Affordable Housing

Merchants Capital Originates $7.2M in Financing for New Affordable Housing Complex in Madison, Wisconsin

by Kristin Harlow September 25, 2020

MADISON, WIS. — Mortgage banking company Merchants Capital has utilized Freddie Mac’s unfunded forward commitment program to provide $7.2 million in financing for The Ace, a new affordable housing complex to be constructed in Madison. Following the 30-month construction forward commitment, the 15-year permanent loan features a 35-year amortization and a fixed interest rate. Additionally, Merchants Bank of Indiana is providing $16.9 million in construction financing on behalf of the co-developers, Movin’ Out Inc. and Commonwealth Development Corp. Merchants Capital affiliate Farmers-Merchants Bank of Illinois also secured an Affordable Housing Program grant award of $885,000. The Ace will include 70 units across two buildings. Fourteen of the units will be designated as supportive housing for individuals with disabilities, veterans or those at risk of homelessness. A total of 59 units will be reserved for residents who earn at or less than 60 percent of the county median income. A timeline for construction was not disclosed.

September 25, 2020

Affordable Housing California Development Multifamily Western

City of Huntington Beach, California Acquires Land Parcel for Affordable Housing Development

by Amy Works September 23, 2020

HUNTINGTON BEACH, CALIF. — The City of Huntington Beach has purchased a 0.78-acre undeveloped land site located at 17631 Cameron Lane within a residential community in Huntington Beach. A private investor sold the asset for $3 million. The city plans to develop low-income housing on the site, which is currently being used as a temporary homeless shelter. Dan Blackwell and George Felix of CBRE represented the seller in the transaction.

September 23, 2020

Affordable Housing Development Midwest Multifamily Ohio

Herman & Kittle Properties Opens $50.6M Affordable Housing Property in Columbus

by Kristin Harlow September 22, 2020

COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Riverside Trail, a $50.6 million affordable housing property in Columbus. The community’s 248 units are available to residents who earn at or below 60 percent of the area median income. Located on Chatterton Road, the project features one-, two-, three- and four-bedroom layouts that range from 809 to 1,453 square feet. Amenities include a pool, fitness center, game room, dog park and outdoor grilling area.

September 22, 2020

Affordable Housing Illinois Indiana Loans Midwest Multifamily Wisconsin

KeyBank Secures $51.5M in Acquisition Financing for Six-Property Affordable Housing Portfolio in Four States

by Kristin Harlow September 21, 2020

ILLINOIS, INDIANA, WISCONSIN AND TEXAS — KeyBank Real Estate Capital has secured $51.5 million in Fannie Mae financing for the acquisition of six affordable housing properties in four states. The properties include: Parkway Highlands in Green Bay, Wis.; Marian Heights in Alton, Ill.; Shelby’s Crest and Landing in Shelbyville, Ind.; Capitol Place in Springfield, Ill.; Broadway Place in South Roxana, Ill.; and Gardens of Mabank in Mabank, Texas. The portfolio totals 701 units. Tabare Borbon and Kyle Kolesar of KeyBank structured the financing on behalf of the borrower, Harmony Housing.

September 21, 2020

Affordable Housing Loans Multifamily Texas

Bellwether Provides $32.6M Agency Loan for Austin Affordable Housing Project

by Taylor Williams September 18, 2020

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $32.6 million Freddie Mac permanent loan for the construction of Austin Colorado Creek, a 240-unit affordable housing project at 2917 Falwell Lane on the city’s east side. The property will offers one-, two-, three- and four-bedroom units and amenities such as a pool, clubhouse, business center and a playground. A majority of the units (192) will be reserved for renters earning 60 percent or less of the area median income (AMI) and 48 will be reserved for renters earning 50 percent or less of AMI. Phil Melton and Cindy Hannon of Bellwether originated the financing. The borrower was not disclosed.

September 18, 2020

Affordable Housing Development Loans Multifamily Texas

Bellwether Provides $42.6M Agency Perm Loan for Affordable Housing Project in Austin

by Taylor Williams September 17, 2020

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $42.6 million Freddie Mac permanent loan for the construction of Austin Manor, a 280-unit affordable housing project in East Austin. All of the units will be reserved for renters earning 60 percent or less of the area median income. Austin Manor will offer amenities such as a 6,000-square-foot clubhouse, pool, sports court and a playground, as well as family support services including counseling, adult education, health and nutrition courses and youth programs. Phil Melton and Cindy Hannon of Bellwether originated the loan. The borrower was not disclosed.

September 17, 2020

Affordable Housing Loans Multifamily New York Northeast

Bellwether Provides $5.6M Agency Perm Loan for Affordable Housing Project in Brooklyn

by Taylor Williams September 16, 2020

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided a $5.6 million Freddie Mac permanent loan for the construction of a 71-unit affordable housing project located at 461 Alabama Ave. in Brooklyn. More than half the residences will be reserved for homeless renters. The financing was structured with a 35-year amortization schedule and a 4.63 percent fixed interest rate. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise originated the loan on behalf of the borrower, a partnership between developer CB Emmanuel Realty and nonprofit Services for the Underserved.

September 16, 2020

Affordable Housing Colorado Development Loans Multifamily Western

Bellwether Enterprise Arranges $47.6M Bond Financing for Affordable Housing Project in Colorado

by Amy Works September 10, 2020

LAKEWOOD, COLO. — Bellwether Enterprise Real Estate Capital has arranged $47.6 million in bond financing for the construction of The Notable, an affordable multifamily property in Lakewood. Anthea Martin of Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Development. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise’s New York office led the private placement. Located at 730 Simms St., The Notable is a proposed five-story, 218-unit adaptive reuse multifamily community situated on more than six acres. Currently, the site consists of a four-story commercial office building, which has been fully gutted in anticipation of the rehabilitation. Once complete, The Notable will feature 10 studio units, 165 one-bedroom units and 43 two-bedroom units. The majority of the apartments — 208 units — will be available to residents earning up to 60 percent of the area median income (AMI). The remaining 10 units will be available at or below 50 percent AMI. Community amenities will include on-site laundry facilities, a fitness center, art studio, performance studio, rooftop deck, dog washing station, central courtyard, bike storage and leasing office. RBC Community was the equity syndicator and Colorado Housing and Finance Authority was the bond issuer for the deal.

September 10, 2020

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $5M Bridge Loan for Affordable Housing Property in Michigan

by Kristin Harlow September 4, 2020

INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of the borrower, Larc Community Development Group.

September 4, 2020

Acquisitions Affordable Housing Company News Idaho Multifamily Western

Berkadia Acquires LIHTC Advisors, Expands Affordable Housing Presence

by Amy Works September 4, 2020

BOISE, IDAHO — New York-based Berkadia has acquired LIHTC Advisors, a Boise-based brokerage firm that serves apartment investors with a focus on affordable housing. Jeff Irish and Brandon Grisham, formerly principals of LIHTC Advisors, will lead the new team in Boise. Prior to the merger, Irish and Grisham were involved in the sale of more than $2 billion of affordable housing assets throughout the country. In 2019, Irish and Grisham closed 53 transactions and are expected to exceed that this year. The addition of LIHTC Advisors will broaden Berkadia Affordable’s market presence and support long-term strategic growth under the leadership of David Leopold, senior vice president and head of Berkadia Affordable. “This is a huge step forward in Berkadia’s goal of expanding our affordable housing team, another investment in this critical space,” says Berkadia CEO Justin Wheeler. In 2019, Berkadia’s loan origination volume was $27 billion, while its investment sales platform totaled $9 billion.

September 4, 2020

Newer Posts

Older Posts