MANAHAWKIN, N.J. — New Jersey-based developer Walters Group Apartments has completed the last of five buildings at Grassy Hollow, a 60-unit affordable housing project in the coastal city of Manahawkin. The property features one-, two- and three-bedroom units ranging in size from 729 to 1,289 square feet for renters earning 60 percent or less of the area median income. Amenities include a fitness center, children’s play area, basketball court and a community clubhouse with computer workstations.
SHELBYVILLE, IND. — Colliers International has brokered the sale of Shelby’s Crest in Shelbyville for $8.5 million. The 120-unit affordable housing property is situated about 30 miles southeast of Indianapolis. The Section 42 low-income housing community was fully occupied at the time of sale. Monthly rents start at $817. Kevin Morris, Christopher Rivera and Amy Burmeister of Colliers’ Affordable Housing Services Group represented the seller, Dominium Group Inc. The team also procured the buyer, Harmony Housing Advisors Inc.
BOSTON — Vitus, a national owner and builder of affordable housing, is underway on the redevelopment of Fort Hill Gardens and Esperanza Trust, two communities totaling 82 units in Boston’s Roxbury neighborhood. Vitus expects to invest about $100,000 per unit, with construction expected to be complete this winter. The kitchens, bathrooms and living rooms will all be upgraded with fresh paint and new doors and windows. Both properties will also receive exterior improvements such as new roofing and curb and walkway upgrades.
BLOOMINGTON, MINN. — Greystone has provided a $30.8 million Freddie Mac loan for the refinancing and expansion of Village Club in Bloomington, about 10 miles south of Minneapolis. The loan, in combination with other capital sources, will be used to construct 172 new apartment units on land adjacent to the existing complex. Two new buildings will offer three- and four-bedroom floor plans and will be known as SoLo Apartments. Construction is slated to begin in August. Kyle Jemtrud of Greystone originated the loan on behalf of the borrower, Aeon. The 18-year loan features a fixed rate and a 40-year amortization. The existing 306 units at Village Club serve mixed-income residents, with more than half of the units restricted to residents who earn at or below 60 percent of the area median income (AMI). The remaining units are at or below 80 percent of the AMI. Two-thirds of the new units at SoLo will be affordable at or below 60 percent of the AMI and one-third will be at or below 80 percent AMI.
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.
