Affordable Housing

Manufactured Housing Communities Garner Investor Interest

by Sarah Daniels September 22, 2021

Interest in affordable paths to homeownership and the growing popularity of lower density living are raising the profile of the manufactured housing option among American households and investors. At the same time, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are making concerted efforts to better serve this historically underfinanced market at both the individual homeowner and community levels. The combination of robust cash flow growth (particularly in Sunbelt and Western markets), cap rate compression, and liquidity provided by the GSEs makes a compelling case for manufactured housing community (MHC) acquisitions and refinances. As increased competition has left market participants looking for an edge amidst compressing cap rates, the importance of working with an experienced MHC lender with access to short- and long-term loan programs has become more apparent. The following provides an in-depth analysis of the recent performance of rental MHCs, sales volume and pricing trends, and loan and underwriting trends in the MHC space. The Performance of the Site Rental Market The COVID-19 pandemic affected American housing preferences in profound ways. Increasingly, households are seeking lower density options with larger floor plans, home offices, and dedicated space for entertaining or distanced learning. This phenomenon …

September 22, 2021

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $31.4M for Refinancing, Preservation of Boston Affordable Housing Community

by Taylor Williams September 21, 2021

BOSTON — MassHousing has provided $31.4 million for the refinancing and preservation of Franklin Park, an affordable housing community in Boston’s Dorchester/Roxbury neighborhood. The unit mix consists of 95 one-bedroom units, 99 two-bedroom apartments, 10 three-bedroom residences, five four-bedroom apartments and 10 five-bedroom units. The financing will preserve the affordable status for 155 of the property’s 219 units for another 29 years. In addition, the borrower, The Community Builders Inc., will use a portion of the proceeds to fund capital improvements.

September 21, 2021

Affordable Housing California Loans Multifamily Western

Greystone Provides $20.1M Fannie Mae Loan for Affordable Housing Purchase in California

by Amy Works September 20, 2021

CHICO, CALIF. — Greystone has provided a $20.1 million Fannie Mae DUS loan for the acquisition of Cedar Village Apartments, an affordable multifamily property in Chico. Scott Wallace of Greystone originated the loan for the undisclosed borrower. Built in 1979, Cedar Village Apartments features 10 two-story buildings offering a total of 116 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a laundry room, playground and business center. Cedar Village Apartments is a section 8 HAP property. The loan carries a 15-year term at a fixed rate with a 35-year amortization schedule.

September 20, 2021

Affordable Housing Development Massachusetts Multifamily Northeast Office

Leggat McCall, Granite Underway on 475,000 SF Redevelopment Project Near Boston

by Taylor Williams September 17, 2021

EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties is underway on the redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. The redevelopment will add 48 affordable housing apartments, as well as office and retail space and a childcare facility. Elkus Manfredi Architects is designing the project, and John Moriarty & Associates is serving as the general contractor. JLL arranged $300 million in construction financing through Bank OZK on behalf of the partnership and has been retained to provide leasing services. JLL also secured joint venture equity for the project through CBRE Global Investors. Completion is slated for fall 2023.

September 17, 2021

Acquisitions Affordable Housing Arkansas Multifamily Southeast

DLP Capital Acquires 200-Unit Affordable Housing Community in Jonesboro, Arkansas

by Julia Sanders September 15, 2021

JONESBORO, ARK. — DLP Capital has acquired Stadium Place, a 200-unit affordable housing property located in Jonesboro. The addition of the community increases the number of DLP Capital-owned apartment homes in the greater Memphis area to 568 units. The sales price and seller were not disclosed. The buyer plans to rebrand the property as DLP Jonesboro. Built in 2000, DLP Jonesboro includes one-, two- and three-bedroom units across 10 buildings. Community amenities include a swimming pool, fitness center, playground, picnic areas and a basketball court. DLP Capital plan to make external and internal renovations and improvements throughout the community, including maintenance on HVAC systems, landscaping and drainage and replacing the roofs. Located at 3719 Stadium Blvd., the property is located near downtown Jonesboro’s major retail centers and restaurants and about 1.6 miles from Arkansas State University. The property is close to major highway routes and is about 70.6 miles from Memphis.

September 15, 2021

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Opens $11M Affordable Housing Project in Grand Rapids

by Kristin Harlow September 15, 2021

GRAND RAPIDS, MICH. — Woda Cooper Cos. Inc. has opened an $11 million affordable housing project named Seven45 Stocking Apartments at 745 Stocking Ave. in Grand Rapids. Residents must earn between 30 and 80 percent of the area median income to qualify for the development. The 50-unit property includes three first-floor units that offer an office suite or retail storefront for residents to utilize for their work. Those spaces were leased to three entrepreneurs, including one resident that operates a beauty bar and two others that work in digital marketing and business services. Amenities include a playground, fitness center, community room and laundry facilities. There are five units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the project. Affordable housing investor CREA provided equity financing. Cedar Rapids Bank & Trust provided the first mortgage and Wells Fargo provided a construction loan. PCI Design Group was the project architect and Sol Consulting + Design served as sustainability consultant. Woda Cooper’s construction division served as the general contractor and the company’s management division will oversee leasing and day-to-day operations.

September 15, 2021

Affordable Housing Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Robust Memphis Apartment Demand Continues to Push Rents Across Classes

by John Nelson September 15, 2021

The Memphis multifamily market has recently captured attention from prospective buyers with some impressive statistics. With 2020 rent growth at 6.6 percent and year-to-date 2021 at 10.5 percent year-over-year, the metropolitan showed resiliency through a turbulent period as peer Sun Belt cities experienced stagnancy and even decreases in rents. This trend has put the metropolitan area on acquisition radars and garnered sales to new-to-market buyers looking to plant a flag in the market. But it raises questions concerning the longevity and sustainability of the rent growth. By taking a further look at the market’s fundamentals, economic drivers and rent trends across market segments, we can shed some light on this over-arching question. Logistics and healthcare Memphis’ stable 2020 and 2021 multifamily performance is grounded by an economy rooted in logistics and medical services. Within the Memphis metropolitan area, 42 percent of the workforce is in the transportation/logistics or education and health service industries, compared to a national aggregate of 20 percent. The growing reliance of these industries insulated the Memphis economy from the worst of repercussions stemming from the pandemic-induced recession. While quarterly wages decreased an average of 6.5 percent in peer markets in the second quarter of last year, …

September 15, 2021

Affordable Housing Development Michigan Midwest Multifamily

Woda Cooper Breaks Ground on $14.3M Affordable Housing Project in Traverse City, Michigan

by Kristin Harlow September 13, 2021

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has broken ground on Ruth Park, a $14.3 million affordable housing project in downtown Traverse City. The property will provide 58 units for singles, families and seniors who earn 30 to 80 percent of the area median income. Amenities include two community rooms, a fourth-floor outdoor terrace, fitness room, playground and laundry. There are six units with features for those with disabilities. The Michigan State Housing Development Authority provided affordable housing tax credits to support financing for the new development. Affordable housing investor Marble Cliff Capital is providing equity financing and Bellwether Enterprise is providing the first mortgage. Traverse City-based Independent Bank contributed a construction loan. The project team includes architect PCI Design Group, civil engineer Mansfield Land Use Consultants and sustainability consultant Sol Consulting + Design. Woda Cooper’s construction division is the general contractor and the company’s management division will oversee leasing and day-to-day operations. A timeline for completion was not disclosed.

September 13, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Joint Venture Acquires 718-Unit Workforce Housing Portfolio in East Orange, New Jersey

by Taylor Williams September 13, 2021

EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.

September 13, 2021

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 275-Unit Affordable Housing Project in Metro Austin

by Taylor Williams September 10, 2021

ROUND ROCK, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on The James on Grand Avenue, a 275-unit affordable housing project in the northern Austin suburb of Round Rock. All of the property’s units will be reserved for renters earning 60 percent or less of the area median income. The James on Grand Avenue will feature one-, two-, three- and four-bedroom units and amenities such as a pool, business center children’s play area and a fitness center. Residents will also have access to services such as first-time homebuyer programs, financial literacy training and after school care. Leasing is expected to begin next August, with full completion scheduled for June 2023. NRP Group is developing the project in partnership with Capital Area Housing Finance Corp.

September 10, 2021

Newer Posts

Older Posts