COLUMBUS, OHIO — KeyBank has structured $86.8 million in financing for the acquisition and renovation of Crosswinds Village, a 232-unit affordable housing property in Columbus. Built in 1999, the property spans 21 buildings. Cleveland-based real estate development and construction firm PIRHL acquired the property in conjunction with the Columbus Metropolitan Housing Authority. The buyers plan to renovate the units and community areas as well as preserve the property’s affordable housing status. The renovation is scheduled for completion in summer 2022. Kelly Frank and Ryan Olman of KeyBank Community Development Lending and Investment secured $49.4 million in acquisition and construction financing. Robbie Lynn of KeyBank’s Commercial Mortgage Group arranged a $23.8 million, fixed-rate Freddie Mac loan that will fund upon completion and stabilization of the project. Key Community Development Corp. provided $13.8 million of low-income housing tax credit equity and the Ohio Housing Finance Agency issued bonds.
WALTHAM, MASS. — Callahan Construction Managers has broken ground on Broadstone Watch City, a 244-unit multifamily project that will be located in the western Boston suburb of Waltham. The development will span 348,936 square feet and will consist of 195 market-rate residences and 49 affordable housing units. Amenities will include 293 parking spaces, an outdoor pool and courtyard, resident lounges, a conference room and a fitness center. CUBE 3 Studio is designing the project, which is being developed by a partnership between Alliance Residential Co. and The Carlyle Group. Completion is scheduled for May 2022.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $17.7 million in tax-exempt bond financing and $7.7 million in 4 percent Low-Income Housing Tax Credits (LIHTC) for the preservation of Ritch Homes Apartments in Washington, D.C. Residents at the property exercised their right under the Tenant Opportunity to Purchase Act (TOPA) to obtain the property. Affordable housing developers Standard Communities and Housing on Merit will renovate the property’s 42 units and add four units to the building’s lower level. The co-developers expect the renovation project to cost $30.5 million. Of the existing units, 37 will be reserved for those earning 60 percent of the area median income (AMI) and five will be reserved for those earning 30 percent of AMI. The four new units will be for residents earning 80 percent of AMI. Renovations will include updated kitchens and bathrooms, as well as new flooring and appliances. Communal amenities will include a fitness center, business center, new flooring, new lighting and a new key fob entry system. Ritch Homes Apartments was originally built in 1920. It is situated at 1420 R St., in D.C.’s Ward 2 neighborhood and one mile north of downtown D.C.
NEW ORLEANS — The Millenia Cos. has received a $27.5 million construction loan to redevelop Peace Lake Towers, a 131-unit affordable seniors housing community in New Orleans’ Read Boulevard West neighborhood. Upon completion, the property will offer renovated one-bedroom floor plans and communal amenities such as a community center, arts activity space, library, computer lab and a fitness room. The renovations will also include upgraded heating, cooling and electrical systems; a new roof, windows and doors; and eco-friendly appliances. Cleveland-based Millenia expects to begin renovations soon and complete the project in roughly 14 months. Crews will renovate vacant units first and relocate households onsite as the construction is completed in phases. Residents will pay 30 percent of their income toward rent, and rent will remain affordable for at least 20 years by a federal project-based Section 8 contract. Redstone Federal Credit Union provided the construction loan, and Netherlands-based Aegon is the syndicated lender. Additionally, Louisiana Housing Corp. issued bond and tax credits for the project, and the U.S. Department of Housing and Urban Development (HUD) and the City of New Orleans both provided financing. Marous Brothers Construction is serving as the general contractor, Hooker DeJong Inc. is the architect and Millennia Housing …
SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …
MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride (PPL) in Living will co-develop Shelby Commons, a 46-unit affordable housing project in the North Loop neighborhood of downtown Minneapolis. The Minnesota Housing Finance Agency awarded $967,549 in housing tax credits for the project, which will be the first for Woda Cooper in the state of Minnesota. The four-story building will include underground parking, laundry facilities, a community room, lobby, playground and community gardens. Units will be available to residents who earn 30 to 80 percent of the area median income. The Minnesota Public Housing Authority has committed 12 project-based vouchers for rental assistance. Woda Cooper will occupy a management office at the property and PPL will maintain an onsite office to provide supportive services, including assistance to residents in the seven units set aside for those with homelessness and the five units set aside for persons with disabilities. Rochester, Minn.-based CRW Architecture & Design Group and Minneapolis-based BKV Group are the project architects. Kelly Construction & Design is the general contractor. Completion is slated for the second or third quarter of 2022.
PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services. The Pennsylvania Housing Finance Agency provided 9 percent low-income housing tax credits for the project. A construction timeline was not disclosed.
FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, including installing new roofs, patching the parking lot and expanding the first floors of the three end units to install units in compliance with the American Disability Association (ADA). The renovations are slated to begin in the third quarter of 2021. NHPF will utilize a $20 million loan from several sources, such as HUD, short-term tax-exempt bonds and Low-Income Housing Tax Credits. Originally built in 1985, Overlook Manor is located at 1208 Alban Court, equidistant to Baltimore and Washington, D.C. The seller and sales price were not disclosed.
DALLAS — Denver-based Steele Properties, in partnership with the Dallas Housing Finance Corp., has purchased Ridgecrest Terrace Apartments, a 250-unit affordable housing community. The sales price was $57.7 million. The property was built in 1969 on 16.2 acres and features one-, two- and three-bedroom units, as well as a playground and communal activity room. The new ownership will invest approximately $77,000 per unit in capital improvements, including new kitchens, appliances, cabinetry, toilets, flooring and fixtures, as well as mechanical system upgrades. The property’s parking lot, sidewalks, fencing and amenity spaces will also be upgraded.
SEATTLE — Enterprise Housing Credit Investments has invested $57.5 million to create Seattle’s first affordable housing high-rise development located in the First Hill neighborhood. The 17-story building will feature 365 apartments and offer two entrances for tenants at 1400 Madison St. and 1014 Boylston Ave. The investment is the largest single Low-Income Housing Tax Credit equity deal in the company’s history. Plymouth Housing is developing the Bolyston supportive housing development, located on floors two through five, which will include more than 100 studio apartments. The development will serve homeless seniors who earn up to 30 percent of the area median income (AMI) and will offer supportive services to all residents. Service staff will provide individualized case management, daily living support, social engagement, outings and coordination of psychiatric care as needed. Developed by Bellwether Housing, Rise on Madison will occupy floors six through 17 and offer 250 apartments for workforce and family households earning up to 60 percent AMI. The development will feature 91 studios, 111 one-bedroom units, 22 two-bedroom layouts and 26 three-bedroom floorplans. Rents will range from $1,015 per month for a studio to $1,783 per month for a three-bedroom apartment. Bellwether will provide resident service coordinators to assist …