Affordable Housing

Positive Investments Inc. Buys Mountain View Manor Affordable Housing Complex Near Los Angeles for $29.4M

by Amy Works December 2, 2020

SYLMAR, CALIF. — Positive Investments Inc. has purchased Mountain View Manor, an affordable apartment building located at 12960 Dronfield Ave. in Sylmar, from 21 Alpha Group for $29.4 million. Built in 1964, the 178,000-square-foot property comprises six residential buildings offering a total of 200 apartments, two common areas and two swimming pools. The property was recently rehabilitated under the Low-Income Housing Tax Credit program. Shaya Braverman and Brendan Brown of Partners CRE, a Compass real estate brokerage, represented the buyer and seller in the deal.

December 2, 2020

Acquisitions Affordable Housing Illinois Midwest Multifamily

ShainRealty Capital Acquires 96-Unit Affordable Housing Property in Chicago’s East Garfield Park for $8.2M

by Kristin Harlow December 2, 2020

CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.

December 2, 2020

Affordable Housing Market Reports Multifamily Northeast Northeast Market Reports

Creative Solutions Expand Affordable Housing Supply in Northeast Markets

by Taylor Williams November 23, 2020

By Taylor Williams A severe shortage of affordable housing that has been building for years and may soon be exacerbated by the expiration of the federal eviction moratorium is forcing developers to be more aggressive and innovative in terms of how they add much-needed supply in dense, high-growth markets. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that American renters whose incomes levels are at or below 30 percent of their area median income (AMI) can afford, the United States comes up about 7 million units short. On average, for every 100 extremely low-income renter households in the country, there are only 36 affordable housing units. In addition, there is considerable overlap between renters whose incomes dictate that they seek housing that has been designated as affordable or workforce and industries that have been hard hit by COVID-19, most commonly the retail and hospitality sectors. The federal mandate that prohibits evicting renters who cannot pay rent due to COVID-related job losses has served to keep units occupied and the supply-demand imbalance from worsening — for the time being. Rental collection rates for affordable housing properties have not fluctuated much during prime …

November 23, 2020

Affordable Housing Development Loans Multifamily Texas

KeyBank Provides $54.4M in Financing for San Antonio Affordable Housing Project

by Taylor Williams November 20, 2020

SAN ANTONIO — KeyBank has provided $54.4 million in financing for Kitty Hawk Flats, a 212-unit affordable housing development that will be located in San Antonio. The financing consisted of a $23.5 million low-income housing tax credit (LIHTC) construction loan, a $7.4 million bridge loan and a $23.5 million fixed-rate Freddie Mac loan. Kitty Hawk Flats will comprise six one-bedroom, 70 two-bedroom, 100 three-bedroom and 36 four-bedroom units, with units reserved for renters earning between 30 and 70 percent of the area median income. The borrower was The NRP Group. Construction is expected to be complete by March 2022. Kyle Kolesar and Robbie Lynn of KeyBank originated the transaction.

November 20, 2020

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $36M Construction Loan for Boston Affordable Housing Project

by Taylor Williams November 19, 2020

BOSTON — MassHousing has provided a $36 million construction loan for the development of The Loop at Mattapan Station, a 135-unit affordable housing community located in the Mattapan area on the south side of Boston. Preservation of Affordable Housing, a nonprofit organization, is developing the building, which will house 10,000 square feet of ground-floor retail space and is expected to be complete in June 2022. The unit mix will include six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments.  Approximately 30 percent of the units will be designated as workforce housing.

November 19, 2020

Affordable Housing Development Multifamily Southeast Video Webinar

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

by Sarah Daniels November 18, 2020

On Nov. 12, Southeast Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in the Southeast.” Listen to hear how leaders in the industry are coping with challenges from both a developer/owner/investor perspective and a broker/lender perspective. See below for a brief list of topics covered by each panel. Panel One: Developer/Owner/Investor Rising costs for building affordable housing projects Low interest rates offsetting costs Alternative ways to grow the affordable housing stock Do’s and don’ts for general contractors and developers Capital sources Returns — what can affordable housing developers expect? Panel One: Broker/Lender Pandemic impact on existing affordable housing properties/plans for new development Investor appetite Sellers revise their expectations as new buyers enter market Impact of the election on the sector in 2021 Availability of capital for investments currently Developer/Owner/Investor Panel: Marc Padgett, Summit Contracting Group (moderator) Max Cruz, Housing Trust Group Nick Andersen, Development Dominium H. Granvel Tate, III, The Michaels Organization Ray Kuniansky, Columbia Residential Broker/Lender Panel Kyle Shoemaker, Affordable Housing Investment Brokerage (moderator) Derek DeHay, Newmark Eric Taylor, Greystone Real Estate Advisors Sheri Davis, Highland Commercial Mortgage Jeff Rodman, M&T Realty Capital Kevin Morris, Colliers Affordable Housing Group Webinar sponsors: Summit Contracting …

November 18, 2020

Acquisitions Affordable Housing Conference Coverage Features Georgia Multifamily Seniors Housing Southeast Southeast Feature Archive

Affordable Housing Sector is a Seller’s Market as New Buyers Enter the Fray, Says Exclusive Webinar Panel

by John Nelson November 17, 2020

Like many industries, the U.S. affordable housing sector has undergone a sea change stemming from the COVID-19 pandemic. Processes and protocols have changed for affordable housing professionals, some perhaps permanently. Closings are conducted virtually and some of the front-end work such as appraisals and subsidy applications look completely different than a year ago. The “new normal” that industry professionals are navigating has had a few stops and starts since March, but the sector is now in a place of relative comfort, and that’s led to investment sales picking up, according to Kevin Morris, senior director of Colliers International’s Affordable Housing Services team. “By trial and error, we’ve had to figure out systems and programs to do business,” said Morris, who is based in Fort Lauderdale, Florida. “We’ve gone through these couple of stages, and now we’re at a point where we can implement and have implemented systems and programs that will take us through this particular pandemic. We’re transacting now, and so in that regard it is kind of back to normal.” Morris was one of six panelists that comprised the broker and lender panel at Affordable Housing Southeast, a webinar hosted by Southeast Real Estate Business magazine. Kyle Shoemaker, …

November 17, 2020

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Provides $11M in Construction Financing for Affordable Housing Community in Fishers, Indiana

by Kristin Harlow November 16, 2020

FISHERS, IND. — Mortgage banking company Merchants Capital has provided $11 million for the construction of SouthPointe Village, a 62-unit affordable housing community in Fishers, a suburb of Indianapolis. Located at 11144 Lantern Road, the project will be available for renters who earn 50 to 80 percent of the area median income. In addition to the 30-month loan, there are $1.2 million in low-income housing tax credits, enabling the development to be constructed with rents lower than market value. Rents at SouthPointe Village will range from $650 to $950 per month for a one-bedroom unit and $760 to $1,100 per month for two-bedroom units. Additionally, 25 percent of units will be set aside for the developmentally disabled, with the help of local organizations such as Janus Development Services, Outside the Box, Opportunities for Positive Growth and Insights Consulting. Merchants provided the construction loan on behalf of RealAmerica Cos.

November 16, 2020

Affordable Housing Delaware Loans Lument Multifamily Northeast Seniors Housing

Lument Provides $8M in Agency Financing for Affordable Housing Conversion Projects in Delaware

by Taylor Williams November 9, 2020

MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. Holly Square and Peach Circle will be reserved for seniors age 62 and older, with McLane Gardens having general occupancy.

November 9, 2020

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Affordable Housing Development Multifamily New Jersey Northeast

Partnership Completes 62-Unit Affordable Housing Community in Florham Park, New Jersey

by Taylor Williams October 29, 2020

FLORHAM PARK, N.J. — A partnership between developer Rockefeller Group, Bergen County’s United Way and Madeline Corp. has completed Independence Way at The Green, a 62-unit affordable housing community in the northern New Jersey city of Florham Park. The property consists of eight buildings on an eight-acre site within Rockefeller’s 268-acre Green at Florham Park mixed-use development and will serve 102 residents with developmental disabilities. Z+ Architects LLC designed the project, and Sharp Management served as the general contractor.

October 29, 2020

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