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Affordable Housing

Bridgeview Village Apartments
AcquisitionsAffordable HousingMultifamilySouth CarolinaSoutheast

Standard Communities Leads Partnership to Acquire, Renovate 300-Unit Affordable Housing Community in Charleston

by Julia Sanders

CHARLESTON, S.C. — Standard Communities has led a public-private partnership that acquired Bridgeview Village Apartments, the largest privately owned affordable community in Charleston. Standard Communities partnered with the U.S. Department of Housing and Urban Development (HUD), South Carolina State Housing Finance and Development Authority (SC Housing) and nonprofit firm Housing on Merit for the transaction. The Bridgeview Village acquisition had a total capitalization of over $97 million, including a $22 million renovation. Alliant Capital provided low income housing tax credit (LIHTC) equity in a transaction arranged with SC Housing. Citibank provided additional financing. Built in 1971, Bridgeview Village is a 100 percent affordable community featuring 300 units in 26 residential buildings on a 22-acre site. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. More than $70,000 per unit will be invested to upgrade unit interiors, including flooring, countertops and cabinetry, as well as enhance safety and security features with added site lighting, access control systems, surveillance cameras and monitoring. The renovations will include a new amenity center for residents. The project will feature several green energy initiatives, including LED light fixtures and low flow plumbing fixtures in units, as well as photovoltaic and rain …

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Gregg Gerken, Head of Commercial Real Estate for TD Bank
Affordable HousingFeaturesFinance InsightLoansMidwestMultifamilyNortheastSoutheastTexasWestern

TD Bank: Why We Need to Address Affordable Housing Needs Now

by Sarah Daniels

By Gregg Gerken, Head of Commercial Real Estate for TD Bank Even prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing. But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and large city in America. While the $600 per month unemployment payments, stimulus checks and extension of eviction moratoriums have helped, the bottom line is that those most affected by COVID-19 financially still have the longest road to recovery and need more assistance – especially affordable housing – to get back on their feet. The Tenant Versus Landlord Narrative Multifamily housing renters are trying hard to make rent, but some just can’t, and that hardship then tilts onto landlords who are trying to cover payroll, taxes, utilities, upkeep and mortgages. The looming crisis now is that millions of renters are behind on their rent with approximately $70 billion due in back payments that could create a wave …

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Millennium-Green-Valley-Ranch-Denver-CO
Affordable HousingColoradoDevelopmentMultifamilyWestern

Overland Property Group, The Dinerstein Cos. Plan 525 Apartment Units at Gateway Landing in Denver

by Amy Works

DENVER — Equity Ventures Commercial Development and Wall Development Group have announced plans for 525 affordable and market-rate apartments to the Gateway Landing, the partnership’s 34-acre mixed-use development in Denver’s Green Valley Ranch. The newly announced residential units, located at the northeast quadrant of Green Valley Ranch and Peña boulevards, will be developed through partnerships with Overland Property Group (OPG) and The Dinerstein Cos. (TDC). The Reserves at Green Valley Ranch by OPG will offer 216 affordable apartment units in a mix of one-, two- and three-bedroom units. Amenities will include a 7,500-square-foot clubhouse, 24/7 fitness center, movie theater, game room, indoor and outdoor fireside rooms, and a business center. TDC will deliver Millennium Green Valley Ranch, a seven-building, market-rate multifamily complex. Developed to accommodate the regional workforce, the 312-unit community will offer apartments with nine-foot ceilings, stainless steel appliances, dual-bath vanities, full-size washers/dryers, flat-front cabinets, granite countertops, modern lighting fixtures, custom finishes, private balconies and keyless entries. Community amenities will include a resort-style pool and spa with poolside cabanas, an outdoor kitchen area, landscaped courtyards, fitness center, resident lounges, clubhouse, business center, wireless internet access, bike storage and an automated parcel system. At build-out, Gateway Landing will offer residential, …

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Affordable HousingDevelopmentIowaMidwestMultifamily

TWG Underway on $10M Affordable Housing Project in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — Developer TWG is underway on construction of Lillis Lofts, a $10 million affordable housing project in Urbandale. TWG is developing the project with Dreamcatcher Inc., a Des Moines-based nonprofit that helps build housing for low-income individuals and those with disabilities. Located at 6313 Douglas Ave. near the Merle Hay Mall, the three-story Lillis Lofts is slated for completion this fall. It is the first affordable housing project in the area in more than two decades, according to TWG. The 43 units at Lillis Lofts will be designated for renters who earn between 30 and 60 percent of the area median income. Amenities will include a community room, fitness center and free internet connectivity. ID8 Architects designed the community. Polk County Housing Trust Fund contributed funds for the project.

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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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