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Affordable Housing

Gregg Gerken TD Bank Affordable Housing quote
Affordable HousingFeaturesFinance InsightLoansMidwestMultifamilyNortheastSoutheastTexasWestern

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

by Sarah Daniels

The need for affordable housing has grown, but factors like municipal slowdowns and delays in financing have helped contribute to a lack of supply. Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, spoke to REBusiness about why the need for affordable housing is at a critical juncture and why this need is so difficult to fill. Finance Insight: What is the state of affordable housing right now? Gerken: There is a supply/demand imbalance. There continues to be a desperate need for more investment in affordable housing, not less. The arrival of COVID introduced more challenges for affordable housing, but the struggle to find high-quality affordable rental housing existed well before the pandemic. Rent prices affect millions of Americans, especially those with low incomes, and rents have only increased. Furthermore, the pandemic has caused an interruption of the supply chain and much-needed new projects have been delayed. Finance Insight: Can you outline a few big-picture national trends that are most impacting affordable housing right now? Gerken: As I mentioned, the imbalance of supply and demand is negatively affecting affordable housing. Rising rental rates mean fewer people will be able to qualify for affordable housing. Coming out of COVID …

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Affordable HousingDevelopmentIndianaMidwestMultifamily

TWG Underway on $10.8M Affordable Housing Community in Seymour, Indiana

by Kristin Harlow

SEYMOUR, IND. — Developer TWG is underway on construction of Seymour Lofts, a $10.8 million affordable housing community in Seymour, about 50 miles north of Louisville, Ky. The property’s 50 units will be targeted for families who make an annual salary between $30,000 and $40,000. Project partners include Midwest Support Foundation, Indiana Housing and Community Development Authority, The Federal Home Loan Bank of Indianapolis and the City of Seymour. Amenities will include a playground and clubhouse. Construction began in December, but a timeline for completion was not released.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamilyTop Stories

Turner Impact Capital Acquires 1,155-Unit Workforce Housing Property in Suburban Chicago for $137M

by Kristin Harlow

GLENDALE HEIGHTS, ILL. — Turner Impact Capital has acquired Ellyn Crossing Apartments, a 1,155-unit workforce housing property in Glendale Heights, a western suburb of Chicago. The sales price of $137 million, as reported by Crain’s Chicago Business, and the number of units mark the biggest suburban Chicago apartment deal ever, according to research firm Real Capital Analytics. With this acquisition, Turner Impact Capital’s housing portfolio now includes nearly 2,800 units in the Chicagoland area and over 11,200 units of workforce housing in metropolitan areas across the nation. These properties serve more than 18,600 low- and moderate-income residents such as teachers, police officers and healthcare workers. These employees often earn too much to qualify for subsidized housing but too little to afford higher-cost housing near their workplaces, according to Turner Impact Capital. “As Americans face double-digit rent increases in markets nationwide, along with limited housing supply and uncertainty surrounding the pandemic, our need for housing solutions is more urgent than ever,” says Bobby Turner, CEO of Turner Impact Capital. “Our scalable investment model has uplifted communities far and wide by putting affordable, quality housing within reach for thousands of families while generating strong risk-adjusted returns for investors. The model proves that …

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Affordable HousingDevelopmentLoansMultifamilyTexas

MVAH Partners Underway on 226-Unit Mixed-Income Housing Project in Plano

by Taylor Williams

PLANO, TEXAS — Ohio-based developer MVAH Partners LLC is underway on construction of K Avenue Lofts, a 226-unit mixed-income housing project in the northern Dallas suburb of Plano. Within the five-story building, 79 percent of the units will be reserved for households earning 60 percent or less of the area median income (AMI). The remaining residences will be rented at market rates. Amenities will include a leasing office/clubhouse, crafts room, fitness center, business center, media room, pet park, playground and a pool. Completion is slated for summer 2023. David Lacki and Alton Tinker of KeyBank originated a $39.6 million construction loan for the project. The Plano Housing Authority issued $19 million in bonds that were sold by KeyBanc Capital Markets, and $19 million of KeyBank’s construction loan will serve as collateral for the bondholders. In addition, The Texas Department of Housing and Community Affairs awarded Low Income Housing Tax Credits for the deal.

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Oaks St. Clair
AcquisitionsAffordable HousingAlabamaLoansMarylandMultifamilySoutheastVirginia

JLL Secures $318.5M Acquisition Financing for Multifamily Portfolio in Southeast US

by Julia Sanders

ORLANDO, FLA. — JLL Capital Markets has secured a $318.5 million acquisition loan for a six-property multifamily portfolio located across Maryland, Virginia and Alabama. There were multiple sellers for the properties. The 1,494-unit workforce housing portfolio includes the following: Park at Kingsview Village (326 units) in Germantown, Md.; Stonecreek Club (240 units) in Germantown; Hunt Club (336 units) in Gaithersburg, Md.; Springwoods at Lake Ridge (180 units) in Woodbridge, Va.; Windsor Park (220 units) in Woodbridge; and Oaks of St. Clair (192 units) in Moody, Ala. Melissa Marcolini Quinn, Lee Weaver, Drew Jennewein, Rob Rothaug, Emily Moallem and Cody Mizelle of JLL arranged the loan through J.P. Morgan Chase Bank on behalf of the borrower, Carter Multifamily. The floating-rate, non-recourse bridge loan will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single loan large enough to create its own pool for securitization. “This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” says Quinn. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

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Affordable HousingDevelopmentMultifamilyTexas

NRP Group Breaks Ground on 368-Unit Mixed-Income Housing Project in Killeen, Texas

by Taylor Williams

KILLEEN, TEXAS — Cleveland-based developer The NRP Group, in partnership with The City of Killeen Public Facility Corp., has broken ground on a 368-unit mixed-income housing project in the Central Texas city of Killeen. About 50 percent of the units will be reserved for households earning 80 percent or less of the area median income. Amenities will include a pool, fitness center, clubroom and a dog park. J.P. Morgan is the equity investor in the project, and Texas Property Bank provided construction financing. Leasing is slated to begin in early 2023, with full completion of the project scheduled for 2024.

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Affordable HousingLoansMultifamilySoutheastVirginia

Dwight Capital Provides $60.8M HUD Refinancing for Affordable Housing Community in Herndon, Virginia

by Julia Sanders

HERNDON, VA. — Dwight Capital has provided a $60.8 million HUD 223(f) cash-out refinancing loan for Coppermine Run, a 288-unit affordable housing community in Herndon. Brandon Baksh of Dwight Capital originated the loan transaction. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because Coppermine Run is Energy Star-certified. Coppermine Run includes 11 four-story residential buildings and a clubhouse and leasing office situated on 15.7 acres. The property offers two-bed/one-bath, two-bed/1.5 bath and three-bed/two-bath floorplans. Unit features include trash and snow removal, walk-in closets, central air and heat, cable ready and updated appliances and cabinets. Community amenities include a basketball and multi-sports court, fitness center, playground, swimming pool with sundeck and walking paths. Located at 2450 Masons Ferry Drive, Coppermine Run is situated 19.7 miles from Arlington, 25 miles from Washington, D.C., and 31.6 miles from Alexandria.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

TWG Breaks Ground on $12M Affordable Housing Community in Muncie, Indiana

by Kristin Harlow

MUNCIE, IND. — Developer TWG has broken ground on River Bend Flats, a $12 million affordable housing community in Muncie, about 50 miles northeast of Indianapolis. The three-story, 60-unit project will be located at 1800 Burlington Drive. Units will be reserved for renters earning up to 60 percent of the area median income. Amenities will include a clubhouse and playground. Completion is slated for spring 2023. The project was made possible with support from the City of Muncie and low-income housing tax (LIHTC)credits from the Indiana Housing and Community Development Authority.

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Winnwood
Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

GBX, Urban Landings to Rehabilitate Affordable Housing Property in Midtown Atlanta

by Julia Sanders

ATLANTA — Cleveland, Ohio-based GBX Group LLC, in partnership with developer Atlanta-based Urban Landings, will rehabilitate Winnwood Apartments, a historical multifamily property in Midtown Atlanta that will be renovated into affordable housing. Construction on the project is expected to be complete by the fourth quarter. Winnwood is a 90-year-old, two-story property. When renovations are complete, the property will feature about 50 micro and one-bedroom units. Community amenities will include covered parking and a dog park. Located at 1460 W Peachtree St. NW, the property is situated within two miles from Georgia Tech, less than a mile from Atlantic Station, 1.5 miles from Tech Square and 4.4 miles from Georgia State University. Urban Landings helped secure Winnwood’s spot on the National Register of Historic Places in 2021, enabling access to historic tax credits. Simultaneously, the ownership group donated a facade easement to Easements Atlanta, a nonprofit organization whose mission is to accept qualified historic preservation easement donations of certified historic properties in Atlanta. This donation allows permanent protection for Winnwood’s exterior design and makes the project eligible for additional tax incentives.

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Waterfront Station
Affordable HousingDevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

Merchants Capital Provides $141M Financing for Mixed-Income Multifamily Development in Southwest D.C.

by Julia Sanders

WASHINGTON, D.C. — Merchants Capital has provided more than $141 million in financing for Waterfront Station II, a mixed-income multifamily development currently under construction in the Southwest neighborhood of Washington, D.C. The development team is a joint venture between Hoffman & Associates, AHC Inc., City Partners and Paramount Development. Construction is slated for completion by winter 2023. Situated at 1000 4th Street SW, Waterfront Station II will have 449 apartments, including 313 market-rate units, 68 units affordable to households earning 30 percent of the area median income (AMI) and 68 apartments affordable for households earning 50 percent of AMI. The development will include a single, 12-story apartment building with approximately 29,000 square feet of retail, educational and commercial space on the ground level with below-grade parking. The commercial tenants include AppleTree Public Charter School, a D.C.-based early childhood education provider, as well as a neighborhood restaurant by Good Company Doughnuts. The project has an additional 7,000 square feet of retail space available for lease. Designed by architect Torti Gallas Urban with interiors by Hickok Cole, the project will include more than 19,000 square feet of outdoor and interior amenity space across four floors. Community amenities will include a coworking and …

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