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Affordable Housing

Canaan Crossing
Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Woda Cooper, Parallel Housing Break Ground On 60-Unit Affordable Housing Community in Madison, Georgia

by Julia Sanders

MADISON, GA. — Woda Cooper Co. and Parallel Housing Inc. have broken ground on Canaan Crossing, a new 60-unit, $13 million affordable housing community in Madison. The property will be located at the corner of Wheat and March streets in Madison’s Canaan historic neighborhood. Canaan Crossing will include 60 townhomes and apartments with -one, -two and -three-bedroom units for families earning up to 60 percent of area median income (AMI). The development is expected to be certified LEED for Homes Gold. Each unit will have a high efficiency HVAC system and Energy Star appliances, including dishwashers and washer/dryer hookups, as well as high-quality finishes such as vinyl tile. Community amenities will include a playground, community gardens, a covered picnic area with tables and grills, onsite management/leasing office and a multipurpose room with kitchenette and laundry facility. In addition, there will be dedicated space available to provide private preventive health screening and wellness programs to the residents. The Georgia Department of Community Affairs provided funding through the allocation of federal and state Low-Income Housing Tax Credits and a HOME loan. CREA LLC invested in the allocated tax credits in exchange for equity financing to assure long-term affordability for Canaan Crossing. Summit …

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Affordable HousingDevelopmentMultifamilyNortheastPennsylvania

Frankel Enterprises Breaks Ground on 30-Unit Affordable Housing Property in Philadelphia

by Taylor Williams

PHILADELPHIA — Developer Frankel Enterprises has broken ground on The Residences at Diamond Village, a 30-unit affordable housing property that will be located near Temple University in Philadelphia. Frankel Enterprises is developing the project in conjunction with the Philadelphia Housing Authority, the Reinvestment Fund, Tester Construction Group and the City of Philadelphia. The first residences are expected to be complete in September.

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Affordable HousingAlabamaDevelopmentLoansMultifamilySoutheast

Bellwether Provides $11.6M HUD-Insured Loan for Affordable Housing Community in Dothan, Alabama

by Julia Sanders

DOTHAN, ALA. — Bellwether Enterprise Real Estate Capital LLC has provided an $11.6 million HUD 221(d)(4) loan for the rehabilitation of an affordable housing community in Dothan. The 50-unit public housing property, Capstone at Kinsey Cove, is located at 1121 Kinsey Road. Jon Killough of Bellwether Enterprise’s Alabama office originated the loan on behalf of the borrower, an affiliate of The Banyan Foundation. The financing is part of HUD’s Rental Assistance Demonstration (RAD) program, which allows housing authorities to access private capital to meet capital needs while also protecting long-term affordability. Capstone at Kinsey Cove includes a one-story office building and a one-story maintenance structure. Community amenities include a community room, business and computer lab, central laundry facility, playground, picnic area, off-street surface parking and onsite management. In addition to the HUD loan, the transaction’s capital stack includes 4 percent Low-Income Housing Tax Credits (LIHTC) syndicated by Raymond James Tax Credit Funds and subordinate loans provided by the Housing Authority of the City of Dothan. The rehabilitation total development cost will be $158,000 per unit. Upon rehabilitation, units will receive dishwashers, microwaves and vinyl plank flooring. The estimated completion date of the renovations is July 2022.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Wendover Housing Partners Breaks Ground on $16.3M Affordable Housing Community in Sanford, Florida

by John Nelson

SANFORD, FLA. — Wendover Housing Partners, an Altamonte Springs, Fla.-based multifamily developer, has broken ground on Monroe Landings, a $16.3 million affordable housing community in Sanford. Wendover received $11.5 million in tax credit equity, $1.3 million from partner Orlando Housing Authority and a $2.8 million permanent loan from Neighborhood Lending Partners. Roger B. Kennedy Construction is overseeing the construction of the community. Located at 375 Oleander Ave. in Sanford, Monroe Landings will be a 60-unit, multifamily community with one-, two- and three-bedroom units. Community amenities will include a clubhouse with a gathering area and fireplace, resident computer center, pool, tot lot, gazebo with picnic tables, outdoor grills and a community gardening area. Rent is expected to start at $766 per month for one-bedroom units, $908 per month for two-bedroom units and $1,041 per month for three-bedroom units. Wendover expects to move residents in by the end of 2021 or beginning of 2022. In November 2013, HUD demolished an existing affordable housing community at the site after being deemed uninhabitable. Several hundred residents were displaced at the time the community was demolished. Wendover will offer the former residents the option to live at Monroe Landings when completed. The property will serve …

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Affordable HousingDevelopmentMultifamilySoutheastVirginia

AHC Delivers $100M Affordable Housing Property in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — AHC Inc. has delivered The Apex, a 256-unit affordable housing community in Arlington. AHC Management, a subsidiary of AHC Inc., is managing the $100 million development and is currently accepting applications. The Apex features a playground, sport court, community center, underground parking and fitness room. The community’s one-, two- and three-bedroom apartments are available for families earning 40 percent to 80 percent of the area median income (AMI). The Apex was designed to earn an EarthCraft Gold certification. To reduce environmental impact, the building offers energy-efficient appliances and features a green roof. The Apex has quick access to the biking and pedestrian trail that follows along the Four Mile Run Trail. The community also will offer a variety of social and educational programs for residents. The project’s financing includes up to $20.9 million in revolving loan funds from Arlington County’s Affordable Housing Investment Fund (AHIF). The redevelopment was awarded $2.5 million in 9 percent Low-Income Housing Tax Credits (LIHTC) and approximately $1 million in 4 percent LIHTC equity. Michael T. Foster Architects designed the apartment community, and Harkins Builders constructed the property. AHC Inc. is a regional developer of affordable housing communities based in Arlington, Va.

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Wells-School-Apartments-Southbridge
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Arch Communities, WinnDevelopment Underway on Adaptive Reuse Project in Southbridge, Massachusetts

by Taylor Williams

SOUTHBRIDGE, MASS. — Arch Communities and WinnDevelopment are underway on construction of a $25.7 million adaptive reuse project in Southbridge, located in the south-central part of the state, that will convert the Mary E. Wells school into a 62-unit affordable housing community for seniors aged 55 and above. The majority (56) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), while the remainder will be restricted to households earning 30 percent or less of AMI. The school was built in 1916 as the town’s first public high school and has been vacant since 2012. Upon completion, which is slated for spring 2022, Wells School Apartments will feature a fitness center, tenant lounge, activity room, game room, library and an internal courtyard.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

City of Refuge, Pencor Construction to Build 31-Unit Affordable Housing Project in Atlanta

by John Nelson

ATLANTA — City of Refuge, an Atlanta-based nonprofit, will partner with Pencor Construction for a 31-unit affordable housing project in Atlanta’s Westside known as The 345. Pencor will be the general contractor for the project. North American Properties (NAP), a mixed-used developer based in Cincinnati, will be the project manager. The 345 formerly was formerly a motel known as The Danzig Motel, which was one of the only African-American-owned motels in Atlanta. The motel had been abandoned for over 20 years, until City of Refuge bought it in 2017. City of Refuge is currently in the permitting process with the City of Atlanta. This spring, the nonprofit plans to break ground on the $2 million renovation. The 345 will be a community to primarily serve African-American men from the Atlanta Westside. City of Refuge wants to focus primarily on Westside neighborhood residents, especially those from the Westlake and Bankhead areas who are defined as low-income individuals by the Department of Housing and Urban Development (HUD). The three-floor housing community will be separated by groups. Floor one will be dedicated to veterans and citizens returning from incarceration; floor two will house men overcoming addiction and those with manageable mental health challenges; …

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Awbury-View-Apartments-Philadelphia
Affordable HousingLoansMultifamilyNortheastPennsylvania

KeyBank Provides Acquisition Financing for 125-Unit Affordable Housing Property in Philadelphia

by Taylor Williams

PHILADELPHIA — KeyBank has provided financing for the acquisition and renovation of Awbury View Apartments, a 125-unit affordable housing property in Philadelphia that was built between 1924 and 1958 and renovated in 2004. The property sits on 3.6 acres and also houses three commercial spaces. KeyBank Community Development Lending and Investment provided a $6.4 million 4 percent low-income housing tax credit construction loan, and KeyBank’s Commercial Mortgage Group secured a $21.8 million, fixed-rate Freddie Mac tax-exempt loan. Additionally, Key Community Development Corp. provided $10.6 million of equity. Jonathan Wittkopf, Robbie Lynn, Victoria O’Brien and John-Paul Vachon of KeyBank structured the financing on behalf of the borrower, a partnership between Virginia-based Community Preservation Partners East and Hampstead Development Partners, which will invest about $11 million in capital improvements.

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Eryngo-Hills-Austin
AcquisitionsAffordable HousingMultifamilyTexas

Davis Cos., Hayden Glade Acquire 250-Unit Affordable Housing Property in Austin

by Taylor Williams

AUSTIN, TEXAS — A joint venture between developer Davis Cos. and Hayden Glade, an investment fund focused on affordable housing, has acquired Rosemont at Hidden Creek, a 250-unit property in northeast Austin that was built in 2006. The new ownership will invest in capital improvements to the unit interiors and common areas and rebrand the community as Eryngo Hills, named after a flower that is indigenous to the region. The seller was not disclosed.

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Affordable HousingFloridaLoansMultifamilySoutheast

Greystone Provides $29M HUD Loan for Affordable Housing Property in Palm Beach County

by John Nelson

MANGONIA PARK, FLA. — Greystone has provided a $29 million HUD loan to refinance Hampton Court Apartments, a 288-unit affordable housing property in the Palm Beach County town of Mangonia Park. Fred Levine of Greystone originated the financing on behalf of the borrower, North Miami-based Royal Castle Development. The HUD 223(f) financing carries a 35-year term and 35-year amortization schedule, along with a low, fixed interest rate. The property has a LIHTC land-use restriction agreement (LURA) that requires limits on tenant income and rent restrictions for all units. Hampton Court Apartments is located on 4761 N Australian Ave., about nine miles from the Palm Beach International Airport. Constructed by the borrower in 2000, the property consists of 19 apartment buildings featuring two- and three-bedroom units with updated appliances, washer/dryer hook-ups and private outdoor living spaces. Amenities to the gated community include a clubhouse and business center, swimming pool, fitness center, tennis court, picnic and playground area, laundry facility and onsite parking.

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