FORT WORTH, TEXAS — Greystone has provided a $45 million Freddie Mac loan for the refinancing of a 306-unit multifamily property in Fort Worth. Cary Tremper of Greystone originated the financing, which carried a 10-year term, fixed interest rate, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the newly built property were not disclosed.
CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.
TEXAS CITY, TEXAS — Oldham Goodwin Group LLC, a development and management firm based in Central Texas, has completed The Huntington at Lago Mar, a 148-unit affordable independent living community in Texas City, located southeast of Houston. Units feature granite countertops, vinyl flooring and individual washer and dryer connections. Communal amenities include a yoga studio, fitness center, community room, theater, pool, outdoor grill area and bocce ball and shuffleboard courts. Construction began in November 2019.
NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.
NEW YORK CITY — A partnership between Jonathan Rose Cos., L+M Development Partners and Acacia Network has received $223 million in financing for the second and final phase of Sendero Verde, an affordable housing project in East Harlem that will add 347 units to the local supply. The development team topped off the 360 units that were part of Phase I of the project in November. Construction of Phase II is set to begin in the coming weeks and completion is slated for 2024. Units will serve renters at a variety of income levels, from formerly homeless to those who earn 90 percent of the area median income. The property offers residential amenities such as a community room, fitness center, computer lounge and package lockers. Once both phases are completed, Sendero Verde will feature a senior and youth community center, a school, art room, publicly accessible open space, community gardens and neighborhood retail. Financing for Phase II of Sendero Verde included construction loans from the New York City Housing Development Corp. and the New York City Department of Housing Preservation and Development. The project is also being funded through a letter of credit from Citibank and a syndication of federal …
IRVINGTON, N.J. — The NRP Group, a Cleveland-based developer, has broken ground on a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story, mid-rise building will offer a mix of one-, two- and three-bedroom residential units that will be reserved for residents earning 60 percent or less than the area median income. Five of the 56 units will be set aside for residents with special needs. Amenities will include a fitness center, children’s playroom, computer room, laundry facilities and an onsite management/leasing office. Financing partners include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC.
SPRINGFIELD, MASS. —The Michaels Organization has purchased Bergen Circle Apartments, a 201-unit mixed-income housing property in Springfield, located in the western part of the state. MassHousing provided Michaels with a $13.3 million construction loan along with a $7.9 million repair loan to fund a renovation program that will include HVAC upgrades, new flooring and appliances and new window installation. The community offers two-, three- and four-bedroom apartments, 118 of which are restricted to households earning up to 50 percent of the area median income (AMI). Fifty-two units restricted to those earning up to 80 percent of AMI. The remaining units are rented at market rates. The general contractor for the renovation program is Michaels Construction; the architect is Urban Practice.
SACRAMENTO, CALIF. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance payment (HAP) contracts. The bridge loan will enable the sponsor to focus on obtaining permanent financing, renewing its HAP contracts and continuing to provide housing for low-income seniors.
HOUSTON — A partnership between an affiliate of Atlantic Pacific Communities and the Houston Housing and Community Development Department (HCDD) have unveiled plans for Heritage Senior Residences, a mixed-income senior living community in Houston that will replace housing lost during Hurricane Harvey. About 70 percent of the units, which will feature one- and two-bedroom floor plans, will be earmarked as affordable, while the remaining units will be rented at market rates. Amenities will include a fitness center, laundry facilities, clubroom, community dining area, business center, conference room, card room and a recreational deck terrace with pavilions and grills. Construction is slated for completion in late 2022. Bank of America provided a $20.5 million construction loan for the project, and Citi Community Bank provided $9.8 million in permanent financing. The capital stack also includes $14.3 million in city-appropriated disaster relief funds and $13.8 million in low-income housing tax credit equity.
MIAMI — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Fla.-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in 2023. Sawyer’s Walk will include a 50,000-square-foot Target and a 25,000-square-foot Aldi supermarket, as well as new locations for Ross Dress for Less, Five Below and Burlington. The development will provide approximately 1,000 parking spaces. Sawyer’s Walk will also feature 25,000 square feet of public space that includes outdoor seating for the project’s restaurants, a children’s playground, pedestrian promenade and dog park. The residential portion of Sawyer’s Walk will include studio, one- and two-bedroom apartments reserved for seniors earning at or below 60 percent of the area median income. Community amenities will include a rooftop pool deck, a clubhouse and entertainment lounge, meeting rooms and a complimentary health club membership …