Affordable Housing

Avenue Breaks Ground on 70-Unit Mixed-Income Community in Houston

by Taylor Williams December 21, 2020

HOUSTON — Avenue, a locally based nonprofit developer, has broken ground on a 70-unit mixed-income multifamily community in Houston’s Oak Forest neighborhood. The unit mix will consist of 23 one-bedroom apartments, 27 two-bedroom units and 20 three-bedroom residences ranging in size from 706 to 1,201 square feet. While 14 units will be offered at market rates, income-restricted units will be designated for families making between $35,000 and $65,000 annually. In addition to amenities such as a playground, learning center and activity room, business center and fitness room, Avenue on 34th will offer resident services including after-school tutoring for children and credit-building and homebuyer education programs for adults. Block Cos. is the general contractor for the project, which is expected to be complete in mid-2022.

December 21, 2020

Powdermill-Village-Westfield-Massachusetts

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $26.4M in Financing for Affordable Housing Property in Westfield, Massachusetts

by Taylor Williams December 21, 2020

WESTFIELD, MASS. — MassHousing has provided $26.4 million in financing for Powdermill Village, a 248-unit affordable housing property in Westfield, located in the southwestern part of the state. The property was built in the 1970s and renovated in 2000. Proceeds will be used to refinance existing debt and to rehabilitate the property with new roofing, siding, flooring, doors and community space. The borrower, nonprofit Affordable Housing & Services Collaborative Inc., will also upgrade balconies, decks, kitchens and bathrooms of the one-, two- and three-bedroom units. The majority of the units (184) are reserved for renters earning 60 percent or less of the area median income.

December 21, 2020

Affordable Housing Conference Coverage Features Multifamily Southeast Southeast Feature Archive

Southeast Enjoys Outsized Multifamily Demand Due to Stellar Job Growth, InterFace Panelists Concur

by John Nelson December 18, 2020

The pace at which global corporations are expanding in the Sun Belt is extraordinary. To name just a few companies generating headlines, Amazon is making a sizable investment at its HQ2 in Northern Virginia and new office tower at Nashville, a number of life sciences and pharmaceutical firms are opening in Raleigh-Durham, Microsoft recently executed a full-building lease and commitment of 1,500 jobs in Atlanta and Oracle and Tesla are relocating to Austin, Texas. Researchers believe this corporate migration is a direct contributor to the region’s multifamily demand. Adam Couch, market analyst of asset optimization at RealPage Inc., said that after experiencing a decade of job creation wiped out in March and April, the region is now leading the charge in the economic recovery, which directly benefits the apartment sector. “For the Southeast, after suffering big losses, we’re in recovery mode now,” said Couch. “Local markets are best performing in places like Salt Lake City, Texas, Denver and Atlanta, where [job growth] is only 2 to 3 percent below February levels. The comeback in [multifamily] leasing was concentrated in some of these Sun Belt areas.” Dallas-Fort Worth, Atlanta and Houston led the nation in terms of apartment demand in the …

December 18, 2020

Affordable Housing Multifamily Texas Video Webinar Western

Webinar: What is the Outlook for the Affordable Housing Sector in Texas?

by Sarah Daniels December 17, 2020

On Dec. 15, Texas Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in Texas?” Listen to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are Texas experts addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Biden administration’s likely approach to affordable housing & opportunity zones Cap rates & interest rates Pandemic effects on affordable & workforce housing Revisions to underwriting practices Fannie and Freddie’s influence? Panel Two: Developer Insight Expanding markets Affordable Housing Tax Credit Coalition and bond cap constraints Collections Reserve requirements Barriers to workforce & affordable housing Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. M&T Realty Capital Corp.: M&T Realty Capital Corporation® is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial properties, including affordable and market-rate multifamily, seniors housing, healthcare facilities, and office, industrial and retail properties. Newmark: Newmark’s integrated platform delivers seamlessly …

December 17, 2020

Affordable Housing Conference Coverage Features Multifamily

Supply, Demand of Affordable Housing in Texas Should Grow in Coming Months, Says Exclusive Webinar Panel

by Taylor Williams December 17, 2020

Strong job and population growth over the last decade have steadily elevated demand for affordable housing throughout Texas, and the incoming Biden administration is likely to enact policies that will help developers expand the supply needed to meet that demand, according to a panel of industry experts. The combination of no state income tax and a pro-business climate has driven scads of major companies to relocate to Texas, in many cases from California. At least before the COVID-19 pandemic, the arrival of these high-paying jobs — and the housing to support them — tended to fuel demand for retail, restaurant and hospitality development. It’s within the operations of these properties that many renters who qualify for affordable or workforce housing make their living. Immigrants from Mexico and Central America further add to demand in Texas. But from an economic standpoint, development of affordable housing is rarely feasible without some sort of aid from the state or federal government (or both). In terms of the latter, some professionals in Texas believe that the incoming Biden administration intends to prioritize affordable housing growth through a variety of mechanisms. Announcing: Texas Affordable Housing Business magazine. Click here for complimentary subscription. A panel of …

December 17, 2020

Affordable Housing Development District of Columbia Multifamily Southeast Top Stories

Toll Brothers, GSLM Receive $160M in Construction Financing for Multifamily Redevelopment Project in Washington, D.C.

by Kristin Harlow December 16, 2020

WASHINGTON, D.C. — Toll Brothers Apartment Living and GSLM Capital Partners, a venture between L+M Development Partners and Goldman Sachs Urban Investment Group, have received $160 million in construction financing for Phase I of a new multifamily project in the NoMa neighborhood of Washington, D.C. The project will redevelop Sursum Corda Cooperative, a low-income housing complex built in 1968. Sursum’s tenant association sold the site in 2018. As part of the agreement, current residents of Sursum will have the right to rent up to 127 units included in the new complex. Phase I of the project will include 561 units, approximately 20 percent of which will be designated as affordable. It will also feature one acre of public open space and nearly 50,000 square feet of amenities. Citi Community Capital provided the $160 million, funded with $23 million of tax-exempt notes issued through the Washington, D.C. Housing Finance Agency and a $137 million taxable construction loan. In addition, Citi arranged a $160 million forward commitment for permanent financing from Freddie Mac in its role as an Optigo lender. Goldman Sachs, in addition to its land loan financing and equity participation, will purchase approximately $15.7 million of low-income housing tax credits. …

December 16, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Merchants Capital Secures $6.5M in Financing for Affordable Housing Property Under Construction in Wisconsin

by Kristin Harlow December 15, 2020

MARINETTE, WIS. — Mortgage banking company Merchants Capital has secured $6.5 million in financing for Trolley Station Terrace, a 45-unit affordable housing property under construction in Northeast Wisconsin’s Marinette. Of the total financing, $1.8 million is a rural development loan and $4.7 million is a low-income housing tax credit bridge loan. Nonprofit developer Newcap Inc. is developing the project. Of the property’s 45 units, 38 will be reserved for renters who earn up to 60 percent of area median income. There will also be units designated as supportive housing for local veterans. Construction began in August and is scheduled for completion in August 2021. The three-story project will be situated on 2.5 acres at 153 Main St.

December 15, 2020

Acquisitions Affordable Housing Midwest Multifamily South Dakota

Tzadik Properties Acquires 156-Unit Workforce Housing Community in Sioux Falls, South Dakota

by Kristin Harlow December 15, 2020

SIOUX FALLS, S.D. — Tzadik Properties LLC has acquired Woodlake Apartments in Sioux Falls. The 156-unit workforce housing community sits on 7.6 acres at 4008 S. Louise Ave. Tzadik plans to spend $1.5 million on improvements. Woodlake Apartments offers one- and two-bedroom units with monthly rents averaging $725. Michael Haeder of Haeder & Associates brokered the sale. Merchants Bank provided acquisition financing. The seller and sales price were undisclosed.

December 15, 2020

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $21.5M Agency Loan for Affordable Housing Property in El Paso

by Taylor Williams December 9, 2020

EL PASO, TEXAS — Lument, the newly combined organization of Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $21.5 million Freddie Mac loan for the renovation of Jackie Robinson Memorial Apartments in El Paso. Built in 1975, the property consists of 186 units that are restricted to renters earning 60 percent or less of the area median income. The loan features a fixed interest rate, 18-year term with three years of interest-only payments and a 35-year amortization schedule. The capital improvement program will include a gut renovation of all residential units, from new drywall to new kitchen appliances. In addition, exteriors will be improved with new windows and doors, repaired or replaced roofs and new stair towers. Construction began in October 2020 and is expected to be complete within 24 months.

December 9, 2020

Acquisitions Affordable Housing Hawaii Multifamily Western

Standard Communities, Stanford Carr Development Buy Kamakee Vista Affordable Housing Project in Honolulu

by Amy Works December 3, 2020

HONOLULU — Standard Communities and Stanford Carr Development, in partnership with The State of Hawaii Housing Finance & Development Corp., have closed on the final phase of its $223.9 million public-private partnership that will preserve 1,221 units of affordable housing across six properties on the islands of Oahu, Hawaii and Maui. The last phase was the acquisition of Kamakee Vista, an affordable apartment community located at 1065 Kawaiahao St. in Honolulu. The building will undergo a $14.3 million rehabilitation program to renovate unit interiors, modernize building systems and update common areas. Residents of the property will not be displaced during renovations. Built in 1992, the 28-story property features 226 residences, more than 35,000 square feet of commercial space and an attached 251-stall parking facility. The community offers a landscaped rooftop recreation deck with barbecue areas, as well as meeting space and laundry facilities.

December 3, 2020

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