NEW YORK CITY — A partnership between LIHC Investment Group, Camber Property Group and Settlement Housing Fund has purchased Lexington Court, nine-building, 229-unit affordable housing complex in East Harlem, for $85 million. The new ownership will invest about $10 million in capital improvement to the portfolio, including upgrades to plumbing and mechanical systems, as well as common area improvements. To finance the acquisition, the partnership secured a $73.1 million FHA loan from the New York City Housing Development Corp to complement its $11.5 million equity investment.
VALPARAISO, IND. — Evergreen Real Estate Group has secured financing to build Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor and plans to begin preliminary site work this month. Completion is slated for early 2023. The $30 million project will offer 48 studio and 72 one-bedroom units, all of which will be reserved for seniors age 62 or older whose incomes are at or below 60 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, beauty salon, library, garden and outdoor area. Gardant Management Solutions will manage the property. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. Additionally, the City of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler. PNC Bank provided LIHTC equity.
HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule, on behalf of the borrower, an affiliate of Applied Housing Management Co.
LAWRENCE, MASS. — MassHousing has provided $26.9 million in financing for the redevelopment of a portion of the historic Marriner Mill in Lawrence, a northern suburb of Boston, into an 87-unit mixed-income residential complex. The financing consisted of a $2.3 million permanent loan, $22.5 million in bridge loan financing and $2.1 million in funding from the agency’s workforce housing initiative. Of the 87 units, 17 will be restricted to lower-income households earning 30 percent or less of the area median income (AMI). Forty-nine units will be rented to households earning 60 percent or less of AMI, and 21 apartments will be workforce housing units for households earning up to 80 percent of AMI. The borrower and developer is Trinity Financial. ICON Architecture is designing the project, and Aberthaw Construction Co. is the general contractor. Completion is slated for summer 2023.
LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.
WASHINGTON, D.C. — Lument has provided two Freddie Mac tax-exempt loans (TEL) totaling $16.9 million for the development of 1515 North Capitol Apartments, a 15-story affordable housing development in Washington, D.C. Construction for the project is slated to be complete in 27 months. The borrower is So Others Might Eat (SOME), a Washington, D.C.-based local nonprofit organization that provides services to those facing poverty and homelessness. 1515 North Capitol will feature 136 affordable studio units, with 75 units subsidized through D.C.’s Local Rental Supplement Program (LSRP), 61 units restricted to tenants earning 50 percent of area median income (AMI) and three units reserved for staff. The units features will include vinyl plank flooring, ranges with vented hoods, microwave ovens and garbage disposals. Community amenities will include a community room, conference and meeting rooms, classrooms, library, computer room, fitness center, bike storage, two roof terraces and a laundry room on every residential level. Lument structured two portions of debt for the Freddie Mac TEL. The first part of financing was in the amount of $11.8 million and featured a 17-year term and 40-year amortization schedule. The other loan was in the amount of $5.1 million based on the LSRP overhang to …
GARLAND, TEXAS — Palladium USA has broken ground on Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with the Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in January 2023.
NEW YORK CITY — Direct lender MF1 Capital has provided a $100 million loan for the refinancing of a portfolio of eight affordable housing properties totaling 317 units in various areas of Brooklyn. Abe Katz and Jon Kushner of Walker & Dunlop arranged the financing on behalf of the borrower, Iris Holdings Group, a national developer of affordable housing. A portion of the proceeds will be used to fund capital improvements.
NEW YORK CITY — Eastdil Secured has arranged $130 million in financing for Eastchester Heights, a 1,416-unit rent-stabilized community located on roughly 15 acres at 3480 Seymour Ave. in The Bronx. The borrower, a partnership between Taconic Partners and Clarion Partners, will use proceeds to refinance existing debt and fund capital improvements. Eastchester Heights was originally built in 1935 and offers amenities such as courtyards, basketball courts, a computer lab and a playground. Residents also have access to services like life coaching, job training and financial counseling. Since acquiring the property in 2007, the partnership has invested more than $50 million in upgrades, including the recent installation of a 200,000-square-foot rooftop solar panel system. Wells Fargo provided the financing.
FOLSOM, CALIF. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction of the $32 million development is scheduled for completion in first-quarter 2023. Bank of America and the City of Folsom are investment partners on the project.