BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.
FORT WORTH, TEXAS — Palladium USA Inc. has begun construction on Palladium East Berry Street, a $55.8 million mixed-income residential community in Fort Worth. The three-story development will comprise 240 one-, two- and three-bedroom units and include amenities such as a pool, fitness center, conference center, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. A portion of the units will be reserved for households earning 30 percent or less of the area median income. Cross Architects is designing the project, and Brownstone Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs issued $26.1 million in tax-exempt bonds for the development that were purchased by Cedar Rapids Bank & Trust. Kim Parker of Dynamic Commercial Real Estate represented Palladium in its purchase of the land. Preleasing will begin next summer, with the first units and clubhouse set to be delivered soon thereafter.
LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.
NEW YORK CITY — Cushman & Wakefield has arranged a $134 million construction loan for 15 Hanover Place, a mixed-income residential project that will be located in downtown Brooklyn. The 34-story building will house 314 units, 95 of which will be reserved as affordable housing, as well as 9,000 square feet of commercial space. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and City National Bank on behalf of the borrower, locally based developer Lonicera Partners. A tentative completion date has not yet been established.
COLUMBUS, OHIO — Columbus-based developer Woda Cooper Cos. has opened Wendler Commons, a $15.4 million affordable housing development located at 4860 Wendler Blvd. in Columbus. Wendler Commons comprises 62 units that are affordable for households that earn 30 to 80 percent of area median income, including 14 one-bedroom apartments, 40 two-bedroom apartments and eight three-bedroom apartments. Four units are designed for those with mobility challenges, and two additional units are specifically equipped for those with sight and/or hearing impairments. Rental rates are $330 to $1,060 per month, depending on unit size and income restriction. Units come with cable, telephone and internet access. Community amenities include an onsite management office, a multipurpose space with a kitchenette, a playroom, a fitness center and laundry with off-street parking. The Ohio Housing Finance Agency allocated federal low-income housing tax credits to support equity financing as well as provided an equity bridge mortgage. Ohio Capital Corp. for Housing purchased the tax credits, which enabled equity financing invested by Cincinnati-based Fifth Third Bank, which also provided a construction loan. Merchants Capital provided a first permanent mortgage. The City of Columbus originated $750,000, and the Affordable Housing Trust for Columbus and Franklin County provided a primary equity bridge loan. …
PLATTSMOUTH, NEB. — KeyBank Community Development Lending and Investment has provided a $14.3 million construction loan for the conversion of a former high school building into affordable housing in Plattsmouth, a southern suburb of Omaha. Named Lofts on Main, the project consists of the adaptive reuse of the school as well as a ground-up building. The development will include 41 units, 32 of which will be restricted to residents who earn up to 60 percent of the area median income. Ted Witt and Samantha Yates of KeyBank structured the financing. Additionally, WNC provided $7.5 million in federal low-income housing tax credit (LIHTC) and historic tax credit funding. Advantage Capital provided $3.6 million in state LIHTC and historic tax credit funding. The Nebraska Investment Finance Authority and the City of Plattsmouth also provided funds.
MINNEAPOLIS — Lupe Development has broken ground on a 200-unit seniors housing campus in the Bryn Mawr neighborhood of Minneapolis named Wirth on the Woods. The project will consist of 100 affordable units within a six-story building named The Theodore as well as 100 market-rate units in a separate six-story building named The Eloise. Residents of the buildings will share amenities, including an outdoor courtyard, garden and walking trails. Ecumen will serve as manager. Completion is slated for late summer 2023. The project received funding from the Raymond James Tax Credit Fund and Raymond James Housing Opportunities Fund, the City of Minneapolis, Hennepin County, the Metropolitan Council, the Minnesota Housing Finance Agency, Great Southern Bank and Minneapolis Public Schools.
ARLINGTON HEIGHTS, ILL. — Housing Trust Group (HTG) has begun construction of Crescent Place, a new $18.2 million affordable housing community in the Chicago suburb of Arlington Heights. The project is a joint venture between HTG and nonprofit developer Turnstone Development Corp. Located on a 2.3-acre lot at 310 W. Rand Road, Crescent Place will be comprised of 40 one- and two-bedroom units and will include amenities such as a resident garden, outdoor patio, community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage and 80 outdoor parking spaces. Units will be reserved for residents who earn up to 60 percent of the area median income. Eight units will be reserved for persons with disabilities to live independently. Construction is slated for completion in spring 2023. Monthly rents will range from $524 to $1,258.
PEABODY, MASS. — Local developer WinnCos. has completed the $49.3 million renovation of The Tannery, a 284-unit affordable housing community in Peabody, a northeastern suburb of Boston. WinnCos. acquired the historic property, which was originally built in the 1800s to house a leather tanning facility prior to its conversion to residential use, in 2019. Today, The Tannery features units that are reserved for households earning 30, 60 or 80 percent or less of the area median income (AMI). Bank of America provided $25 million in low-income housing tax credit equity for the project.
BELLEVILLE, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group have completed the $14.2 million transformation of a 90-year-old building in Belleville into an affordable active adult community named Lofts on the Square. The building originally opened in 1931 as the Hotel Belleville. It was renovated in the early 1960s and converted into a residential community for seniors known as the Meredith Home. The building sat vacant for 10 years before SWIDA and Bywater acquired it from the city for $600,000. In 2018, the property earned a place on the National Register of Historic Places, making it eligible for federal and state historic tax credits. Holland Construction Services served as general contractor for the renovation project. Units are designated for residents age 55 and older who earn at or below 60 percent of the area median income. The six-story building is comprised of 47 units and more than 3,000 square feet of street-level commercial space. Amenities include a common room, library, computer lab, exercise room and storage facilities. Joining Holland on the construction team were Blank, Wesselink, Cook & Associates and Kaskaskia Engineering Group LLC, which handled the engineering; Louer Facility Planning Inc. for interior design; and WJW …