Affordable Housing

JLL Arranges $17.4M Sale of Affordable Housing Property in Duluth, Minnesota

by Kristin Harlow July 1, 2020

DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in Minnesota, New York, New Jersey and Pennsylvania over the next 12 months.

July 1, 2020

Affordable Housing New York Northeast

Greystone, Lappin Form Joint Venture to Lend on Affordable Housing Renovation Projects in New York City

by Alex Patton June 30, 2020

NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.

June 30, 2020

Affordable Housing Loans Multifamily Texas

KeyBank Provides $43.8M Freddie Mac Financing for Affordable Housing Project in Central Texas

by Taylor Williams June 29, 2020

SAN MARCOS, TEXAS — KeyBank Real Estate Capital has provided $43.8 million in Freddie Mac financing for Reserves at San Marcos, a 376-unit multifamily project in San Marcos, roughly midway between Austin and San Antonio. Approximately 80 percent of the units are reserved for renters earning up to 60 percent or less of the area median income. Units will feature one-, two- and three-bedroom floor plans ranging in size from 650 to 1,350 square feet. Robbie Lynn and Hector Zuniga of KeyBank originated the financing, which carries a fixed interest rate and a 36-month term. Construction is expected to be complete by 2022.

June 29, 2020

Affordable Housing Development Midwest Multifamily Ohio

NRP Group to Build 52-Unit Affordable Housing Project in Cleveland

by Kristin Harlow June 26, 2020

CLEVELAND — The NRP Group will develop a 52-unit affordable housing project on the site of the former Harry E. Davis Elementary School, which has been vacant since 2006. Located at the corner of East 105th St. and Churchill Road in Cleveland’s Glenville neighborhood, the four-story project will include 48 apartments and four townhomes. The project is the first phase of a larger development known as Churchill Gateway. The units will be designated affordable to residents earning at or below 60 percent of the area median income. NRP is also developing a 2,500-square-foot community outreach center at the site. The center will focus on health education and workforce training. Project partners include the City of Cleveland, Cuyahoga Metropolitan Housing Authority, Cleveland Metropolitan School District and University Hospitals. The Ohio Finance Housing Agency allocated housing tax credits for the project. Churchill Gateway is expected to be complete in fall 2022.

June 26, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Merchants Capital Provides $25.9M in Fannie Mae Financing for Affordable Housing Property in Joliet, Illinois

by Kristin Harlow June 25, 2020

JOLIET, ILL. — Mortgage banking company Merchants Capital has provided $25.9 million in Fannie Mae financing for Larkin Village, a 476-unit affordable housing property in Joliet. Merchants arranged the loan on behalf of the owners, Brinshore Development, The Richman Group and Eric Richelson. Located at 947 Lois Place, Larkin Village operates under a tax credit program through the Illinois Housing Development Authority (IHDA), which requires that the property reserves 256 of its units for residents earning at or below 60 percent of the area median income. The other 220 units are unrestricted. The 10-year loan will enable ownership to retire IHDA debt, make repairs to the property and redeploy the equity accumulated over the years. The equity will be used to invest in other affordable housing projects.

June 25, 2020

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 96-Unit Affordable Housing Community in Broward County

by Alex Tostado June 18, 2020

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on Hudson Village, a 96-unit affordable housing community in Hollywood. The units will be reserved for residents earning 30, 60 and 70 percent of the area median income (AMI), with rents ranging from $501 to $1,403. The property will offer one- and two-bedroom floor plans, and each unit will feature a balcony. Communal amenities will include a pool, 6,000-square-foot pool deck, clubhouse, media center, fitness center, bike storage and a three-story parking garage with 122 parking spaces. Residents will also have access to an adult literacy program, employment assistance program and a financial management program. The asset is situated at 901 S. Federal Highway, about 8 miles south of Fort Lauderdale. The project design and construction team for Hudson Village includes general contractor HTG Gomez Construction, LLC; engineering firm Thomas Engineering; architecture firm Corwil Architects; and landscape architects Witkins & Hultz. Chase Bank has provided a $27.9 million construction loan, Raymond James provided $26 million in 9 Percent Low Income Housing Tax Credits from Florida Housing Finance Corp. and Walker & Dunlop originated a $9.8 million Freddie Mac loan on behalf of the borrower. HTG expects to open the property …

June 18, 2020

Affordable Housing Loans Multifamily Texas

KeyBank Secures $50M Construction Financing for Affordable Housing Community in San Marcos

by John Nelson June 16, 2020

SAN MARCOS, TEXAS — KeyBank Real Estate Capital’s Community Development Lending and Investment (CDLI) division has secured $50 million of private placement financing for Riverstone, a planned 336-unit affordable housing community in San Marcos. The borrower, Louisville, Ky.-based LDG Development, plans to deliver the property by June 2022. The 18-acre property will feature 12 apartment buildings, a one-story clubhouse, pool and equipment room and two clusters of detached garages. The apartments will comprise one-, two-, three- and four-bedroom layouts, and all apartments will be reserved for residents earning 60 percent or less of the area median income (AMI). Austin-based Capital Area Housing Finance Corp. issued $43.5 million of activity bonds for the project. The remaining $6.5 million portion of the financing is a balance sheet loan provided by KeyBank. David Lacki and Alton Tinker of the KeyBank CDLI team structured the financing.

June 16, 2020

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 96-Unit Affordable Housing Property in Tallahassee

by Alex Tostado June 15, 2020

TALLAHASSEE, FLA. — Housing Trust Group (HTG) has broken ground on Lafayette Gardens, a planned 96-unit affordable housing community in Tallahassee. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $315 to $930 per month. The units will be reserved for residents earning at or below 33 percent of area median income (AMI) or 60 percent of AMI. Units will range in size from 709 square feet to 1,159 square feet. Communal amenities will include a clubhouse, pool, playground, media center, fitness center and a biking/walking trail. Residents will also have access to employment assistance, financial management and literacy services onsite. Hennessy Construction Services is the general contractor, Fugleberg Koch is the architect, Inovia Group is the civil engineer, Stiles Interiors is the interior designer and Wood + Partners is the landscape architect. HTG expects to open the community in June 2021. Chase Bank provided an initial $15 million construction loan, Raymond James provided $16.1 million in 9 percent low income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac permanent loan for the development.

June 15, 2020

Affordable Housing California Development Multifamily Western

Meta Housing, R.D. Olson Break Ground on Lamp Lodge Affordable Housing Project in Downtown Los Angeles

by Amy Works June 15, 2020

LOS ANGELES — Meta Housing, as developer, and R.D. Olson Construction, as general contractor, have broken ground on Lamp Lodge, a 49,000-square-foot affordable housing community in downtown Los Angeles. Located at 660 Stanford Ave., the seven-story building will offer 74 studio units, seven one-bedroom apartments and one two-bedroom unit. All units will feature a refrigerator, dishwasher and range, as well as energy-efficient windows. Community amenities will include an on-site laundry room, community center and open residential courtyard. KFA Architecture and JAG Interiors are serving as architects for the project, which is slated for completion in first-quarter 2021. JP Morgan Bank and the Housing Authority of the City of Los Angeles are funding the development, which is situated on the site of a former four-story apartment community.

June 15, 2020

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Negotiates $3.1M Sale of Affordable Housing Community in Sarasota

by Alex Tostado June 5, 2020

SARASOTA, FLA. — Marcus & Millichap has negotiated the $3.1 million sale of Beneva Oaks, a 40-unit affordable housing community in Sarasota. The property offers one- and two-bedroom floor plans ranging from 521 to 702 square feet. Communal amenities include a community room with a fully equipped kitchen. Beneva Oaks is located at 650 N. Beneva Road, three miles east of downtown Sarasota. Luis Baez, Miles Tombrink, Casey Babb and Shawn Rupp of Marcus & Millichap’s The Babb Group represented both the buyer and seller in the transaction. Though neither was disclosed, the Sarasota Herald-Tribune reports the buyer was Beneva Redevelopment LP and the seller was an affiliate of Goodwill Manasota.

June 5, 2020

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