Affordable Housing

IQHQ Buys Site in Bay Area to Develop New Elco Yards Life Sciences Campus

by John Nelson November 2, 2021

REDWOOD CITY, CALIF. — IQHQ, a private life sciences developer and owner with offices in San Diego and Boston, has purchased a “shovel-ready” development site in the Bay Area town of Redwood City that is fully entitled for mixed-use. The firm plans to develop Elco Yards, a project that will feature four life sciences buildings and two residential communities, as well as green space open to the public. The four office buildings will span 600,000 square feet and include laboratory, meeting and research and development space. The buildings are designed to meet LEED Gold standards. “Elco Yards represents an iconic project in a thriving life sciences market with a proven track record of attracting top companies and diverse talent,” says Steve Rosetta, CEO of IQHQ. “We are excited to advance this project, which is fully entitled and well-positioned to address the unmet demand for premier lab space in the Bay Area.” The multifamily portion will include two communities totaling 540 units. IQHQ is partnering with Charleston, S.C.-based Greystar for the residential component, which will feature 147 income-restricted units, according to Redwood City Mayor Diane Howard. “We look forward to Greystar’s continuing involvement and the creation of much-needed housing in Redwood …

November 2, 2021

Affordable Housing Development Loans Midwest Multifamily Wisconsin

Associated Bank Provides $16.9M in Financing for Development of Affordable Housing Community Near Madison

by Kristin Harlow November 1, 2021

MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold. In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022. Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community …

November 1, 2021

Affordable Housing Development Illinois Midwest Multifamily

Skender Breaks Ground on 48-Unit Affordable Housing, Health Clinic Project in Lansing, Illinois

by Kristin Harlow November 1, 2021

LANSING, ILL. — Skender and its joint venture partner Ashlaur Construction have broken ground on Torrence Place, an affordable housing and health clinic project in Lansing, located about 25 miles south of the Chicago Loop. Full Circle Communities is the developer. The three-story project will include 48 affordable and accessible units for veterans and people with disabilities. It will also include a 3,000-square-foot health clinic on the ground floor to be operated by Christian Community Health Center. Residents will have access to supportive services, a fitness area, computer lab and communal kitchen. The project team includes architect Cordogan, Clark & Associates and CAGE Civil Engineering.

November 1, 2021

Affordable Housing Development Midwest Minnesota Multifamily Seniors Housing

Ecumen Breaks Ground on 100-Unit Affordable Seniors Housing Community in Minneapolis

by Kristin Harlow October 29, 2021

MINNEAPOLIS — Nonprofit developer Ecumen has broken ground on The Hillock, a 100-unit affordable seniors housing community in the Longfellow neighborhood of Minneapolis. The development will include 11 units designated for veterans who are experiencing homelessness. The rest of the units will be reserved for residents age 55 and older who earn up to 60 percent of the area median income. Monthly rents are expected to range from $816 to $1,339. Amenities will include a community garden and onsite clinic. Project costs are estimated at $24 million, and completion is slated for fall 2022. Phase II calls for an 89-unit affordable housing building with 13 units for veterans experiencing homelessness. Ecumen and Snelling Yards Development, a joint venture between Lupe Development Partners and Wall Cos., are co-developing the overall campus. The two communities will sit on a three-acre site that formerly housed the City of Minneapolis Public Works maintenance yard.

October 29, 2021

Acquisitions Affordable Housing California Multifamily Western

Waterford Property, Development Authority Acquire 265-Unit Apartment Building in Anaheim for $127.3M

by Amy Works October 25, 2021

ANAHEIM, CALIF. — Waterford Property Co., in partnership with California Statewide Community Development Authority (CSCDA), has purchased 1818 Platinum Triangle, a 265-unit multifamily property located at 1818 S. State College Blvd. in Anaheim’s Platinum Triangle. UDR sold the asset for $127.3 million. Upon taking ownership, Waterford and CSCDA will immediately lower rents for qualified new residents making between 60 percent and 120 percent of the area median income under CSCDA’s middle-income housing program. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the deal.

October 25, 2021

Affordable Housing Development Loans Multifamily Washington Western

AAA Management Receives $47.6M Construction Loan for Geo Queen Anne Apartments in Seattle

by Amy Works October 25, 2021

SEATTLE — San Diego-based AAA Management has obtained $47.6 million in financing for the construction of Geo Queen Anne, an apartment development in Seattle’s Queen Anne submarket. Located at 2222 15th Ave. West, the six-story, 148,159-square-foot building will feature 168 apartments, 20 percent of which will be designated as affordable. Community amenities will include a fitness center, package center, rooftop terrace with fireplaces and barbecues, bike storage and 96 parking spaces in an underground structure. Completion is slated for early 2023. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Debt & Structured Finance team in San Diego arranged the loan for the borrower.

October 25, 2021

Affordable Housing Loans Multifamily New Jersey Northeast Seniors Housing

Berkadia Provides $26M Refinancing for Affordable Seniors Housing Property in Northern New Jersey

by Taylor Williams October 21, 2021

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

October 21, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Dominium Purchases Two Apartment Communities in Metro Atlanta, Plans $130M Affordable Housing Project

by Julia Sanders October 20, 2021

MCDONOUGH, GA. — Dominium has purchased The Promenade and Willow Place, two apartment communities located at 150 S. Zack Hinton Parkway in McDonough, to develop a $130 million affordable housing project. The development will provide 288 affordable homes for families and 182 homes for seniors. The seller(s) was not disclosed. Greystone arranged a Freddie Mac Tax Exempt Loan (TEL) for both deals, U.S. Bank provided financing for The Promenade and America First Multifamily Investors (ATAX) originated tax-exempt and taxable construction loans for Willow Place. U.S. Bank provided equity investments in the 4 percent low-income housing tax credits (LIHTC) for both deals. Dominium also received support from Georgia Housing and Finance Authority (GHFA) in obtaining 4 percent LIHTC equity and McDonough Housing Authority for the allocation of tax-exempt bonds. Dominium’s development partners for the project include the City of McDonough, Georgia Department of Community Affairs, Weis Builders, Dominium Construction & Architectural Services, Martin Riley & Associates, Kimley-Horn, Winthrop & Weinstine, Falcon Design Consultants, Nova Engineering and First American Title.

October 20, 2021

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $47.1M in Financing for Mixed-Income Seniors Housing Project in Dallas

by Taylor Williams October 20, 2021

DALLAS — Lument has provided $47.1 million in financing for The Oaks, a mixed-income seniors housing project in Dallas. The package consists of $25 million in short-term bonds and $22.1 million in Freddie Mac permanent financing. The Oaks will consist of 260 units for residents aged 62 or older. Over 90 percent of the units will have income or rent restrictions, with 216 units serving seniors earning at or below 60 percent of the area median income (AMI) and 27 units serving seniors earning at or below 30 percent of AMI. Construction is expected to be complete in 2023. Upon stabilization, the Freddie Mac loan and tax credit equity will be used to pay off a $35 million construction loan from a national bank. The borrower is a partnership between DHA Housing Solutions for North Texas and the Volunteers of America National Services. Tracy Peters and Dale Giffey led the transaction for Lument.

October 20, 2021

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Nuestra Comunidad, POAH Break Ground on 50-Unit Affordable Seniors Housing Community in Boston

by Taylor Williams October 20, 2021

BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.

October 20, 2021

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