Monday, February 9, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Affordable Housing

322-324-Park-Ave.-Newark
AcquisitionsAffordable HousingMultifamilyNew JerseyNortheast

Greystone Provides $74.3M in Agency Financing for Newark Affordable Housing Portfolio

by Taylor Williams

NEWARK, N.J. — Greystone has provided $74.3 million in Fannie Mae financing for a portfolio of 17 affordable housing properties totaling 574 units in Newark. The financing comprises five separate loans, all of which carry 10-year terms and 30-year amortization schedules. The properties range in size from nine to 108 units. Some of the assets are reserved for renters earning 60 percent or less of the area median income (AMI), while others feature an income restriction threshold of 80 percent of AMI. Hope Curtis of Greystone originated the financing. The borrower(s) were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
Parkside-Gardens-Ocala-FL
AcquisitionsAffordable HousingFloridaMultifamilySoutheast

Greysteel Arranges Sale of 144-Unit Parkside Gardens Affordable Housing Property in Ocala, Florida

by Amy Works

OCALA, FLA. — Greysteel has brokered the sale of Parkside Gardens, a Section 8 affordable multifamily community in Ocala. An affiliate of Boston-based JE Properties acquired the asset from Christiansburg, Va.-based Community Housing Partners for an undisclosed price. Built in 1970, Parkside Gardens features 144 apartments. The buyer plans to rehabilitate the property to improve the physical asset and the quality of life for residents. Fletcher Hultman of Greysteel represented the seller and procured the buyer in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIndianaMidwestMultifamilySeniors Housing

Evergreen Real Estate Group Breaks Ground on 120-Unit Assisted Living Community in Indiana

by Kristin Harlow

VALPARAISO, IND. — Chicago-based Evergreen Real Estate Group has broken ground on Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana. The $30 million, three-story project is slated for completion in April 2023. All of the units will be reserved for seniors age 62 or older with incomes at or below 60 percent of the area median income. Gardant Management Solutions will manage the community. Amenities will include a community room, media room, fitness center, salon, library, community garden and outdoor pool. The dining room will serve residents three meals per day as well as a rotating assortment of snacks. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler and provided debt financing. PNC Bank also invested in the project, providing LIHTC equity.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $38.5M in Financing for Two Metro Boston Affordable Housing Properties

by Taylor Williams

BROCKTON, MASS. — MassHousing has provided $38.5 million in financing for Pine Commons and Pine Gardens, two affordable housing properties totaling 188 units in Brockton, a southern suburb of Boston. Pine Commons consists of 138 two-bedroom apartments and 30 three-bedroom units across 19 three-story buildings. Pine Gardens comprises 114 two-bedroom apartments and six three-bedroom apartments in 13 three-story buildings. Both properties are part of a larger residential development known as Pine Estates that includes a daycare, pool, basketball court, community room, playground and a computer center. The borrower, Beacon Communities, will use the proceeds to fund capital improvements and preserve the community’s affordability.

Continue Reading
FacebookTwitterLinkedinEmail
1133-North-Capitol_DC
Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

Ares Management, MRP Realty to Develop 1,200-Unit Mixed-Income Neighborhood in D.C.

by John Nelson

WASHINGTON, D.C. — Ares Management Corp. and MRP Realty have finalized the land purchase and Phase I construction financing for a mixed-income residential development on the site of the current home of the District of Columbia Housing Authority (DCHA) in Washington, D.C. Arkansas-based Bank OZK provided acquisition and construction financing. Construction is slated to begin immediately, with Phase I delivery anticipated in 2024. The project is a joint venture between Ares Management Real Estate funds, MRP Realty, CSG Urban Partners and Taylor Adams Associates. Located at 1133 N. Capitol Street NE in the city’s NoMa neighborhood, Phase I will comprise 430 multifamily units, including 86 affordable units. The multi-phased development will comprise an estimated 1,200 apartments, including a minimum of 244 affordable housing units, at least half of which will be reserved for residents earning 30 percent or less of the area median income. Located two blocks west of the NoMa Metro station, the 0.8-acre plot will give DCHA funding to address its portfolio-wide capital needs and fund a much-needed new headquarters building that will serve DCHA staff and residents. DCHA’s headquarters will now move into the new WMATA headquarters building at 300 Seventh St. SW, where it will occupy …

Continue Reading
FacebookTwitterLinkedinEmail
Hartland-Station_Atlanta
Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Wendover Housing Opens 131-Unit Hartland Station Affordable Housing Community in Atlanta

by John Nelson

ATLANTA — Wendover Housing Partners has opened Hartland Station, a new affordable housing community in Atlanta. The 131-unit property is located at 2040 Fleet St., south of downtown Atlanta in the city’s Sylvan Hills neighborhood. The community aims to address the ongoing issue of available affordable housing in Atlanta, where there are approximately only 27 available affordable homes per 100 low-income renters, according to Wendover Housing. Hartland Station consists of one-, two- and three-bedroom units and features amenities such as a business center, fitness center, activity room with kitchen, splash pad and a playground. Rents start at $861 per month. The $28 million community was made possible with help from partners including the Georgia Department of Community Affairs with nearly $1 million in Low Income Housing Tax Credit (LIHTC) equity, $1.5 million in bonds from Invest Atlanta (the city’s economic development authority) and $1.3 million in grant funding from the Metropolitan Parkway tax allocation district. Financing also included $18.8 million in tax-exempt bonds.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Moinian Group, Bushburg Underway on 320-Unit Multifamily Redevelopment Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg is underway on a 320-unit multifamily redevelopment in Brooklyn. The project at 2840 Atlantic Ave. will convert the site of the former Empire State Dairy into a multifamily community with market-rate and affordable housing units, as well as 14,000 square feet of retail space. Units will be available in studio, one-, two- and three-bedroom formats, and amenities will include a rooftop terrace, fitness center, coworking space, tenant lounge and a children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. The development team expects the first units to be available for lease in the first quarter of 2024.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingMixed-UseMultifamilyNew YorkNortheastTop Stories

Avanath Capital Acquires Two Multifamily Communities in Brooklyn for $315M

by John Nelson

NEW YORK CITY — Avanath Capital Management, a private real estate investment management firm, has purchased two multifamily communities in Brooklyn. The Irvine, Calif.-based company purchased the two properties, which total 601 apartments and 42,643 square feet of ground-floor retail space, for $315 million. The properties also include 82,681 square feet of parking. The seller was not disclosed, but multiple outlets report the seller as Greenland USA, a residential and commercial real estate developer based in China. Located at 38 6th Ave. and 535 Carlton Ave., the two communities are situated adjacent to Barclays Center, the home arena of the Brooklyn Nets NBA franchise. A little over one-third of the units are reserved for residents with incomes between 40 percent and 100 percent of area median income (AMI). The buildings were constructed in 2017 as part of the ongoing Pacific Park New York Development initiative, which Avanath Capital says is Brooklyn’s largest development project to date. In addition to the two multifamily properties, at full completion the site will host eight acres of public open space, a new public middle school, 13 other residential buildings and more than 7.3 million square feet of residential, commercial and retail space. Amenities at …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingLoansMassachusettsMultifamilyNortheastSeniors Housing

MassHousing Provides $205M in Financing for 10 Affordable Seniors Housing Communities

by Taylor Williams

BOSTON — MassHousing has provided $205 million in financing for 10 affordable seniors housing communities totaling 931 units that are located in various parts of Massachusetts. The borrower, Providence Realty Investment LLC, will use the proceeds to refinance existing debt and preserve affordability. Providence Realty Investment previously utilized $125 million from MassHousing to purchase the communities in 2011. At that time, nearly a third of the 931 apartments involved were at risk of being converted to market rents and being lost from the state’s inventory of affordable housing. That transaction ensured that rents at the 10 properties would remain affordable for lower-income renters for at least 60 years. Rockport Mortgage worked on behalf of Provident Realty to place the loan with MassHousing.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDistrict of ColumbiaMultifamilySoutheast

NMHC and NAA Laud Administration’s Housing Supply Action Plan

by John Nelson

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have praised the Biden administration on the release of the Housing Supply Action Plan, which aims to alleviate the housing affordability crisis and lower costs for renters. Under the plan, the administration outlined new measures that would produce more housing supply, including more affordable housing units, over the course of the next five years. The plan includes several concepts previously proposed in the Build Back Better bill that passed in the House but stalled in the Senate. Though the NMHC and NAA have acknowledged that there is no “single magic bullet” that can solve the nation’s housing shortage, they underlined that the current crisis is the result of decades of policy failures to address the growing shortage of housing production. In their reaction, both associations point to research conducted by Hoyt Advisory Services that found that the U.S. will need to build an average of 328,000 apartments every year through 2030 to keep up with national demand. That mark has only been achieved five times since 1989. The NMHC and NAA states they are particularly encouraged by specific aspects of the proposed policy. The NAA recently …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts