Affordable Housing

McShane Completes Construction of 126-Unit Apartment Complex in Middleton, Wisconsin

by Kristin Harlow July 13, 2022

MIDDLETON, WIS. — McShane Construction Co. has completed The Trotta Apartments in Middleton, a northwest suburb of Madison. The 126-unit apartment complex is situated on a site that previously housed a motel owned by the Trotta family. The four-story development offers a mix of market-rate units and workforce housing units. Income restrictions were not disclosed. Amenities include a clubroom, fitness room, dog wash, common room and three rooftop decks. Ramaker provided architectural services. The developer was Impact Seven, a Wisconsin-based affordable housing developer.

July 13, 2022

Affordable Housing Loans Multifamily New York Northeast

Lument Provides $117.4M Agency Loan for Refinancing of Brooklyn Affordable Housing Community

by Taylor Williams July 12, 2022

NEW YORK CITY — Lument has provided a $117.4 million Freddie Mac loan for the refinancing of Hope Gardens, a 949-unit affordable housing community in Brooklyn’s Bushwick neighborhood. Built between 1980 and 1987, the garden-style property comprises 60 buildings totaling 1,321 units that are all subsidized by Section 8 contracts and includes a daycare and two senior centers. The loan, which carries a fixed interest rate, 30-year term and 40-year amortization schedule, retires the construction debt attached to 47 of the buildings that house 949 units. Josh Reiss of Lument originated the loan for the sponsor, a joint venture between Pennrose Holdings, Acacia Real Estate Development and an affiliate of The New York City Housing Authority (NYCHA).

July 12, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Breaks Ground on $30M Bellwood Senior Apartments Near Chicago

by Kristin Harlow July 7, 2022

BELLWOOD, ILL. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable seniors housing community in the western Chicago suburb of Bellwood. The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income. Evergreen will begin accepting applications for the apartments in spring 2023, with completion scheduled for mid-2023. Weese Langley Weese Architects designed the project, which is located near a Metra station, shops, restaurants and other businesses. FH Paschen is the general contractor. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both low-income housing tax credits and Illinois affordable housing tax credits) and subordinate funds provider; the Village of Bellwood, which provided incentives and a loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; and Cook County, which is providing HOME funds.

July 7, 2022

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Foxy Management Tops Out 149-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams July 7, 2022

NEW YORK CITY — Locally based developer Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, has topped out Garden Towers, a 149-unit affordable seniors housing project in The Bronx. Units will be reserved for renters age 62 and above. Australian development and investment firm Lendlease is providing construction management services for the project, with Newman Design serving as the architect. Amenities will include three multi-purpose rooms, a social services suite, computer room, indoor bicycle storage and onsite laundry services and resident parking. Completion is scheduled for 2023.

July 7, 2022

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Affordable Housing Gap Widens Throughout Dallas-Fort Worth

by Taylor Williams July 6, 2022

After seeing its population grow by 97,000 between July 2020 and 2021, the Dallas-Fort Worth (DFW) metroplex is now home to nearly 8 million people, according to data from the U.S. Census Bureau. And it’s getting increasingly harder to adequately and affordably house the growing population. The problem isn’t new, just exacerbated, and it’s hardly unique to DFW. But when a market experiences the rate of population growth that the metroplex has over the last decade, the question of how much housing inventory exists that’s financially feasible for the average resident to rent or own gets thrust under the microscope. Of course, there’s a major difference between housing that’s affordable and affordable housing. The former is something of an arbitrary concept, whereas the latter carries a precise legal and regulatory definition. But the socioeconomic issue embodied within the two is largely the same. General Barriers A recent report from the National Low Income Housing Coalition ranked Texas — once heralded as the land of infinite land — as the sixth-worst state in terms of availability of rental housing for low-income households. This finding runs counter to Texas’ longstanding reputation as a state with an affordable cost of living, but …

July 6, 2022

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $64M Mixed-Income Residential Community in Anna, Texas

by Taylor Williams July 5, 2022

ANNA, TEXAS — Palladium USA, a locally based affordable housing developer, has broken ground on East Foster Crossing, a $64 million mixed-income residential community in Anna, located north of Dallas in Collin County. East Foster Crossing will feature 239 units in one-, two- and three-bedroom formats and amenities such as a pool, fitness center, conference center, a children’s playroom, dog park and a clubroom. HEDK Architects is designing the project, and BBL Construction is the general contractor. Preleasing will begin next summer. Information on specific income restrictions was not disclosed.

July 5, 2022

Affordable Housing Development Midwest Missouri Multifamily

Drever Partners Opens 324-Unit Workforce Housing Property in Branson, Missouri

by Kristin Harlow July 1, 2022

BRANSON, MO. — Drever Partners has opened The Penleigh – Branson Row, a 324-unit workforce housing property in Branson. The project consisted of the conversion of the former Angel Inn – by the Strip hotel, which Drever Partners acquired. The property offers micro apartment units along with a resident lounge, fitness center, onsite laundry facilities, playground and pool. Monthly rents start at $700. Residents can receive a $25 discount each month for early payment.

July 1, 2022

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $74.3M in Construction Financing for Affordable Housing Property in Columbus

by Kristin Harlow June 30, 2022

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment has provided $74.3 million in construction financing for Darby Crossing, an affordable housing property in Columbus. Indianapolis-based Kittle Property Group is the developer. The 11-building property will include 60 one-bedroom units, 92 two-bedroom units, 84 three-bedroom residences, 24 four-bedroom apartments and two cottages. All units will be restricted to residents who earn up to 60 percent of the area median income. Amenities will include a clubhouse, pool house and 48 garage parking spaces. Construction has begun and is slated for completion by August 2025. David Lacki and Greg Deeks of KeyBank structured the financing, which includes a $43.3 million construction loan to be followed by a $31 million private placement loan. Additionally, the Columbus-Franklin County Finance Authority issued $42.2 million in tax-exempt bonds and the Ohio Housing Finance Agency provided $21.3 million in low-income housing tax credits. The development also benefits from a tax abatement based on its location in a Community Reinvestment Area.

June 30, 2022

Affordable Housing Development Midwest Multifamily Nebraska

Annex Group Breaks Ground on $34.4M Affordable Housing Community in Lincoln, Nebraska

by Kristin Harlow June 30, 2022

LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.

June 30, 2022

Affordable Housing Iowa Loans Midwest Multifamily Nebraska Northmarq South Dakota

Northmarq Originates $199.1M Recapitalization for Midwest Affordable Housing Portfolio

by Kristin Harlow June 28, 2022

IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.

June 28, 2022

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