Affordable Housing

JLL Brokers $93.5M Sale of Affordable Housing Community in Bolingbrook, Illinois

by Kristin Harlow May 4, 2021

BOLINGBROOK, ILL. — JLL Capital Markets has brokered the $93.5 million sale of Riverstone Apartments, a 789-unit affordable housing community in the southwest Chicago suburb of Bolingbrook. The property underwent a significant redevelopment between 2005 and 2007 using low-income housing tax credit equity. Amenities include a clubhouse, two outdoor pools, two fitness centers, volleyball and soccer courts, a media center, playground, business center and dog park. Doug Childers, Marty O’Connell and Michael Fox of JLL represented the seller, Jackson Square Properties. Paul Smith and CW Early of JLL secured a $60.8 million Freddie Mac acquisition loan on behalf of the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL Real Estate Capital LLC provided the loan. The buyers will maintain the affordability requirements on all units through 2036.

May 4, 2021

Affordable Housing Development Multifamily Seniors Housing Texas

Montrose Center Opens 112-Unit Law Harrington Senior Living Center in Houston

by Taylor Williams April 30, 2021

HOUSTON — The Montrose Center (TMC), a locally based owner-operator that offers health, mental wellness, education and housing services for Houston’s LGBTQ community, has opened Law Harrington Senior Living Center, a 112-unit independent living facility in Houston. The project, valued at $26.5 million, is currently the largest LGBTQ-affirming seniors housing community in the United States and the only one in Texas, according to TMC. Units are available in one- and two-bedroom formats and are reserved for low-income renters age 62 and above. TMC is holding a grand opening this summer for Law Harrington, but move-ins are already underway. Amenities and services include recreational programs and a dog park. Additionally, TMC is partnering with Legacy Community Health to offer Law Harrington residents medical care onsite, including services for seniors living with HIV.

April 30, 2021

Acquisitions Affordable Housing Development Multifamily Northeast Pennsylvania

WinnCos. Buys Historic Housing Complex in Philadelphia, Plans $23.7M Renovation

by Taylor Williams April 28, 2021

PHILADELPHIA — WinnCos., a developer and operator of affordable and market-rate housing, has purchased Carl Mackley Houses, a historic housing complex in Philadelphia, with plans to implement a $23.7 million renovation. The property, which is located on the city’s northeast side and currently houses 184 affordable housing units, originally opened during the Great Depression era. Named for Carl Mackley, a 22-year-old union worker who was shot and killed on March 6, 1930 while supporting a strike at the H.C. Aberle Co., the complex earned a spot on the Philadelphia Register of Historic Places in 1982 and the National Register of Historic Places in 1998. The rehabilitation effort will modernize apartment kitchens and bathrooms in four residential buildings; install central air conditioning in all units; replace all windows and roofs; and upgrade common areas. The project is being financed primarily by tax-exempt bond financing and an allocation of 4 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency.

April 28, 2021

Affordable Housing California Loans Mixed-Use Multifamily Retail Western

George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

by Amy Works April 28, 2021

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA. The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness center, as well as 1,969 square feet of ground-floor retail space. Antonio Hachem of George Smith Partners led the team that secured the non-recourse construction financing for the borrower.

April 28, 2021

Affordable Housing Colorado Loans Multifamily Western

KeyBank Provides $18.4M in Financing for Mixed-Income Multifamily Property in Colorado Springs

by Amy Works April 28, 2021

COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs. Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once the renovation is complete, TWG plans secure long-term financing through KeyBank’s Commercial Mortgage Group. Kelly Frank and Alton Tinker of KeyBank’s CDLI team structured the financing.

April 28, 2021

Affordable Housing California Development Multifamily Western

R.D. Olson Breaks Ground on 64-Unit Affordable Housing Community in South Los Angeles

by Amy Works April 28, 2021

LOS ANGELES — R.D. Olson Construction has broken ground for West Terrace, a sustainable affordable multifamily property located at 6576 Southwest Blvd. in South Los Angeles. R.D. Olson is partnering with A Community of Friends, a nonprofit developer, and FSY Architects for the project. Totaling 52,300 square feet, West Terrace will offer 14 studio, 29 one-bedroom and 20 two-bedroom units, plus one three-bedroom unit. On-site amenities will include a community room, laundry facilities, barbecue grills, a playground, bike storage, an interior courtyard and community garden. Completion is slated for summer 2022.

April 28, 2021

Affordable Housing California Loans Multifamily Seniors Housing Western

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Housing Property in Pomona, California

by Amy Works April 27, 2021

POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is an age- and income-restricted apartment community for adults aged 55 years and older. Set across six mid-rise elevator buildings, the property offers one- and two-bedroom units, including Section 8 voucher units.

April 27, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Merchants Capital Provides $18.2M Loan for Affordable Seniors Housing Property in Harlem

by Taylor Williams April 27, 2021

NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.

April 27, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Spaxel Acquires Workforce Housing Property in Marietta, Georgia for $45M

by Julia Sanders April 26, 2021

MARIETTA, GA. — New York City-based Spaxel has acquired the Hills at East Cobb, a 266-unit workforce housing property in Marietta, for $45 million. The multifamily residential complex is located at 1716 Terrell Mill Road, just 1.5 miles from Truist Park, home to the Atlanta Braves. John Kevill, Wes Boatwright, Dean Sands and Casey Keitchen of Avison Young arranged $16.4 million in limited partner equity from Sound Mark Partners, a Greenwich, Conn.-based commercial real estate investment firm. The Hills at East Cobb is a residential community with one-, two- and three-bedroom apartments. Community amenities include a swimming pool, dog park, fitness center, picnic area and clubhouse.

April 26, 2021

Affordable Housing Florida Loans Multifamily Southeast

Greystone Provides $43M in HUD-Insured Financing for Multifamily Property in Port St. Lucie, Florida

by Julia Sanders April 26, 2021

PORT ST. LUCIE, FLA. — Greystone has provided a $43 million HUD-insured loan to refinance a 396-unit multifamily property in Port St. Lucie known as Kitterman Woods. Reuben Dolny of Greystone’s New York office originated the loan on behalf of K&J Residential Group. The non-recourse loan carries a 35-year term and 35-year amortization schedule, along with a sub-3 percent fixed interest rate. The property is Energy Star-certified and qualified for HUD’s Green MIP program. Kitterman Woods includes 25 three-floor buildings with one-, two- and three-bedroom units. The property was built in 2007 by Florida-based KD Construction, an affiliate of K&J. Community amenities include an exercise room, community room, two swimming pools, tennis, basketball, and volleyball courts, dog park, playground and a car care center.

April 26, 2021

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