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Affordable Housing

Life-at-Grand-Oaks-Houston
Affordable HousingDevelopmentMultifamilyTexas

Olive Tree Plans $25M Renovation of Houston Affordable Housing Community

by Taylor Williams

HOUSTON — New York City-based investment firm Olive Tree Holdings will undertake a $25 million renovation of The Life at Grand Oaks, a 556-unit affordable housing community in Houston. Built in 1982, the property offers one- and two-bedroom units that are reserved for households earning 60 percent or less of the area median income. Units will be outfitted with new flooring, countertops and fixtures, and the property’s HVAC systems will be upgraded. Olive Tree also plans to refresh the amenity spaces, which include a pool, playground, clubhouse and a computer room. Completion is slated for mid-2023.

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Villas-Esperanza-Albuquerque-NM
AcquisitionsAffordable HousingLoansMultifamilyNew MexicoWestern

Northmarq Negotiates Sale of 188-Unit Villas Esperanza Multifamily Property in Albuquerque

by Amy Works

ALBUQUERQUE, N.M. — Northmarq has brokered the sale of Villas Esperanza, an affordable apartment property located at 3901 Lafayette Drive in Albuquerque. Aspen, Colo.-based Copper Street Capital sold the asset to Los Angeles-based Element Property Group for an undisclosed price. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transaction. Griffin Martin, Brandon Harrington, Bryan Mumman and Tyler Woodard of the Northmarq debt & equity team arranged financing for the buyer through its relationship with Freddie Mac. Built in 1972 on 10.5 acres, Villas Esperanza features 188 apartments in a mix of one-, two-, three- and four-bedroom layouts spread across 24 two-story residential buildings. The units offer either one or two bathrooms and range in size from 602 square feet to 1,128 square feet. The gated community features onsite laundry facilities, a children’s playground, barbecue grills and a picnic area. All units at the property are designated for residents earning 60 percent or less of the area median income with the project’s Land Use Restrictive Agreement (LURA) expiring in 2037. Additionally, 40 percent of the units, a total of 75, are project-based Section 8 housing with additional rent restrictions as …

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Affordable HousingDevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Coral Rock to Develop Mixed-Use Affordable Housing Project in North Miami

by John Nelson

NORTH MIAMI, FLA. — Coral Rock Development Group, a real estate developer based in Coral Gables, Fla., plans to build Kayla at Library Place, a mixed-use affordable housing project located at 13100 W. Dixie Highway in North Miami. The 10-story property will comprise 138 affordable and workforce housing units ranging between 660 to 930 square feet, as well as amenities including a fitness center, rooftop patio, business center and a conference room. Fifty-five apartments will be reserved for households earning 60 percent of area median income (AMI) while 83 units will be designated affordable at 100 percent of AMI. Additionally, Kayla at Library Place will feature 10,000 square feet of retail space on the ground level, an adjacent parking garage and 8,000 square feet of office and conference space preleased to the Greater North Miami Chamber of Commerce. Behar Font designed Kayla at Library Place to achieve LEED Silver certification. Coral Rock expects to break ground in the second quarter of 2023 and deliver the project by the end of 2024.

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Affordable HousingLoansMidwestMultifamilyNorth Dakota

Colliers Mortgage Provides $10.9M HUD-Insured Loan for Acquisition of North Dakota Affordable Housing Portfolio

by Kristin Harlow

GRAND FORKS, N.D. — Colliers Mortgage has provided a $10.9 million HUD-insured loan for the acquisition and rehabilitation of a three-property, 182-unit affordable housing portfolio in Grand Forks. University Square comprises 60 units, Columbia Square South includes 72 units and Columbia Square East features 50 units for seniors. All units are covered by Section 8 Housing Assistance Payments (HAP) contracts. The properties will undergo $13.6 million in renovations. Additional funding comes from low-income housing tax credits, housing incentive funds from the North Dakota Housing Finance Agency and tax-exempt bonds, which were underwritten by Colliers Securities LLC. The borrower, Schuett Grand Forks LP, is an entity controlled by The Schuett Cos. Inc., which will also manage the properties. The 40-year loan features a 40-year amortization schedule.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Reed Community Partners Completes 180-Unit Affordable Housing Project in Lawrence, Massachusetts

by Taylor Williams

LAWRENCE, MASS. — Reed Community Partners has completed Pac10 Lofts, an affordable housing project that will be located in the northern Boston suburb of Lawrence. Of the 180 units, 18 are reserved for households earning 30 percent or less of the area median income (AMI); 112 earmarked for renters earning 60 percent or less of AMI; and 40 are workforce housing units for households earning up to 80 percent of AMI. The remaining 10 residences will be rented at market rates. MassHousing recently provided $40.8 million in permanent financing for the community, which the development team expects to be fully leased by the end of the year. Rogue Architecture PLLC designed the community, and LaRosa Construction Co. served as the general contractor.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Prestwick, ANDP to Develop 58-Unit Affordable Housing Community in Atlanta

by John Nelson

ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents. Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank. 1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve …

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Regions Provides Financing for 255-Unit Transformational Housing Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Regions Bank has provided an undisclosed amount of financing for a 255-unit transformational housing project in Brooklyn. Nonprofit housing operator HELP USA is leading the development, which will consist of two buildings with 184 and 71 units. Of those, 154 residences will be reserved for individuals who meet the homeless and substance abuse criteria for housing. The site will eventually house four buildings and span a full city block along Blake Avenue. BNY Mellon has also provided $62 million in equity for the project. A construction timeline was not disclosed.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane to Build 47-Unit Affordable Housing Adaptive Reuse Project in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — McShane Construction Co. will build Fox Valley Apartments, a 47-unit affordable housing adaptive reuse project in Aurora. McShane will redevelop two historic schools and construct one new building. Housing For All LLC, Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services make up the development team. The 25,000-square-foot Mary A. Todd School will be transformed into 11 apartment units and a health clinic for low-income families. The building was originally constructed in the early 1900s and most recently used for West Aurora School District’s early childhood programs until 2019. The 39,000-square-foot Lincoln Elementary School will be transformed into 14 apartment units. Originally constructed in the late 1800s, the school has sat vacant since 2007. The ground-up building will rise two stories with 22 units. At least 30 percent of the units will be reserved for renters who earn up to 30 percent of the area median income. Amenities will include a common laundry room, community room, computer lab and tenant storage. Completion is slated for October 2023.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheastSeniors Housing

Catholic Charities Opens 135-Unit Affordable Seniors Housing Community in Brooklyn

by Taylor Williams

NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, a 135-unit affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009.  The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I of a larger set of redevelopment plans.

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Affordable HousingDevelopmentSoutheastVirginia

Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

by John Nelson

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has opened Holley Pointe, an affordable housing community located at 622 Effingham St. in downtown Portsmouth. The property features 50 two- and three-bedroom apartments reserved for residents earning up to 30 to 80 percent of area median income. Rents are $350 to $1,135 per month depending on the unit size and income restriction. Designed by Hooker DeJoung Architecture, community spaces at Holley Pointe include a community room with a kitchen, library, laundry, fitness room, elevator, park areas with benches, bike racks and off-street parking, as well as an onsite leasing and management office and 6,500 square feet of commercial space on the ground floor. Virginia Housing awarded Low Income Housing Tax Credits to Woda Cooper to support financing, including equity invested by Wells Fargo. Cedar Rapids Bank & Trust also provided construction financing. The project team includes civil engineer Hoggard-Eure Associates and structural engineer Speight Marshall Francis. Holley Pointe is named after the late Dr. James Holley III, a former mayor of Portsmouth.

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