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.
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 …
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.
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.
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.
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.
NEW YORK CITY — Locally based lender CIT Group Inc. has provided a $35.7 million construction loan for a 17-story mixed-income project located in the Clinton Hill area of Brooklyn. Designed by DXA Studio, the property will total 138 units in one- and two-bedroom floor plans with private balconies or yards, about 40 of which will be designated as affordable housing. Communal amenities will include a dog run, fitness center, business center and a recreational lounge. The borrower, Quinlan Development Group, expects to complete the project in early 2023. Specific information on income restrictions was not disclosed.
FORT WORTH, TEXAS — Comunidad Partners, a minority- and women-owned investment firm, has acquired Metro 7000, a 206-unit affordable housing community in Fort Worth. Amenities at the property include a pool, clubhouse, sports court and a dog park. The project is 100 percent affordable, with units being at or below 80 percent of the area median income (AMI) and an income restriction that requires a minimum of 20 percent of the units be reserved for renters earning 60 percent or less of AMI. Richard Furr and Brian O’Boyle Jr. of Newmark represented the undisclosed seller in the transaction. Comunidad Partners, which will implement a value-add program focused on unit interiors and building exteriors, was self-represented.
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.