Affordable Housing

DCHFA Finances 112-Unit Affordable Housing Development in D.C.

by John Nelson January 29, 2021

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has financed a 112-unit affordable housing development in Washington, D.C.’s Anacostia neighborhood on the city’s southeast side. Mid-Atlantic Realty Partners and Taylor Adams Associates are the borrowers and co-developers of the $52.6 million development. DCHFA financed the project with a $27 million in tax-exempt bond financing and the underwriting of $20.6 million in 4 percent low income housing tax credits (LIHTC). Additionally, the DC Department of Housing and Community Development is providing a $16.5 million loan from its Housing Production Trust Fund for the property. The new community will be located at 2442 Martin Luther King Ave SE, just 500 feet from the Anacostia Metro Station. The apartments will be priced at 30 to 50 percent of area median income relative to Ward 8’s Anacostia neighborhood. The property will consist of 24 one-bedroom, 57 two-bedroom and 31 three-bedroom apartments. Six units will be designated Permanent Supportive Housing (PSH) units and will be supported by the Local Rent Supplement Program. Community Connections of DC will provide supportive services for the residents of the PSH units. The community’s planned amenities include a business center, community room and a parking garage with …

January 29, 2021

Affordable Housing Development Multifamily Texas

CitySquare to Develop Affordable Housing Property in Dallas Using Shipping Containers

by Taylor Williams January 29, 2021

DALLAS — Nonprofit organization CitySquare Housing will develop the Lomax Container Housing Project, an endeavor that will convert old shipping containers into affordable housing for Dallas residents. Construction of the project, which will be located at the intersection of S. Malcolm X Boulevard and Louise Avenue on the city’s southeast side, is expected to begin during the first quarter. Units will average 300 square feet and will be reserved for renters earning 60 percent or less of the area median income. Dallas-based Merriman Anderson/Architects designed the project. Shipping containers make for viable living structures because they are modular and are built out offsite and delivered complete with just hook-ups necessary.

January 29, 2021

Affordable Housing California Development Multifamily Western

Community Corp., R.D. Olson Construction Break Ground on 73-Unit Affordable Housing Project in Santa Monica

by Amy Works January 29, 2021

SANTA MONICA, CALIF. — Developer Community Corp. of Santa Monica and general contractor R.D. Olson Construction have broken ground on Las Flores Santa Monica, a 94,000-square-foot affordable housing community in Santa Monica. The family-focused property is slated for completion in fall 2022. Las Flores Santa Monica will feature 35 one-bedroom, 19 two-bedroom and 19 three-bedroom apartments above a below-grade parking garage. Community amenities will include exterior decks and lounge areas, a playground, community laundry, community rooms, exterior walkways and landscaping. Designed by DE Architects, the property’s exterior façade will feature stucco with architectural metal panels. Located at 1834 14th St., the property is within walking distance of Santa Monica’s retail, dining and entertainment options, as well as Santa Monica College and Memorial Park.

January 29, 2021

Acquisitions Affordable Housing Development Loans Multifamily North Carolina Southeast

Colliers Mortgage Provides $14.9M HUD Loan for Affordable Housing Property in Durham

by John Nelson January 28, 2021

DURHAM, N.C. — Colliers Mortgage has provided a $14.9 million HUD 221(d)(4) loan for Oakley Square, a 100-unit affordable housing property located in Durham. The borrower, Oakley Square Housing Partners LP, will use the loan for the acquisition and substantial rehabilitation financing of Oakley Square. The loan features a 40-year term and a 40-year amortization schedule. Colliers Securities LLC provided tax exempt bonds to the borrower, which will also receive equity from the sale of Low-Income Housing Tax Credits (LIHTC). Colliers Mortgage, formerly known as Dougherty Mortgage, is part of Colliers International and is a nationwide mortgage banking firm.

January 28, 2021

Affordable Housing California Development Loans Multifamily Western

Presidio Bay Ventures Receives $120M in Construction Financing for Ventana Residences Multifamily Project in San Francisco

by Amy Works January 28, 2021

SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.

January 28, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

Vendaval Plans 400-Unit Affordable Seniors Housing Community in Moreno Valley, California

by Amy Works January 28, 2021

MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs. Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.

January 28, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Greystone Brown Brokers $31.7M Sale of Affordable Housing Property in Marietta, Georgia

by John Nelson January 27, 2021

MARIETTA, GA. — Greystone Brown Real Estate Advisors has brokered the $31.7 million sale of a 257-unit affordable housing property in Marietta. New York City-based Olive Tree Holdings sold the community, known as The Life at Windy Hill. Taylor Brown, Chandler Brown, Cory Caroline Sams, Barden Brown, and Bo Brown of Greystone Brown represented the buyer, San Francisco-based Fillmore Capital Partners, in the transaction. The Life at Windy Hill comprises one-, two-, and three-bedroom apartments averaging 1,379 square feet. It is located on 2751 SE Hammonton Road. The complex is a low-income housing tax credit (LIHTC) property and 40 percent of the units are income-restricted. Monthly rents range $661 to a little over $1,000, according to Apartments.com. Community amenities include a clubhouse, fitness center, business center and laundry facility, as well as a swimming pool and soccer field. The property is located in Cobb County, 19 miles north of downtown Atlanta.

January 27, 2021

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

Wendover Breaks Ground on $27.6M Affordable Seniors Housing Community in Orlando

by John Nelson January 25, 2021

ORLANDO, FLA. — Wendover Housing Partners has broken ground on Hawthorne Park, an affordable seniors housing community in Orlando’s Pine Hills neighborhood. The 120-unit development will replace a former shopping center and become the new anchor for the neighborhood’s town center. Designed for senior residents 55 and older, rents for Hawthorne Park apartments are expected to start at approximately $740 per month for one-bedroom units and $880 per month for two-bedroom units. Hawthorne Park will cost an estimated $27.6 million to develop. Financing includes a $250,000 grant from Orange County, a $317,500 loan from Orange County and $2.3 million in Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy Inc. is the general contractor. Construction is expected to take 11 months to complete, with rental applications starting in June 2021. Hawthorne Park will serve as one of the key projects in the Pine Hills Neighborhood Improvement District — an initiative to revitalize the area and its working-class community of more than 60,000 residents.

January 25, 2021

Affordable Housing Loans Multifamily Texas

Bellwether Provides $33.9M Agency Loan for Refinancing of Austin Affordable Housing Community

by Taylor Williams January 22, 2021

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $33.9 million Freddie Mac loan for the refinancing of Waters at Bluff Springs, an affordable housing community in Austin. According to Apartments.com, the property was built in 2001 and offers 300 units in one-, two- and three-bedroom formats. Residences are reserved for renters earning between 50 and 80 percent of the area median income. Amenities include a pool, fitness center, business center and a community garden. Phil Melton of Bellwether originated the 12-year, fixed-rate loan on behalf of the undisclosed borrower.

January 22, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily

Affordable Housing Investment Brokerage Arranges $8.1M Sale of Levy House in Chicago

by Kristin Harlow January 21, 2021

CHICAGO — Affordable Housing Investment Brokerage (AHIB) has arranged the sale of Levy House in Chicago’s East Rogers Park neighborhood for $8.1 million. AHIB partnered on the listing with Kiser Group. Kyle Shoemaker of AHIB represented the buyer, Preservation of Affordable Housing (POAH), as well as the seller, a nonprofit entity. Levy House is a 57-unit, seven-story apartment building that offers one-bedroom floor plans. POAH plans to preserve the property’s affordability status. POAH will work with the City of Chicago and Chicago Housing Authority to execute a modernization plan. POAH now owns roughly 2,000 apartment units in Chicago.

January 21, 2021

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