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Affordable Housing

Affordable HousingFeaturesLoansMultifamily

Fannie Mae, Freddie Mac Go All-In on Affordable Housing Lending Following FHFA Revision

by John Nelson

A few weeks before Thanksgiving last year, the Federal Housing Finance Agency (FHFA) made sweeping changes to Fannie Mae and Freddie Mac’s multifamily business pursuits for 2021. The FHFA revised the previous structure that capped loan production at $200 billion combined for both government-sponsored enterprises (GSEs). And unlike most years, that cap was spread across five quarters spanning from the beginning of fourth-quarter 2019 to the end of 2020. For 2021, the FHFA is once again using the traditional four-quarter time frame but is now directing the agencies to produce $140 billion in multifamily loans combined ($70 billion apiece), which is lower than $159 billion in loans closed by the GSEs and their lending partners last year: $76 billion for Fannie Mae and $83 billion for Freddie Mac. The FHFA is again doing away with its long list of exclusions for loans on properties that don’t count toward the cap. In the past, the agencies had no limits to finance certain multifamily categories, including communities with five to 50 units, seniors housing, rural properties and manufactured housing. The FHFA is maintaining its directive for the agencies to finance properties deemed as “mission-driven affordable housing” — or those affordable to households …

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Affordable HousingDevelopmentMultifamilyTexas

Palladium USA Breaks Ground on $55M Mixed-Income Project in South Dallas

by Taylor Williams

DALLAS — Locally based developer Palladium USA has broken ground on Palladium Simpson Stuart, a 270-unit mixed-income project in South Dallas that is valued at $55 million. About 90 percent (243) of the units will be reserved for households earning between 40 and 80 percent of the area median income, while the remainder will be rented at market rates. Amenities will include a resort-style pool, dog park, trails, conference room, computer lab, kids’ playroom and a fitness center. HEDK is the project architect, and BBL Construction is the general contractor. PNC Bank provided construction financing for the project, and the Texas Department of Housing and Community Affairs issued 4 percent Low-Income Housing Tax Credit equity. The first units are scheduled to be delivered in October 2022.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Breaks Ground on $39.2M Affordable Housing Project in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — The Rochester office of Kraus-Anderson has broken ground on Bryk on Broadway, a $39.2 million affordable housing project in Rochester’s Destination Medical Center district. Owners Dirk Erickson and John and Marcia Bouquet are developing the property located at the corner of Civic Center Drive and North Broadway. Designed by ISG, the project will feature 180 units, 7,500 square feet of commercial and retail space and 140 parking stalls. The six-story development will include a fifth-floor community room with an outdoor terrace, lounge and fitness center. Completion is slated for late 2022. Of the 180 units, 54 will be offered at 50 percent of the area median income (AMI), 18 will be offered at 60 percent AMI and 108 will be offered at 80 percent AMI. NorthMarq arranged a $31.2 million construction loan for the project through a credit union. “The name Bryk came to us as a metaphor for something strong,” says Dirk Erickson, owner and developer. “Brick buildings are meant to last and our mission is ‘building a strong community.’ We want to provide a high-quality living experience for our tenants and hope to set a new standard in affordable housing, hence building a strong foundation …

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AcquisitionsAffordable HousingMultifamilyTexas

Dominium Acquires 140-Unit Affordable Housing Property in Bryan, Texas

by Taylor Williams

BRYAN, TEXAS — Dominium, a developer and operator of affordable housing, has acquired a 140-unit property in the Central Texas city of Bryan that was built in 2005. According to Apartments.com, the property features two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, playground, basketball court and a lounge. Dominium, which has already rebranded the property as Sandy Creek Apartments, will also implement a capital improvement plan beginning next year. The seller was undisclosed.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamilySeniors Housing

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Kristin Harlow

LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as well as the buyer, New Frontier Cos. The buyer intends to operate the community as affordable housing for the foreseeable future, according to AHIB.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheast

DJ Royce to Renovate 656-Unit Affordable Housing Community on Long Island

by Taylor Williams

HAUPPAUGE, N.Y. — General contractor DJ Royce Construction Corp. will renovate Renaissance Hills, a 656-unit affordable housing community located in the Long Island village of Hauppauge. Hicksville, N.Y.-based Mark Design Studios designed the redevelopment, which included upgrades to unit interiors and amenity spaces. The property’s amenity package now consists of two pools, a sports court, dog park, outdoor grilling areas, a playground and a fitness and wellness center. Construction is set to begin this fall.

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Affordable HousingLoansMultifamilyTexas

Greystone Provides $45M Agency Loan to Refinance Affordable Housing Property in Fort Worth

by Taylor Williams

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.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamily

POAH Acquires Island Terrace Apartments in Chicago for $29.5M

by Kristin Harlow

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.

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Affordable HousingDevelopmentMultifamilySeniors HousingTexas

Oldham Goodwin Completes 148-Unit Affordable Seniors Housing Community in Texas City, Texas

by Taylor Williams

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.

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Affordable HousingLoansMultifamilyNew YorkNortheastSeniors Housing

MRC Provides $29.4M Loan for Multifamily Redevelopment Project in Queens

by Taylor Williams

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.

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