Affordable Housing

ABI Multifamily Brokers $37.5M Sale of Vicinity Apartments in North Central Phoenix

by Amy Works March 4, 2022

PHOENIX — ABI Multifamily has negotiated the sale of The Vicinity Apartments, a multifamily community located at 6131 N. 16th St. in Phoenix. The property traded for $37.5 million, or $300,000 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1975 on 4.3 acres, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. The community features a mix of 49 one-bedroom units, 26 two-bedroom townhome-style units and 50 two-bedroom/two-bath units. Units feature air conditioning/heating, hardwood-style flooring, walk-in closets, a patio or balcony, extra storage and a fully equipped kitchen with oven/range, refrigerator, garbage disposal, microwave and pantry. Community amenities include a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access and onsite covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group handled the transaction.

March 4, 2022

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BRP Cos. Receives $294M in Construction Financing for Metro New York City Multifamily Project

by Taylor Williams March 2, 2022

NEW ROCHELLE, N.Y. — BRP Cos., the urban development arm of Goldman Sachs Asset Management, has received $294 million in construction financing for a mixed-income housing project in New Rochelle, a northern suburb of New York City. The development at 500 Main St. in the city’s downtown area will consist of 477 units in one- and two-bedroom formats, 119 of which will be dedicated as affordable housing. Specifically, 20 units will be reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences will be earmarked for renters earning 60 percent or less of AMI. The remainder of the units will be rented at market rates. The community will also feature 24,000 square feet of amenity space that includes a pool, fitness center, lounge and a rooftop deck. Demolition work is underway with vertical construction set to begin in mid-March, and the first units are expected to be available for occupancy by late 2024. Housing & Community Renewal, an economic development agency based in New York City, provided a $200 million construction loan for the project through its housing finance agency. In addition, Goldman Sachs provided $40.7 million in equity and $20.7 million in …

March 2, 2022

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M&T Realty Capital Increases its Commitment to Multifamily Sector to Expand Loan Volume

by Sarah Daniels March 2, 2022

M&T Realty Capital Corp. is beginning 2022 with ambitious plans to increase its multifamily financings as part of an effort to double its real estate loan volume over the next two to three years. To achieve those goals, it is leveraging a new leadership structure and a recently announced strategic partnership with the Marcus & Millichap Capital Corp. M&T Realty Capital, M&T Bank’s commercial mortgage banking subsidiary, recorded $5.1 billion in loan volume in 2021, a level that was just below its high watermark of $5.2 billion in 2019, says Michael Berman, CEO of M&T Realty Capital. Multifamily loans made up of the lion’s share of financings, he adds, and the sector provides a significant growth opportunity going forward. “Multifamily is a hot a sector right now — everyone is trying to invest in it,” he says. “It’s just an extraordinarily healthy asset class because of its supply and demand dynamics.” Indeed, the U.S. apartment market enjoyed a banner year in 2021 across all measures. Investment volume reached a record $335.3 billion, nearly 75 percent above the record volume of $193.1 billion posted in 2019, according to commercial real estate brokerage CBRE. Meanwhile, renters absorbed 617,500 apartment units in 2021, …

March 2, 2022

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Woda Cooper Opens 50-Unit Affordable Seniors Housing in Hickory, North Carolina

by Julia Sanders February 28, 2022

HICKORY, N.C. — Woda Cooper Cos. Inc. has opened Center Crossing, a 50-unit, four-story affordable seniors housing community in Hickory that offers one- and two-bedroom apartments. Five of the units are accessible for those with mobility challenges, including two units specifically equipped for those with sight and hearing impairments. Unit features include kitchens with Energy Star-rate appliances, dedicated storage areas and washer and dryer closets. The property serves residents aged 55 and older who earn 40 to 80 percent area median income (AMI). Rental rates range from $356 to $921 per month, depending on unit size and income restriction. Community amenities include an onsite management office, a multipurpose space with laundry and a fitness center, as well as a computer room. The property also features off-street parking, a covered patio with seating, additional outdoor seating areas and a covered bus stop. North Carolina Housing Finance Agency (NCHFA) allocated federal Low-Income Housing Tax Credits (LIHTC) to support equity financing for Center Crossing, including two permanent debt loans. Western Piedmont Council of Governments provided a $250,000 Home Loan through its Unifour Home Consortium. CREA LLC purchased the tax credits which also provided equity for the project. RiverHills Bank provided a $6.9 million …

February 28, 2022

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MassDevelopment Issues $53.6M Bond Financing for Construction of Boston Affordable Housing Complex

by Taylor Williams February 28, 2022

BOSTON — MassDevelopment has issued $53.6 million in tax-exempt bond financing to Washington Pine LLC for the construction of a five-story, 202-unit complex in Boston. Located at 3368 Washington St., the building will house 140 units of supportive housing for individuals transitioning out of homelessness, and the remaining 62 units will be affordable apartments. All residential units will be managed by The Community Builders Inc., while long-term support for all formerly homeless residents will be provided by homeless services provider Pine Street Inn. The project will feature 24/7 front desk security, spaces for resident gatherings, fitness rooms, laundry rooms, a parking garage, two plazas and bike repair and storage. Construction is slated for completion by late 2023. Barings LLC was the corporate bond purchaser.

February 28, 2022

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Holualoa Cos. to Build 129-Unit Workforce Housing Project in Tempe

by Amy Works February 28, 2022

TEMPE, ARIZ. — Holualoa Cos. has released plans for Dwell: A Work @ Home Community at the intersection of Fifth Street and Farmer Avenue in Tempe. The 129-unit workforce community will complete Farmer Studios, a mixed-use development, and provide housing opportunities for residents in downtown Tempe, Arizona State University and other locations. Holualoa purchased the two-acre parcel for $12 million. The residences will be integrated into two existing office buildings and a pocket park onsite to create a mixed-use development. The community will feature live/work-oriented amenity rooms for residents, conference rooms with green screens, private meeting rooms, a fitness center, dog-friendly features and walkable access to light rail, streetcar, restaurants and other amenities. Architekton and Worksbureau are serving as architects for the project.

February 28, 2022

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Walsh Construction Completes 70-Unit Affordable Seniors Housing Community in Chicago

by Kristin Harlow February 23, 2022

CHICAGO — Walsh Construction has completed Broadview Senior Apartments, an affordable community for residents age 55 and older in Chicago. CIBC Bank USA provided a $5.3 million construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. CIBC Bank USA is working with the Housing Opportunities Development Corp. (HODC), which serves as Broadview Senior Apartments’ nonprofit partner. HODC provides services to the residents of the facility, coordinates onsite activities and workshops and provides onsite staff for a minimum of 20 hours per week.

February 23, 2022

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Associated Bank Provides $20M Acquisition Loan for Illinois Affordable Housing Community

by Kristin Harlow February 22, 2022

ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.

February 22, 2022

Acquisitions Affordable Housing Georgia Multifamily Southeast

Kairos Acquires Affordable Housing Property in Metro Atlanta for $34.6M

by Julia Sanders February 21, 2022

AUSTELL, GA. — Rancho Santa Margarita, Calif.-based Kairos Investment Management Co. has acquired Walton Crossing, a 238-unit affordable housing community in Austell, about 17.8 miles from downtown Atlanta. The undisclosed seller, an affordable housing developer and investor, sold the property for $34.6 million. Built in 1990 on 20.1 acres, Walton Crossing offers one-, two- and three-bedroom floorplans. Unit features include fireplaces, extra storage space, balconies and patios, walk-in closets and energy-efficient kitchen appliances. Community amenities include a pool, private fitness center, playground, tennis and sport court, gazebo, classrooms and community space. The property also includes an adventure center with a kitchen, which offers a complimentary after-school enrichment programs for the residents’ children. Most of the units are reserved for households earning 60 percent or less of the area median income (AMI). Kairos plans to install washers and dryers in the units and deploy Environmental, Social and Governance (ESG) programs to help conserve water at the property. Located at 1820 Mulkey Road, the multifamily community is situated 8.1 miles from Kennesaw State University and 24.8 miles from Hartsfield-Jackson Atlanta International Airport.

February 21, 2022

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Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

by Sarah Daniels February 18, 2022

In 2021, supply chain issues, increased costs, wage inflation and the logistical challenges of completing projects compounded to negatively impact the affordable housing pipeline. According to Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, 2022 looks fantastic for the affordable housing sector as those issues are beginning to resolve. However, he notes that the affordable housing sector is still challenged by delays related to financing challenges, among other factors. Demand for affordable housing, federal level commitments to the sector and the continued involvement of Fannie Mae and Freddie Mac are all positive factors for the outlook of affordable housing. However, Gerken notes, “Financing is somewhat challenged by gaps in funding. With pricing and costs going up, there’s a gap between how much a project might support from a loan side versus how much in tax credits are allocated to that project during the last round of allocations. Some of that gap between overall costs and the funding sources is being made up as local agencies put in additional money in order to get affordable housing done.” Hear what Gerken has to say about the development of workforce and affordable housing and the involvement of government-sponsored …

February 18, 2022

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