Affordable Housing

Joint Venture Acquires Affordable Housing Community in Atlanta for $25M, Plans $16.5M Renovation

by Alex Tostado April 24, 2020

ATLANTA — A joint venture between Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has acquired City Views at Rosa Burney Park near downtown Atlanta. The Section 8 and low-income housing tax credit (LIHTC) community comprises 181 units reserved for residents earning 40, 60 or 80 percent of the area median income (AMI). City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta. The new ownership is planning a $16.5 million upgrade, which will include new roofs, windows, elevators and façade. There will also be brick repairs and repainting, as well as improved Americans with Disabilities (ADA) accessibility, HVAC and plumbing. Apartment interiors will also be completely renovated, including new LVT flooring, kitchens, bathrooms, Energy Star appliances, low-flow plumbing fixtures and LED light fixtures. Additionally, several thousand square feet of community space that was previously closed off and used for storage will be reactivated, including a fitness center, craft room, package room, upgraded laundry facilities, community room with warming kitchen and free Wi-Fi, a computer learning center and updated management and resident services offices. Residents will be temporarily relocated off-site on a rolling basis, in durations of fewer …

April 24, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co., Safeway Construction Underway on $14.9M Affordable Housing Project in Chicago

by Kristin Harlow April 22, 2020

CHICAGO — Joseph J. Duffy Co. and Safeway Construction Co. Inc. are underway on the construction of Hope Manor Village, a $14.9 million affordable housing project in Chicago’s Englewood neighborhood. The nonprofit organization Volunteers of America Illinois is the developer. Worn Jerabek Wiltse Architects PC is the project architect. Plans call for 28 two-bedroom units and 10 three-bedroom units. This is the fourth Hope Manor project that Joseph J. Duffy Co. has built for the developer.

April 22, 2020

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida

by Alex Tostado April 14, 2020

FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.

April 14, 2020

Acquisitions Affordable Housing Multifamily Southeast Virginia

Ross Cos. Negotiates Sale of 152-Unit Affordable Housing Community in Newport News, Virginia

by Alex Tostado April 10, 2020

NEWPORT NEWS, VA. — Ross Cos. has negotiated the sale of Woodlands at Oyster Point, a 152-unit affordable housing community in Newport News. The property was built in 1978 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, public transportation, a playground and 24-hour laundry services. Allagash Opportunity Zone Partners LLC acquired the property for an undisclosed amount. Ross Cos. will manage the property, as well as oversee a year-long renovation program that has budgeted $40,000 per unit in upgrades. The team will also upgrade communal amenities. The community is situated at 819 Forrest Drive, one mile south of downtown Newport News. The seller and sales price were not disclosed.

April 10, 2020

Acquisitions Affordable Housing California Development Mixed-Use Multifamily Retail Western

City of San Francisco Invests $12M to Buy Site for Future Affordable Housing Development

by Amy Works April 9, 2020

SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …

April 9, 2020

Affordable Housing Development Loans Multifamily Washington Western

KeyBank Secures $13.7M in Financing for Affordable Housing Development in Washington

by Amy Works April 6, 2020

EVERETT, WASH. — KeyBank Commercial Development Lending and Investment (CDLI) has arranged $13.7 million in construction financing on behalf of Compass Health to develop Broadway Permanent Supportive Housing, an affordable housing property in Everett. The borrower is a community-based healthcare agency that integrates behavioral health and medical care services to support clients. Situated next to the Compass Health campus, the project will be a five-story, 82-unit permanent supportive housing facility that will provide services for mentally ill homeless people. The facility will feature four floors of housing above 3,000 square feet of commercial space with offices for services, management and administration. All units, which will include kitchens and baths, will be 388-square-foot studios, except for a three-bedroom manager’s unit. Residents will participate in a coordinated chemical dependency or mental health treatment plan and will have access to case management connecting them with supportive services on-site and at the Bailer Center facility, located next door. A portion (66) of the units will be limited to people earning 30 percent or less of the area median income (AMI), including eight vouchers reserved for homeless veterans, and 15 units will be allocated for people earning 50 percent of AMI or less. Brett Sheehan …

April 6, 2020

Affordable Housing Kansas Loans Midwest Multifamily Seniors Housing

KeyBank Provides $10M Construction Loan for Renovation of Affordable Housing Property in Wichita

by Kristin Harlow April 6, 2020

WICHITA, KAN. — KeyBank Community Development Lending and Investment has provided a $10 million construction-to-permanent loan to Steele Properties for the acquisition and renovation of Shadyway Plaza in Wichita. Steele Properties, based in Denver, is a real estate investment company that acquires, rehabilitates and constructs affordable housing. Built in 1979, Shadyway Plaza serves elderly and disabled residents. The seven-story building includes 100 one-bedroom units, all of which are income-restricted under low-income housing tax credit regulations at 60 percent of area median income. Monroe Group Ltd., Steele’s sister company, will manage the property. Steele plans to spend $3.7 million on renovations, including a new roof and doors as well as upgrades to the security features, HVAC system, community room and common area lighting. In addition to the $10 million loan, financing included 4 percent tax credits allocated by the Kansas Housing Resources Corp., tax-exempt bonds issued by the city of Wichita and $4 million of tax credit equity provided by the National Development Council. Sarah Geis of KeyBank structured the financing. The 4 percent tax credit is designed to subsidize 30 percent of the low-income unit costs in a project.

April 6, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $6.5M Refinancing for Affordable Housing Property in Minnesota

by Kristin Harlow April 1, 2020

STILLWATER, MINN. — Dougherty Mortgage LLC has provided a $6.5 million Fannie Mae loan for the refinancing of Long Lake Villas in Stillwater, about 25 miles east of Minneapolis. The 59-unit affordable housing property consists of 10 buildings. The 12-year loan features a 30-year amortization schedule. Long Lake Villa LP was the borrower.

April 1, 2020

Affordable Housing Development Michigan Midwest Multifamily

City of Detroit Creates New Partnership to Preserve Affordable Housing Units

by Kristin Harlow March 10, 2020

DETROIT — Detroit Mayor Mike Duggan and his Housing & Revitalization Department (HRD) have created a new partnership to preserve affordable housing in the city while also improving its quality and preventing displacement. The partnership comprises the city’s housing department along with a number of housing experts, including Enterprise Community Partners, United Community Housing Coalition, a partnership between Cinnaire and CHN Housing Partners, Data Driven Detroit, Elevate Energy and Community Investment Corp. Enterprise Community Partners will lead the team and create action plans for preserving units. A primary goal of the new partnership is to identify apartment buildings that have low rents — not because they are required to, but because of their condition — and help redevelop those buildings in a way that preserves their affordability. HRD has established a goal of preserving 10,000 existing regulated affordable housing units in the city by 2023. This is in addition to the creation of new affordable housing in any new development that receives city funding or discounted land.

March 10, 2020

Affordable Housing Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Berkadia: Affordable housing concerns require local solutions

by Sarah Daniels February 25, 2020

David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 25, 2020

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