FORT WORTH, TEXAS — Locally based general contractor KWA Construction has completed Phase II of Columbia Renaissance Square, a project that added 120 units of affordable seniors housing to the local supply. Developed by Columbia Residential and designed by JHP Architecture, the property features one- and two-bedroom floor plans with full-sized kitchens, espresso cabinetry and vinyl plank flooring. Amenities include a clubhouse with a catering kitchen, business center, fitness center, wellness room, theater room and a landscaped gazebo and courtyard. Phase I of the project consisted of 140 units, 85 percent of which were affordable.
BEMIDJI, MINN. — Kraus-Anderson has completed construction of Conifer Villas, a $7 million affordable housing project in central Minnesota’s Bemidji. The townhome community features 32 units for residents who have been homeless or need special support. The four-building project includes a community meeting space. Headwaters Housing Development Corp. was the developer and Lucachick Architecture was the architect.
CHICAGO — East Lake Management & Development is building Gateway Apartments within the Illinois Medical District (IMD) in Chicago. Set within a larger mixed-use development, Gateway Apartments will include 161 one- and two-bedroom workforce housing units. The target residents are medical personnel, students and faculty who work within the IMD. Of the units, 10 percent will be restricted under a Land Use Restrictive Agreement (LURA) to those with incomes at or below 100 percent of the area median income (AMI). The balance of the units will target workforce income levels for those at income levels between 100 and 150 percent of AMI. The project site will also feature a Hilton Hampton Inn & Suites hotel, 35,000 square feet of retail space and up to 500,000 square feet of life sciences and medical office space. Merchants Bank of Indiana provided construction financing and Freddie Mac provided permanent financing. A timeline for construction was not disclosed.
INDIANA — Greystone Affordable Development is spearheading the $45.6 million redevelopment of 336 affordable housing units in Indiana as part of the state’s Moving Forward Rural Development program. Partnering with property owner and operator Justus Property Management Inc., Greystone is guiding a recapitalization and renovation process that will bring energy efficiencies and renewed housing for residents of 14 properties in 10 counties. The combination of funding sources includes $14.7 million in loans from Greystone; $12.4 million in capital contributions stemming from the purchase and syndication of both 4 percent and 9 percent housing credits by Boston Financial Investment Management; $10.6 million in multifamily private activity tax-exempt bonds from the Indiana Housing and Community Development Authority (IHCDA); $6.6 million of assumed and subordinated USDA Section 515 long-term debt; $1 million in funding from IHCDA via the Rural Revolving Loan Fund; and other miscellaneous sources totaling $236,000. Greystone anticipates a 19-month construction period for the portfolio. Renovation costs will average more than $44,000 per unit. Greystone Affordable Development is an affiliate of commercial real estate finance firm Greystone.
NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.
FORT WORTH, TEXAS — Comunidad Partners, a minority- and women-owned investment firm, has acquired Metro 7000, a 206-unit affordable housing community in Fort Worth. Amenities at the property include a pool, clubhouse, sports court and a dog park. The project is 100 percent affordable, with units being at or below 80 percent of the area median income (AMI) and an income restriction that requires a minimum of 20 percent of the units be reserved for renters earning 60 percent or less of AMI. Richard Furr and Brian O’Boyle Jr. of Newmark represented the undisclosed seller in the transaction. Comunidad Partners, which will implement a value-add program focused on unit interiors and building exteriors, was self-represented.
NEWARK, N.J. — Bellwether Enterprise has provided $7.9 million in Freddie Mac permanent financing for Aston Heights, a newly constructed mixed-income property located at 685 MLK Blvd. in Newark. The property totals 154 units, 51 of which will be set aside for public housing and be subsidized by the Newark Housing Authority. In addition, 49 units will be subsidized by a long-term Section 8 Housing Assistance Program (HAP) contract. The borrower, Pennrose Properties, developed the property in conjunction with the Newark Housing Authority. Victor Agusta of Bellwether Enterprise originated the financing, which retires the original Freddie Mac construction loan.
GREENFIELD, IND. — Muesing Management Co. Inc. will develop Preserve at Blue Road, a 348-unit workforce housing property in the metro Indianapolis community of Greenfield. Project plans call for 19 buildings on 28 acres. Units will range in size from 541 to 1,400 square feet. Amenities will include a pool, outdoor kitchen, fitness center, dog park, clubhouse and walking trails. Mortgage banking company Merchants Capital provided financing for the project. A timeline for construction was not disclosed.
DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently de-licensed, and the entire building was again operated as independent living. The seller, Valstone, purchased the asset in November 2020. Valstone then elected to sell it to an out-of-industry buyer that plans to convert the property to affordable housing for seniors. The sales price was not disclosed. Bradley Clousing and Matt Alley handled the transaction for SLIB.
CHICAGO — Bellwether Enterprise Real Estate Capital LLC has provided a $28.5 million FHA 221(d)(4) construction and permanent loan, along with 4 percent low-income housing tax credits for the renovation and preservation of Heiwa Terrace in Chicago. The affordable seniors housing community includes 200 units and is located at 920 W. Lawrence Ave. The borrower, the Japanese American Service Committee, originally developed the property in 1978 using the HUD 202 program to create housing for low-income seniors. The renovation will replace all mechanical systems, fully modernize the building and significantly upgrade the units. The first floor will be redesigned to improve circulation and natural lighting. The borrower is also renewing a long-term Section 8 contract for residents. Victor Agusta of Bellwether Enterprise’s Raleigh office originated the loan.