Worth (DFW) between 2021 — when multifamily rents and sales prices were peaking across the board — and 2024, when they …
PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.
LOS ANGELES — Walker & Dunlop has arranged $34.8 million in construction financing for 4301 Vermont, an affordable housing development in Los Angeles. Chris Montes of Walker & Dunlop secured the loan on behalf of the client, SoLa, and identified the lender as ACORE Capital. The five-story multifamily complex will offer 188 affordable residences at 4301 Vermont Ave. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact.
SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos. and Opportunity Home San Antonio has completed Vista at Silver Oaks, a 76-unit affordable housing project on the city’s north side. Residences come in two- and three-bedroom layouts and are entirely reserved for renters earning 60 percent or less of the area median income. In addition to business and fitness centers, residents have access to services such as monthly social events, tax preparation classes, health and wellness programming and afterschool care. Construction began in August 2023.
CHICAGO — The Community Builders has completed development of Canvas at Leland Plaza, a $44 million affordable housing property in Chicago’s Lincoln Square neighborhood. The equitable transit-oriented development (ETOD) features 63 units with commercial space, outdoor seating and parking. The Chicago Housing Authority (CHA) is providing funding for 16 of the units through its project-based voucher program, representing an investment of more than $13.3 million over the next 30 years. Amenities at the property include package and bike rooms, storage space, a resident lounge and terrace. Financial partners include the City of Chicago, the CHA, CIBC, Stratford Capital Group, Benefit Chicago and ComEd. DesignBridge was the architect, and Leopardo Cos. and KMW Communities served as general contractors.
VAN NUYS, NORTH HILLS, PANORAMA CITY AND GARDENA, CALIF. — Northmarq has arranged $64.6 million in financing for the acquisition of a 596-unit, seven-property multifamily portfolio in the San Fernando Valley. The borrower is a Moorpark, Calif.-based private owner. Zalmi Klyne of Northmarq’s Los Angeles office secured the 76 percent loan-to-value acquisition financing through numerous correspondent relationships with banks. The fixed-rate transaction was priced in the high 5 percent range and structured with interest-only payments. The portfolio includes:
NEW YORK CITY — Merchants Capital has funded $316 million in financing for the second phase of Alafia, a project in the East New York area of Brooklyn that will add 634 affordable and supportive housing units to the local supply. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package, which includes both construction and permanent debt as well as equity, comprises: Phase II of Alafia will consist of two 14-story residential buildings that will house studio, one-, two- and three-bedroom apartments that will be restricted for households earning between 40 and 70 percent of the area median income. A portion of those residences will be specifically reserved for individuals who were either formerly incarcerated or homeless. Amenities will include a fitness center, children’s playroom, community rooms and outdoor courtyards. Phase II will also feature 22,000 square feet of community and retail space. Construction began in December and is expected to be complete in summer 2027.
BROCKTON, MASS. — MassHousing has provided $29.7 million in financing for the construction of a 94-unit affordable housing project in Brockton, a southern suburb of Boston. The borrower, nonprofit owner-operator NeighborWorks Housing Solutions, is redeveloping a former industrial site at 1200 Monticello St. into a five-story building with 31 one-bedroom and 63 two-bedroom units. Of the 94 units, 14 will be restricted to households earning up to 30 percent of the area median income (AMI); 65 apartments will be earmarked for renters earning 60 percent or less of AMI; and 15 residences will be restricted to households earning 80 percent or less of AMI. Amenities will include a fitness center and a community room, and the building will also house 1,473 square feet of commercial space. Utile Inc. and NEI General Contracting are handling design and construction of the project, respectively. Completion is slated for fall 2026.