LAWRENCE, MASS. — MassHousing has provided $26.9 million in financing for the redevelopment of a portion of the historic Marriner Mill in Lawrence, a northern suburb of Boston, into an 87-unit mixed-income residential complex. The financing consisted of a $2.3 million permanent loan, $22.5 million in bridge loan financing and $2.1 million in funding from the agency’s workforce housing initiative. Of the 87 units, 17 will be restricted to lower-income households earning 30 percent or less of the area median income (AMI). Forty-nine units will be rented to households earning 60 percent or less of AMI, and 21 apartments will be workforce housing units for households earning up to 80 percent of AMI. The borrower and developer is Trinity Financial. ICON Architecture is designing the project, and Aberthaw Construction Co. is the general contractor. Completion is slated for summer 2023.
LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.
WASHINGTON, D.C. — Lument has provided two Freddie Mac tax-exempt loans (TEL) totaling $16.9 million for the development of 1515 North Capitol Apartments, a 15-story affordable housing development in Washington, D.C. Construction for the project is slated to be complete in 27 months. The borrower is So Others Might Eat (SOME), a Washington, D.C.-based local nonprofit organization that provides services to those facing poverty and homelessness. 1515 North Capitol will feature 136 affordable studio units, with 75 units subsidized through D.C.’s Local Rental Supplement Program (LSRP), 61 units restricted to tenants earning 50 percent of area median income (AMI) and three units reserved for staff. The units features will include vinyl plank flooring, ranges with vented hoods, microwave ovens and garbage disposals. Community amenities will include a community room, conference and meeting rooms, classrooms, library, computer room, fitness center, bike storage, two roof terraces and a laundry room on every residential level. Lument structured two portions of debt for the Freddie Mac TEL. The first part of financing was in the amount of $11.8 million and featured a 17-year term and 40-year amortization schedule. The other loan was in the amount of $5.1 million based on the LSRP overhang to …
GARLAND, TEXAS — Palladium USA has broken ground on Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with the Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in January 2023.
NEW YORK CITY — Direct lender MF1 Capital has provided a $100 million loan for the refinancing of a portfolio of eight affordable housing properties totaling 317 units in various areas of Brooklyn. Abe Katz and Jon Kushner of Walker & Dunlop arranged the financing on behalf of the borrower, Iris Holdings Group, a national developer of affordable housing. A portion of the proceeds will be used to fund capital improvements.
NEW YORK CITY — Eastdil Secured has arranged $130 million in financing for Eastchester Heights, a 1,416-unit rent-stabilized community located on roughly 15 acres at 3480 Seymour Ave. in The Bronx. The borrower, a partnership between Taconic Partners and Clarion Partners, will use proceeds to refinance existing debt and fund capital improvements. Eastchester Heights was originally built in 1935 and offers amenities such as courtyards, basketball courts, a computer lab and a playground. Residents also have access to services like life coaching, job training and financial counseling. Since acquiring the property in 2007, the partnership has invested more than $50 million in upgrades, including the recent installation of a 200,000-square-foot rooftop solar panel system. Wells Fargo provided the financing.
FOLSOM, CALIF. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction of the $32 million development is scheduled for completion in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.
NEW YORK CITY — Locally based developer Omni New York LLC has completed Archer Green, a 387-unit affordable housing project in the Jamaica area of Queens. The property includes 70,000 square feet of commercial space, a portion of which is preleased to German discount grocer Aldi. Amenities include a fitness room, outdoor terrace, community lounge, children’s playroom, media and coworking space, package lockers and bike storage space. Information on income restrictions was not disclosed.
BOSTON — MassHousing has provided $28.5 million in financing for Council Tower, a 145-unit affordable seniors housing property in the Roxbury neighborhood of Boston. Excluding the property manager’s unit, all of Council Tower’s 28 studios and 117 one-bedroom units are subsidized by a Section 8 Housing Assistance Payment contract. The borrower, the Council of Elders Housing Corp., will use proceeds to refinance existing debt, fund capital improvements and preserve the affordability of the 17-story building.
ATLANTA — The Housing Authority of the City of Atlanta (Atlanta Housing) has secured financing for Madison Reynoldstown, a $43.6 million multifamily development with 116 rental units that are 100 percent affordable — meaning that rental rates will be equal to or less than 30 percent of tenants’ monthly income compared to the area median income (AMI). Atlanta BeltLine Inc., the governing authority overseeing the planning and development of the Atlanta BeltLine, sold the 1.2-acre site to Atlanta Housing and Rea Ventures, an Atlanta-based multifamily development firm, for the development. Construction is expected to start soon, with the project slated for completion within 18 months. Madison Reynoldstown will include a mixture of 71 one-bed/one-bath, 36 two-bed/two-bath and nine three-bed/two-bath units in two midrise elevator buildings atop 162 structured parking spaces. The development will also include approximately 2,700 square feet of commercial space. Community amenities will include a roof deck overlooking the Atlanta BeltLine’s Eastside Trail, business center, common community rooms, fitness center, central laundry facility and public transportation access. The affordable housing development will house working families earning up to 80 percent of AMI. Located at the northeast corner of Memorial Drive and Chester Avenue, Madison Reynoldstown is situated near …