Affordable Housing

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

by John Nelson February 10, 2021

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; …

February 10, 2021

Affordable Housing Loans Multifamily Northeast Pennsylvania

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

by Taylor Williams February 10, 2021

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.

February 10, 2021

Acquisitions Affordable Housing Multifamily Texas

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

by Taylor Williams February 9, 2021

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.

February 9, 2021

Affordable Housing Florida Loans Multifamily Southeast

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

by John Nelson February 9, 2021

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.

February 9, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

The Neighborhood Developers Underway on 77-Unit Affordable Housing Project Near Boston

by Taylor Williams February 8, 2021

EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.

February 8, 2021

Affordable Housing Development Illinois Midwest Multifamily

Evergreen Real Estate, Structured Development Begin Development of $25M Mixed-Income Community in Chicago

by Kristin Harlow February 5, 2021

CHICAGO — Evergreen Real Estate Group and Structured Development have begun development of Schiller Place Apartments on Chicago’s Near North Side. The mixed-income housing community, located on West Schiller Street, will span three buildings with 48 units. The project is being built on land formerly occupied by the Isham YMCA. Schiller Place will feature eight market-rate units. The remaining 40 units will be set aside for households earning between 30 and 60 percent of the area median income (AMI). The development team secured project-based vouchers for 24 units through the Chicago Housing Authority. Additionally, five units will be set aside for veterans and an additional five units reserved for individuals sourced through the Statewide Referral Network, which works with households earning at or below 30 percent of AMI with a head of household who has a disability or illness. Completion is slated for early 2022. GMA Construction is the general contractor and Bailey Edward is the architecture firm. Funding for the project came from the Illinois Housing Development Authority, Hudson Housing Capital, CIBC Bank, IFF and Clocktower Tax Credits. Housing and Human Development Corp. will provide onsite social services to residents.

February 5, 2021

Affordable Housing Development Loans Multifamily North Carolina Seniors Housing Southeast

Hunt Capital, Durham Housing Authority Plan Redevelopment of 177-Unit J.J. Henderson Senior Apartments in North Carolina

by John Nelson February 3, 2021

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. Hunt Capital Partners facilitated the LIHTC financing through its proprietary fund with Signature Bank called Hunt Capital Partners Tax Credit Fund 39. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a public subsidy contract to a long-term Project-Based Rental Assistance Section 8 Housing Assistance Payment (HAP) contract. Situated on 1.8 acres, J.J. Henderson Senior Apartments is an existing public housing property featuring a nine-story residential complex that contains 177 units for seniors 62 and older, or any age if disabled. It is currently 98 percent occupied and has a waiting list of six to 12 months. This will be the first major rehabilitation of J.J. Henderson Senior Apartments since it was built in 1978. Rehabilitation will include ADA and …

February 3, 2021

Affordable Housing Loans Midwest Multifamily Wisconsin

KeyBank Structures $29.3M in Construction Financing for Affordable Housing Property in Wisconsin

by Kristin Harlow February 3, 2021

FITCHBURG, WIS. — KeyBank has structured $29.3 million in financing for the construction of Limestone Ridge Apartments in Fitchburg, a suburb of Madison. The four-story project will be home to 116 units that are designated for households earning between 50 and 80 percent of the area median income. Madison-based JT Klein Co. is the developer. KeyBank Community Development Lending and Investment provided a $16 million construction loan, while KeyBank’s Commercial Mortgage Group originated a $13.3 million Freddie Mac forward tax-exempt loan. Additionally, Cinnaire is providing a 4 percent low-income housing tax credit investment of $6 million and HUD and Dane County are providing $4.3 million of soft funding. Steve Sparks of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing. Completion of the project is slated for October 2022.

February 3, 2021

Acquisitions Affordable Housing Arizona Multifamily Western

JB Partners Buys Cabana on Washington Apartments in Phoenix for $45.3M

by Amy Works February 3, 2021

PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit. The purpose-built, “attainable housing” property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six acres, the property was built in 2020. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

February 3, 2021

Affordable Housing Illinois Loans Midwest Multifamily

UnitedHealth Group Provides $15.4M for Construction of Mixed-Income Housing Project in Chicago

by Kristin Harlow February 2, 2021

CHICAGO — UnitedHealth Group has provided $15.4 million in construction financing for 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. Of the apartment building’s 53 units, 68 percent will be designated as affordable for households earning up to 80 percent of the area median income. The remaining 32 percent of units will be market-rate. Twenty of the units will receive public housing subsidies, enabling residents to pay income-based rent equal to 30 percent of their adjusted gross incomes. Amenities will include a resident lounge, fitness center, dog wash and bike storage. The four-story development will also include 3,500 square feet of ground-floor retail space. National Affordable Housing Trust and The Community Builders Inc. (TCB) are the developers. TCB will also provide onsite resident services, such as workforce development, youth development and health and wellness. Construction is underway with completion slated for the first quarter of 2022.

February 2, 2021

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