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 …
NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.
EVANSVILLE, IND. — The NRP Group has opened Homes of Evansville II, a 100-unit affordable housing community in the southwest Indiana town of Evansville. The project consists of 20 single-family homes, five duplexes and a 30-unit apartment building. The units are reserved for residents earning between 30 and 80 percent of the area median income. Twelve of the units are permanent supportive housing with services provided by ECHO Housing. HOPE of Evansville served as the joint venture partner. Additional project partners included the City of Evansville, which contributed HOME funds; Boston Financial, which provided the tax credit equity; BMO Financial Group, which provided the construction and permanent loans; and the Indiana Housing & Community Development Authority, which provided a development fund loan. Phase I of the project, completed in 2013, consisted of 40 single-family homes.
SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs of seniors. The financing includes a $43 million Merchants Bank of Indiana construction loan, $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also secured a forward commitment for $24 million from Fannie Mae for permanent financing with the mortgage-backed security being purchased by the AFL-CIO Housing Investment Trust (HIT).
CHICAGO — Structured Development has broken ground on the first two residential buildings at The Shops at Big Deahl, a mixed-use development in Chicago’s Lincoln Park neighborhood. The Seng is a four-story, 34-unit affordable condo building whose income-restricted buyers will be selected by the Chicago Community Land Trust, a nonprofit corporation administered and staffed by the Chicago Department of Housing. Completion of The Seng is slated for December 2022. Common Lincoln Park is a 10-story, 400-bed co-living community that will be operated by New York-based co-living provider Common. Completion of Common Lincoln Park is slated for March 2023. Each unit will feature one to four bedrooms that will be furnished along with a communal kitchen and living area. Co-living refers to a type of communal living where residents have their own private bedrooms but share common areas with others. Both buildings will join the newly completed Movement Lincoln Park, a 40,000-square-foot climbing, yoga and fitness gym. Structured also plans to build an additional 327-unit market-rate apartment tower on the western end of the property. The groundbreaking for the 27-story project is scheduled for March 2022. The Shops at Big Deahl is named after the former Big Deahl Productions studio that …
INDIANA — The Glick Housing Foundation has purchased seven affordable housing properties, including six purchased from Community Reinvestment Foundation. The purchase price was undisclosed. The newly acquired assets are located in New Albany, Bedford, Shelbyville, Bloomington, Lebanon and Indianapolis. Each property is designated as affordable housing under Section 8, a federally funded rental assistance program, or another recognized program. Glick Philanthropies will commit additional funds as part of the transaction to ensure that the properties are well maintained. Glick will employ a service coordinator at each property who will assist residents in navigating community services. According to Glick, the acquisition is the largest in the history of the foundation and one of the largest in the state of Indiana for 2021. Glick’s portfolio now includes 42 not-for-profit affordable housing properties with nearly 7,000 units, including more than 3,700 units in Indiana.
BOSTON — MassHousing has provided $16.5 million in tax-exempt construction and permanent financing and $18.8 million in bridge loan financing for Bancroft Dixwell Apartments in Boston. As part of the capital improvement program, the borrower, Urban Edge, will merge the 45-unit Bancroft Apartments in the Roxbury neighborhood with the 33-unit Dixwell Apartments in Jamaica Plain. Of the 78 units, 75 percent are restricted to households earning 60 percent or less of the area median income. The development team includes NEI General Contracting, Davis Square Architects, WinnCos., Construction Services Consultation Co. of New England, Schwarzschild Consulting and Klein Hornig.
HEMPSTEAD, N.Y. — Rockport Mortgage has arranged $86.6 million in financing for Park Lake Apartments, a 240-unit affordable housing property located in the Long Island community of Hempstead. Park Lake Apartments consists of 14 two-story buildings on an 11-acre site. The borrower is an entity controlled by Metropolitan Realty Group and Silver Street Development Corp. The proceeds of the loan, in connection with equity from the sale of the 4 percent Low-Income Housing Tax Credit, will be used acquire and rehabilitate the property. Rockport Mortgage arranged the loan, which was structured with a fixed interest rate and a 40-year amortization schedule following the two-year construction period, through HUD’s 221(d)(4) program. Renovations are expected to last about 18 months and will include upgrades to cabinets, countertops, appliances and fixtures, flooring and utility systems.
LAS VEGAS — Kairos Investment Management Co. has purchased Siena Townhomes, a 195-unit affordable multifamily property in Central Las Vegas. Terms of the off-market transaction were not released. Built in 2001, Siena Townhomes features 82 two-bedroom townhomes and 113 three-bedroom townhomes with full-size washers/dryers, walk-in closets and a private balcony or patio with extra storage. Community amenities include a clubhouse, pool and spa, fitness center, barbecue area, basketball court, business center, children’s play area and carports.
TINTON FALLS, N.J. — Developer WinnCos. and nonprofit Soldier On are nearing completion of a $23 million affordable housing project in Tinton Falls, located in the northern coastal part of the state. The property is reserved for military veterans, including those transitioning from homelessness, and offers services such as telehealth, homeownership guidance, credit counseling and legal counseling. In addition to apartments for veterans up to 80 percent of the area median income (AMI), the community includes a mix of residences for those earning up to 30 and 50 percent of AMI. All 70 units feature a one-bedroom floor plan. The community is slated to open next month, and about 80 percent of the 70 residences have already been leased. Construction began last fall.