NEW ORLEANS — Walker & Dunlop has provided a $23 million Freddie Mac permanent financing loan for The Reveal, a 150-unit affordable housing community in eastern New Orleans. Upon completion, The Reveal will offer one- through four-bedroom floor plans, each with a balcony. Communal amenities will include conference rooms, a community room, fitness center and a therapy room. The community will also feature a 1,745-square-foot business incubator, which caters residents wanting to launch their own businesses. Heather Olson of Walker & Dunlop originated the loan on behalf of the developer, Commonwealth Cos. National Equity Fund is an equity partner with the developer. Sterling Bank, the Louisiana Housing Corp. and the Housing Authority of New Orleans are providing additional funding. A timeline for completion was not disclosed.
ATLANTA — Cabretta Capital has teamed with Wendover Housing Partners to develop Hartland Station, a 131-unit affordable housing community in Atlanta’s Sylvan Hills neighborhood, four miles south of downtown Atlanta. Savannah, Ga.-based Cabretta Capital provided the developer with $28 million to develop the property. Forty units will be reserved for those earning 50 percent of the area median income (AMI) or below, and 70 units will be for those making 60 percent of the AMI or below. Communal amenities at the garden-style community will include a business center, picnic area, fitness center and a playground. A timeline for construction was not disclosed.
KOKOMO, IND. — The Annex Group has opened Union at Washington, a 51-unit affordable housing community in Kokomo, about 50 miles north of Indianapolis. Located at 918 N. Washington St., the property features a fitness center, playground, computer center and outdoor grilling space. RiverHills Bank provided construction and permanent finance of more than $6.5 million. Cinnaire invested more than $7 million in tax credit equity for the project. T&H Investment Properties LLC is co-developer and co-owner. Other project partners include The Kokomo Community Development Corp. and the Indiana Housing and Community Development Authority.
MATTAPAN, MASS. — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided $22.6 million in financing for the construction of Cote Village. The affordable housing project is located in Mattapan on the southern outskirts of Boston. The project involves the redevelopment of a vacant structure into a 76-unit mixed-income residential building with one-, two- and three-bedroom units. The borrower and developer is a partnership between the Planning Office for Urban Affairs and Caribbean Integration Community Development. Bilt-Rite Construction is the general contractor, and Davis Square Architects is designing the project. A construction timeline was not released.
AUSTIN, TEXAS — KeyBank Real Estate Capital has provided $20 million in Freddie Mac financing for Heritage Estates at Owen Tech, a 174-unit affordable housing project coming to Austin. The property will be situated on five acres and will consist of 102 one-bedroom units and 72 two-bedroom units ranging in size from 614 to 1,131 square feet. The majority (85 percent) of the units will be reserved for renters earning 60 percent or less of the area median income, and about 10 percent of the units are restricted to renters earning 40 percent of the AMI. Construction is scheduled to be complete by early 2022. Robbie Lynn of KeyBank structured the loan, which carries a fixed interest rate, 17-year term and a 40-year amortization schedule. The borrower is a partnership between Dallas-based Generation Housing Development, developer Hill Tide Partners and the Austin Affordable Housing Corp. The borrowers also secured low-income housing tax credits from the Texas Department of Housing and Community Affairs and tax-exempt bonds issued by the Housing Authority of the City of Austin to fund the development of Heritage Estates at Owen Tech.
BOSTON — MassHousing, the independent public agency that funds affordable housing projects in Massachusetts, has provided $45 million in financing for the renovation and preservation of the 198-unit Daniel F. Burns Apartments in Boston. The borrower, an affiliate of Cambridge Housing Authority, will use the proceeds to modernize building systems, repair roofs, replace kitchens and bathrooms and renovate both indoor and outdoor common areas. The property is located at 30-50 Churchill Ave. in the Cambridge area and has been designated for Section 8 Housing Assistance by the federal government. As part of the deal, that designation will be extended for another 20 years. A portion of the units will be reserved for and compliant with the needs of senior citizens and renters with disabilities.
DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in Minnesota, New York, New Jersey and Pennsylvania over the next 12 months.
NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.
SAN MARCOS, TEXAS — KeyBank Real Estate Capital has provided $43.8 million in Freddie Mac financing for Reserves at San Marcos, a 376-unit multifamily project in San Marcos, roughly midway between Austin and San Antonio. Approximately 80 percent of the units are reserved for renters earning up to 60 percent or less of the area median income. Units will feature one-, two- and three-bedroom floor plans ranging in size from 650 to 1,350 square feet. Robbie Lynn and Hector Zuniga of KeyBank originated the financing, which carries a fixed interest rate and a 36-month term. Construction is expected to be complete by 2022.
CLEVELAND — The NRP Group will develop a 52-unit affordable housing project on the site of the former Harry E. Davis Elementary School, which has been vacant since 2006. Located at the corner of East 105th St. and Churchill Road in Cleveland’s Glenville neighborhood, the four-story project will include 48 apartments and four townhomes. The project is the first phase of a larger development known as Churchill Gateway. The units will be designated affordable to residents earning at or below 60 percent of the area median income. NRP is also developing a 2,500-square-foot community outreach center at the site. The center will focus on health education and workforce training. Project partners include the City of Cleveland, Cuyahoga Metropolitan Housing Authority, Cleveland Metropolitan School District and University Hospitals. The Ohio Finance Housing Agency allocated housing tax credits for the project. Churchill Gateway is expected to be complete in fall 2022.