Affordable Housing

Berkadia Provides $16.2M Refinancing Loan for Affordable Housing Community in Atlanta

by Alex Tostado May 26, 2020

ATLANTA — Berkadia has provided a $16.2 million Freddie Mac refinancing loan for The Residences at City Center, a 182-unit affordable housing community in Atlanta’s Vine City neighborhood. The 10-year loan features a floating interest rate and five years of interest-only payments, followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom units that were recently renovated to include granite countertops, walk-in closets, stainless steel appliances and bay windows. Communal amenities include a pool, fitness center, laundry facilities, outdoor area with grilling stations and a dog park. The Residences is located at 55 Maple St. NW, adjacent to Mercedes-Benz Stadium. Andy Hill and Tyler Nowlin of Berkadia originated the loan on behalf of the borrower, Texas-based Domain Communities.

May 26, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $20.7M HUD Loan for Refinancing of Affordable Housing Property Near Minneapolis

by Kristin Harlow May 26, 2020

ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has provided a $20.7 million HUD 221(d)(4) loan for the refinancing and rehabilitation of Oak Park Village, a 100-unit affordable housing property in St. Louis Park, just west of Minneapolis. All 100 units will be covered by a project-based Section 8 HAP contract. The property will undergo $4.7 million in renovations, including replacement of certain mechanical, plumbing and electrical systems and upgraded lighting. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC, an affiliate of Dougherty Mortgage, underwrote the bonds. The 40-year loan is fully amortized. Oak Park Village Partners LP was the borrower.

May 26, 2020

Affordable Housing Arizona Development Multifamily Western

Greenlight Communities Completes Two Affordable Housing Properties in Phoenix

by Amy Works May 20, 2020

PHOENIX — Greenlight Communities has completed the development of two affordable housing properties in Phoenix. Totaling 478 units, the properties are Cabana on Washington at 5300 E. Washington St. and Cabana on 12th at 4225 N. 12th St. Cabana on Washington features 226 units in a mix of studio, one- and two-bedroom layouts with rents starting at $899 per month. Cabana on 12th offers 252 units in a variety of studio, one- and two-bedroom floor plans with rents starting at $849 per month. Units at the communities feature stainless steel appliances, European wood-style cabinets, quartz countertops, nine-foot ceilings, wood-style and carpet flooring, keyless entry and a front porch or patio, among other features. Both properties offer a mix of community amenities including controlled access, gated entry, fitness center, exterior fitness circuits, swimming pools, co-work space, outdoor barbecues, laundry rooms with lounges, indoor bike storage with fix station, electric vehicle charging station, indoor mail room, covered parking, pet stations, Amazon parcel lockers, hammocks and Zen gardens. Greenlight Communities has affordable housing projects under construction and in the development pipeline in Scottsdale, Goodyear, Mesa and Chandler, Ariz. Real estate and development industry veterans Patricia Watts, Rob Lyles and Dan Richards launched the …

May 20, 2020

Affordable Housing Indiana Loans Midwest Multifamily

Arbor Provides $4.1M Loan for Refinancing of Affordable Housing Property in Indianapolis

by Kristin Harlow May 20, 2020

INDIANAPOLIS — Arbor Realty Trust Inc. has provided a $4.1 million Fannie Mae loan for the refinancing of Fountains West Cooperative in Indianapolis. Built in 1972, the 350-unit affordable housing property features a mix of one-, two- and three-bedroom floor plans. Michael Jehle of Arbor originated the 15-year, fixed-rate loan. The borrower was undisclosed.

May 20, 2020

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group Expands Affordable Housing Management Portfolio in Midwest

by Kristin Harlow May 18, 2020

CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin. The assignments include a mix of housing for families, seniors and disabled individuals. Evergreen’s management portfolio now totals 8,500 units across the country. The additional properties include: Oso Apartments, Humboldt Ridge Apartments, Independence Apartments and Northtown Apartments in Chicago; Oakridge Village Apartments in Antioch, Ill.; Homes Greenway Housing in Minneapolis; Eastridge Estates in Rochester, Minn.; Oak Park Village Apartments in St. Louis Park, Minn.; Pelham Manor in Toledo, Ohio; Golda Meir House in Milwaukee; and Greenview Gardens Apartments in Butler, Pa. Evergreen will oversee site-level operations. In some communities, Evergreen will spearhead capital improvements using low-income housing tax credits and other subsidies.

May 18, 2020

Acquisitions Affordable Housing Multifamily Texas

JLL Negotiates Sale of 844-Unit Affordable Housing Portfolio in San Antonio

by Taylor Williams May 13, 2020

SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.

May 13, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners Completes Exterior Construction of Affordable Housing Project in Minneapolis

by Kristin Harlow May 11, 2020

MINNEAPOLIS — Lupe Development Partners has topped off the sixth floor and completed exterior construction of its Lake Street Dwelling project in the Uptown neighborhood of Minneapolis. The leasing office is now open, and residents are expected to begin move-ins in November. Lake Street Dwelling is the first phase of a mixed-income housing campus under development at the northeast corner of Lake Street and Harriet Avenue. Phase I includes 111 affordable housing units, with nine units reserved for homeless veterans. To qualify, residents will need to meet the annual income restriction of $30,000 to $42,000. Amenities will include a green roof, fitness facility, business center, community room and bike repair station. Frana Cos. is the general contractor. Lupe is partnering with Hennepin County and the nearby Ballentine VFW Post 246. Plans for phases II and III include a 132-unit market-rate building and a 95-unit affordable building.

May 11, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Ryan Cos., PPL Close on Land Site for 136-Unit Affordable Housing Development in St. Paul

by Kristin Harlow May 6, 2020

ST. PAUL, MINN. — Ryan Cos. US Inc., in conjunction with Project for Pride in Living (PPL), has completed the land acquisition for the development of a 136-unit affordable housing project in St. Paul. Phase I calls for 60 units of supportive housing for residents who earn 30 percent or less of area median income. Phase II will consist of 76 units of workforce housing. Construction on both phases is expected to begin in 2021. The next step is for PPL to submit a public funding application with Minnesota Housing in July.

May 6, 2020

Acquisitions Affordable Housing California Multifamily Western

TMG Brokers $15.5M Sale of Affordable Housing Property in California’s Inland Empire

by Amy Works May 1, 2020

ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.

May 1, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Bellwether Enterprise Provides $28.8M Acquisition Loan for Affordable Housing Property in Elmhurst, Illinois

by Kristin Harlow April 30, 2020

ELMHURST, ILL. — Bellwether Enterprise Real Estate Capital LLC has provided a $28.8 million Freddie Mac loan for the acquisition, rehabilitation and preservation of Elmhurst Terrace, a 315-unit affordable housing property in Elmhurst. Phil Melton of Bellwether Enterprise’s Dallas office originated the 10-year, fixed-rate loan. Developer Cohen-Esrey was the borrower. In addition, Bellwether’s parent company, Enterprise Community Investment Inc., along with BMO Harris Bank and Cohen-Esrey, have invested $17 million for the rehabilitation and preservation. Located about 20 miles south of downtown Chicago, Elmhurst Terrace was originally constructed in 1947. Monthly rents range from $975 to $1,400. Unit renovations will include new kitchen appliances and finishes, flooring and light fixtures. Plans also call for exterior improvements as well as the addition of a pet park and barbecue stations. The renovations are scheduled for completion in the next one to two years.

April 30, 2020

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