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Affordable Housing

Affordable HousingDevelopmentMichiganMidwestMultifamily

Woda Cooper Opens $14M Mixed-Income Housing Project in Michigan’s Upper Peninsula

by Kristin Harlow

SAULT STE. MARIE, MICH. — Woda Cooper Cos. Inc. has opened Osborn Commons, a $14 million mixed-income housing project located at 215 Governor Osborn Blvd. in downtown Sault Ste. Marie, a city in Michigan’s Upper Peninsula. Of the project’s 65 units, 63 are available for residents who earn 30 to 80 percent of the area median income. Two units are available at market rate and seven units are designated for those with disabilities. Amenities include a fitness center, management office and two community rooms. The development also includes a 2,000-square-foot retail store known as The Market on Osborn. Local entrepreneurs Steve and Kathy Twardy operate the store, which sells beverages, snacks, dairy products, fresh produce, packaged dry goods and a variety of breakfast and lunch options. The Michigan State Housing Development Authority provided affordable housing tax credits for the project. Affordable housing investor CREA LLC provided equity financing; lender Cedar Rapids Bank & Trust provided the first mortgage; and Merchants Capital provided a construction loan. The City of Sault Ste. Marie provided a Payment in Lieu of Taxes (PILOT). Hooker DeJong Inc. was the project architect and Sol Consulting + Design provided sustainability consulting. The U.S. Green Building Council certified …

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Affordable HousingConnecticutLoansMultifamilyNortheastSeniors Housing

KeyBank Provides $37.5M in Financing for Affordable Seniors Housing Property in Connecticut

by Taylor Williams

NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. KeyBank’s Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital’s (KBREC’s) Commercial Mortgage Group (CMG) worked together to provide $12.5 million of low-income housing tax credit equity, a $6 million equity bridge loan, an approximately $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corp. structured the financing.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Tapestry, Columbia Residential Open $19M Affordable Seniors Housing Community in Decatur, Georgia

by Julia Sanders

DECATUR, GA. — Decatur-based Tapestry Development Group and Atlanta-based Columbia Residential have opened Stride Senior Residences, a $19 million mixed-income seniors housing community in Decatur. The property offers income-restricted and market-rate units, with 80 percent of the residences affordable to seniors at 60 percent of area median income. Currently, 88 of the 90 units are leased, including all the affordable units. The property is located at 651 Decatur Village Drive, about 2.2 miles north of downtown Decatur. The community is also close to stores, restaurants, professional services options, DeKalb Medical Center, MARTA bus lines and the MARTA Decatur station. Amenities include a shared community park, fenced community garden, movie theater room, fitness center, computer center, community room with a kitchen and free Wi-Fi in common areas. The new community is situated at Scott Boulevard and North Decatur Road within Decatur Crossing, a 26-acre mixed-use development by Atlanta-based Fuqua Development. Decatur Crossing’s three phases contain approximately 94,000 square feet of commercial space, including three grocery stores, 14,000 square feet of office space and over 950 apartments. Tapestry Development Group and Columbia Residential assembled the land in December 2017 and broke ground in May 2019. The developers had the Stride project certified …

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

Hunt Arranges $13.1M in LIHTC Equity for Affordable Housing Adaptive Reuse Project in Milwaukee

by Kristin Harlow

MILWAUKEE — Hunt Capital Partners has arranged $13.1 million in Low-Income Housing Tax Credit (LIHTC) equity for the rehabilitation and adaptive reuse of an old school in Milwaukee dating back to 1902. Developer Royal Capital Group plans to create 82 multifamily units known as the Phillis Wheatley Apartments. Of the units, 67 will be set aside for households earning up to 60 percent of the area median income. Amenities will include a business center, community room, fitness center, theater room and onsite management. Supportive service providers will include the Milwaukee County Veterans’ Services Office and Lutheran Social Services. Chase Bank is the primary lender on the project, providing a $15.4 million construction loan and a $3.6 million permanent loan. Chase is also extending a tax-increment financing loan for $1 million. Other financing mechanisms include HOME funds and the Federal Home Loan Bank’s Affordable Housing Program. Hunt Capital Partners syndicated the tax credits through its proprietary fund, Hunt Capital Fund Tax Credit Fund 26. The former Phillis Wheatley Elementary School, located in the Lindley Heights neighborhood of Central Milwaukee, has sat vacant since 2005.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

HUD Selects Detroit for $30M Grant to Help Bring 500 Affordable Housing Units to Corktown Area

by Kristin Harlow

DETROIT — The U.S. Department of Housing & Urban Development (HUD) has selected Detroit as a winner of its Choice Neighborhoods grant program, which will enable the city to bring more than 500 new units of affordable housing to the Corktown area. Detroit, which was one of five cities selected nationally, will receive a $30 million HUD grant, the largest amount offered under the Choice program. The grant is supported by $1 billion in leverage commitments from grant partners, including Ford’s new $740 million mobility campus and other economic development initiatives in Corktown. The Corktown neighborhood, which is experiencing escalating rents as a result of new development, is now on track to receive $200 million invested in 840 units over the next six years. At least 60 percent, or 504 units, will be set aside as “deeply affordable housing,” according to the city. Of the units, 40 percent will serve households earning between 30 and 80 percent of area median income (AMI); 20 percent will serve households making up to 30 percent of AMI; and 20 percent will serve households earning 80 to 120 percent of AMI. The remaining 20 percent of the units will be rented at market rate.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

AMCAL Completes 102-Unit Las Ventanas Affordable Housing Community in Long Beach, California

by Amy Works

LONG BEACH, CALIF. — AMCAL Multi-Housing has completed Las Ventanas Apartments, an affordable multifamily development located at 1795 Long Beach Blvd. in Long Beach. Situated on just over an acre, the four-story building features 102 apartments in a mix of one-, two- and three-bedroom layouts with balconies or patios for individuals and families earning between 20 percent and 80 percent of the area median income. Additionally, 15 units are reserved for Los Angeles County’s Homes for Health program for special needs homeless households. The community also features street-level commercial space, a semi-subterranean parking garage, access to the Blue Line stop on Pacific Coast Highway, an internal courtyard, a play area for children, outdoor seating, barbecue grills and secure bike storage. The community also offers social service offices where residents can receive social services tailored to their needs, while the adjacent management office features a community area with a media center, computer lab and open space for games and socializing for residential use. William Hezmalhalch Architects served as architect for the project, which is seeking LEED Platinum certification. FPI Management is the property manager. Financing partners included The Long Beach Community Investment Co., Union Bank, Hudson Housing Capital, California Department of …

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Affordable HousingDevelopmentMultifamilySeniors HousingTexas

KWA Completes 120-Unit Phase II of Affordable Seniors Housing Project in Fort Worth

by Taylor Williams

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.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Completes Construction of $7M Affordable Housing Townhome Project in Minnesota

by Kristin Harlow

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.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

East Lake Management & Development to Build 161-Unit Workforce Housing Community in Illinois Medical District

by Kristin Harlow

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.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Greystone Spearheads $45.6M Redevelopment of 336 Affordable Housing Units in Indiana

by Kristin Harlow

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.

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