Affordable Housing

Partnership Begins Construction on $26M Affordable Housing Project in Paterson, New Jersey

by Taylor Williams November 9, 2021

PATERSON, N.J. — A partnership between multifamily developer WinnCos and Argus Ellison Group has begun construction on a $26 million affordable housing project in the Northern New Jersey community of Paterson. The 74-unit complex will be located on the site of a historic mill that was originally built in the 1870s. About 70 percent (52) of the units will be reserved for renters earning 50 percent or less of the area median income (AMI), while the remainder will be designated for households earning 80 percent or less of AMI. Construction is scheduled for a late-2022 completion.

November 9, 2021

Acquisitions Affordable Housing Florida Georgia Multifamily North Carolina South Carolina Southeast

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

by John Nelson November 5, 2021

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.

November 5, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $113M Sale of Northern New Jersey Workforce Housing Portfolio

by Taylor Williams November 4, 2021

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $113 million sale of a 641-unit workforce housing portfolio in the Northern New Jersey community of East Orange. The portfolio consists of 10 transit-oriented properties that are all located within two miles of one another in the city’s downtown area. Milrose, a private investment group based in Central New Jersey, sold the portfolio to Spaxel. Joseph Brecher, David Oropeza and Niko Nicolaou of Gebroe-Hammer brokered the deal.

November 4, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

R.D. Olson Breaks Ground on Two Affordable Housing Communities in Los Angeles County

by Amy Works November 3, 2021

LONG BEACH AND WEST CARSON, CALIF. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units in a mix of one-, two- and three-bedroom layouts for formerly homeless seniors (age 55 or older) and low-income families that earn between 30 percent and 60 percent of area median income (AMI). The property will include four levels of residential space over the ground-floor commercial space and a three-story parking structure. The fourth-floor terrace of the parking structure features amenities including a tot lot, exercise equipment, barbecues, seating areas, trellises, community planters and rubber surface flooring. SVA Architects is serving as architect for the project. PATH Ventures, in partnership with the Los Angeles County Development Authority, is developing West Carson Villas at 22801-22905 S. Vermont Ave. in West Carson. …

November 3, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Greystone Provides Two Agency Acquisition Loans Totaling $17.5M for NYC Seniors Housing Properties

by Taylor Williams November 2, 2021

NEW YORK CITY — Greystone has provided two Fannie Mae acquisition loans totaling $17.5 million for a pair of affordable seniors housing properties totaling 151 units in the New York City area. In the first deal, Greystone originated a $12.4 million loan for Highland Avenue Senior Apartments, an 88-unit community in Yonkers that was built in 2008. In the second transaction, the company provided $5.1 million in acquisition financing for 2120 Hughes Avenue, a 63-unit property in The Bronx that was constructed in 1995. Dan Sacks and Ilan Bassali of Greystone originated the loans on behalf of the borrower, Heritage Affordable Communities LLC.

November 2, 2021

Affordable Housing Market Reports Multifamily New York Northeast Northeast Market Reports

Affordable Housing Lenders, Investors in New York City Face Underwriting Challenges

by Taylor Williams November 2, 2021

By Taylor Williams For lenders and investors in New York City’s affordable housing market, accurately underwriting rent growth, operating costs and long-term asset appreciation can be a tricky proposition in today’s economic environment. To be fair, buyers and financiers of affordable housing properties in many U.S. markets are being forced to adjust and recalculate their metrics due to forces they can’t control. Yet macroeconomic factors like rising inflation, which puts heavy pressure on construction and operating costs, can often seem more acute in the Big Apple, where the cost of living and doing business is already higher than virtually anywhere else in the country. Economic Drivers The labor and materials costs for the renovations and rehabilitations that many affordable housing communities need are rising. According to Producer Price Index data supplied by the U.S. Bureau of Labor Statistics, for the month of August, the latest report available at the time of this writing, the aggregate cost of construction materials had risen by 19 percent from August 2019. Much of this rise in materials costs is due to disruption of the global supply chain via COVID-19, causing developers of much-needed housing stock to incur heftier budgets and longer construction timelines on …

November 2, 2021

Acquisitions Affordable Housing California Development Life Sciences Mixed-Use Multifamily Office Top Stories Western

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

Newer Posts

Older Posts