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.
OPA LOCKA, FLA. — Redwood National Properties LLC and Winston Capital Partners LLC are co-developing The Mirage at Sailboat Cove, a new workforce housing community in Opa Locka. Upon completion, the property will offer 112 townhome units featuring four-bedroom and 2.5-bathroom floorplans available to low- and middle-income residents. The Mirage at Sailboat Cove runs alongside Mitchell Lake in northern Miami-Dade County, and is located within 1.5 miles of Interstate 95. The property currently stands at 60 percent completed, and all units are projected to be delivered within the third quarter of 2021, which is two months ahead of schedule. Redwood and Winston Capital’s partners on the project include the City of Opa-locka, Coastland Construction, LB Construction and BAS Holdings Investments LLC. Brian Sidman of BAS Holdings is leading Redwood National Properties LLC, and David Burstyn is leading Winston Capital Partners.
LOS ANGELES — Hollywood Community Housing Corp. (HCHC) and KFA, a full-service architecture and design firm, have completed The Florence Mills Apartments, a mixed-use affordable housing development located at the southwest corner of Central Avenue and Jefferson Boulevard in Los Angeles. Florence Mills features 74 apartments, 5,000 square feet of commercial space along Central Avenue, and an open, landscaped public plaza. The four-story building features 13 one-bedroom units, 37 two-bedroom apartments, 24 three-bedroom units, community and common areas, underground parking, four laundry rooms and secure access to the building. The units are restricted to households at low-, very low- and extremely low-income levels with rents set between $507 and $1,171 per month. The property is set to obtain LEED Platinum certification and features drought-tolerant landscaping, locally sourced materials, high-efficiency lighting, Energy Star appliances and low-flow fixtures. Young Musicians Foundation has leased the commercial space, which is located in the corner plaza with roll-up doors. Through a partnership between HCHC and Young Musicians Foundation, residents of Florence Mills and Paul R. Williams apartments are able to attend free music classes, music technology and recording lab, concerts, workshops and multi-disciplinary arts programming.
CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …
LOS ANGELES — Aedis Real Estate Group and C.W. Driver Cos. have broken ground on Hope on Hyde Park, an affordable transitional housing community in Los Angeles. The development is supported by the Los Angeles County Department of Health Services and Brilliant Corners, a nonprofit. Situated along the Crenshaw Corridor, the five-story property will offer 98 studio and one-bedroom modular units, ranging in size from 400 square feet to 480 square feet, for residents experiencing chronic homelessness. Units will feature modern design, hardwood flooring, contemporary furniture and floor-to-ceiling windows. Community amenities will include a central courtyard, outdoor community space, on-site parking for social services staff, bike storage for residents, residential and support services and ground-floor retail space, as well as access to the new K Line, an 8.5-mile light rail that connects the Crenshaw district to Leimert Park, Inglewood and the Los Angeles International Airport. KTGY is serving as architect for the project, which is slated for completion in summer 2022.
LONG BEACH, CALIF. — Century Housing, in partnership with the City of Long Beach and The Long Beach Community Investment Company, will host a grand opening May 7 at The Beacon, an affordable housing community for seniors and veterans in Long Beach, just south of Los Angeles. “There’s no denying that this past year has been a very difficult and painful year on many, many levels,” says Brian D’Andrea, senior vice president with Century. “This development represents a source of light and hope for all of us, including the more than 200 residents who now call The Beacon home along with the larger Long Beach community.” “We are committed to continuing the investment of our resources in developments like The Beacon that fill the vital need for additional affordable housing in the city,” adds Patrice Wong, chair of The Long Beach Community Investment Company, which approved more than $12 million in funding for the project in 2017. The Beacon is a transit-oriented development that includes 160 affordable and supportive homes. The site is located across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street. “The Beacon is a …
DALLAS — Palladium USA, a locally based affordable housing developer and operator, is underway on construction of an 87-unit mixed-income property at 2440 Southwell Road in northwest Dallas. The affordable component of the project will include units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK is the project architect, and Treymore Construction is the general contractor. Palladium expects to deliver the first units in June 2022.