Affordable Housing

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

by John Nelson May 27, 2022

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.

May 27, 2022

Affordable Housing Development Multifamily New York Northeast

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

by Taylor Williams May 27, 2022

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.

May 27, 2022

Acquisitions Affordable Housing Mixed-Use Multifamily New York Northeast Top Stories

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

by John Nelson May 24, 2022

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 …

May 24, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast Seniors Housing

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

by Taylor Williams May 23, 2022

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.

May 23, 2022

Affordable Housing District of Columbia Multifamily Southeast

NMHC and NAA Laud Administration’s Housing Supply Action Plan

by John Nelson May 20, 2022

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 …

May 20, 2022

Affordable Housing Bohler Build-to-Rent Content Partner Development Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

by Sarah Daniels May 19, 2022

The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities. The pandemic fueled tenants’ desires for more privacy and space without the long-term commitment of homeownership, which ignited growth in the sector. As costs for single-family homes continue to rise, the BTR niche also increasingly attracts would-be homeowners who are priced out of the homebuying market — and the growing demand for BTR properties draws the attention of more and more investors and developers. But not all stakeholders are immediately on board with development of BTR properties. The concept is rather new in some markets and local communities have questions about the zoning and operation of these hybrid communities, which are an intriguing mix of single-family concept and multifamily operations. Developers often need to educate municipalities about the BTR concept — and they need to plan BTR properties that work for the local community. This is where Bohler — a land …

May 19, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois

by Kristin Harlow May 17, 2022

EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision. The new community is named for Ann Rainey, who served as alderman of Evanston’s 8th Ward for more than three decades. Units at the property are restricted to residents who earn up to 60 percent of the area median income. Amenities include a community room, fitness center, outdoor terrace, second-floor deck and lounge areas. Housing and Human Development Corp., a Chicago-based nonprofit that serves low-income seniors and families, will provide a part-time social service coordinator for the property. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor. Architecture firm UrbanWorks designed the community, which is anticipated to receive LEED Silver certification. A partnership between Evergreen, CJE and U.S. Bancorp Community Development Corp. owns Ann Rainey Apartments. Financing for the project came from IFF, provider of the pre-development loan; U.S. Bank, provider of the construction …

May 17, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast Student Housing

MassHousing Provides $41.2M Permanent Loan for Metro Boston Residential Community

by Taylor Williams May 17, 2022

SUNDERLAND, MASS. — MassHousing has provided $41.2 million in permanent financing for North 116 Flats, a newly built residential community in Sunderland, located in the northern central part of the state. Of the property’s 150 units, 38 are reserved for households earning 80 percent or less of the area median income. The remaining 112 market-rate units feature 329 beds that serve students at the nearby University of Massachusetts at Amherst. Amenities include a community building with common, entertainment, fitness and study areas, as well as dog parks, grilling stations and fire pits. Stuart I. Roosth designed the property, and Western Builders served as the general contractor. The borrower and developer was Landmark Properties Inc.

May 17, 2022

Acquisitions Affordable Housing Multifamily Southeast Virginia

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

by John Nelson May 13, 2022

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services. Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.

May 13, 2022

Acquisitions Affordable Housing Loans Maryland Multifamily Southeast

JLL Arranges $19.5M Acquisition Financing for Metro D.C. Affordable Housing Community

by John Nelson May 12, 2022

LEXINGTON PARK, MD. — JLL Capital Markets has arranged a $19.5 million acquisition loan for River Bay Townhomes, a 173-unit affordable housing community in Lexington Park. JLL arranged the floating-rate loan through Sound Point Capital Management on behalf of the borrower, Linden Property Group. Developed using Low-Income Housing Tax Credits (LIHTC) in 2004 and 2005, River Bay Townhomes consists of three-bedroom, two-bath units an average square footage of 1,291, making them some of the largest units available in metropolitan Washington, D.C., according to JLL. Of the 173 units, 155 units are set aside for tenants who make no more than 60 percent of the area median income (AMI). Situated at 48100 Baywoods Drive, the property is located within St. Mary’s County in southern Maryland at the confluence of the Chesapeake Bay, the Potomac River and the Patuxent River. The area includes multiple military bases and defense contractors, St. Mary’s College of Maryland and the University of Southern Maryland.

May 12, 2022

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