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.
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.
JERSEY CITY, N.J. — SVN Affordable | Levental Realty has brokered the sale of a 412-unit affordable housing portfolio in Jersey City. The portfolio consists of four properties: Van Wagenen I (233 units), Van Wagenen II (114 units), Bergen Manor (40 units) and Kennedy Manor (25 units). SVN represented the undisclosed seller in the transaction. The buyer was a joint venture between Hudson Valley Property Group and Nuveen, the $1 trillion asset manager of TIAA. The new ownership will implement sustainable upgrades to the existing buildings in order to extend their affordability.
HOWELL, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Howell, a 72-unit affordable housing development in coastal New Jersey. Residents have begun moving in to the four-building development, which features one-, two- and three-bedroom units with individual washers and fully equipped kitchens with granite countertops. Amenities include outdoor grilling and picnic stations, a clubhouse with a fitness center and a children’s play area. Walters expects to complete the project by the end of the year.
DETROIT — Avanath Capital Management has acquired North End Village and Cameron Court, two affordable housing properties in Detroit. Avanath purchased the 50-unit North End Village for $2.1 million. Built in 2005, the community is fully leased and consists of four two-story buildings. Avanath is planning to make capital improvements such as LED lighting, landscaping, exterior paint, balcony repairs and parking repairs. Avanath acquired Cameron Court for $1.3 million. The 48-unit affordable seniors housing property was built in 2008. The three-story building is fully leased. Avanath will make renovations such as hallway painting, exterior fencing, new common area furniture, a community room renovation and the construction of a senior wellness center.
KENTWOOD, MICH. — KeyBank Real Estate Capital has provided a $23.2 million Freddie Mac tax-exempt loan for the development of CityLine Apartments, a 240-unit affordable housing property in Kentwood, just south of Grand Rapids. This is the first Freddie Mac tax-exempt loan to be utilized in Michigan, according to KeyBank. Herman & Kittle Properties Inc. is developing the project, which will be built and operated according to the Section 42 low-income housing tax credit program. Situated on 11.5 acres, the development is expected to serve families that are part of the local workforce. Construction is scheduled for completion in 2022.
MADISON, WIS. — Mortgage banking company Merchants Capital has utilized Freddie Mac’s unfunded forward commitment program to provide $7.2 million in financing for The Ace, a new affordable housing complex to be constructed in Madison. Following the 30-month construction forward commitment, the 15-year permanent loan features a 35-year amortization and a fixed interest rate. Additionally, Merchants Bank of Indiana is providing $16.9 million in construction financing on behalf of the co-developers, Movin’ Out Inc. and Commonwealth Development Corp. Merchants Capital affiliate Farmers-Merchants Bank of Illinois also secured an Affordable Housing Program grant award of $885,000. The Ace will include 70 units across two buildings. Fourteen of the units will be designated as supportive housing for individuals with disabilities, veterans or those at risk of homelessness. A total of 59 units will be reserved for residents who earn at or less than 60 percent of the county median income. A timeline for construction was not disclosed.
HUNTINGTON BEACH, CALIF. — The City of Huntington Beach has purchased a 0.78-acre undeveloped land site located at 17631 Cameron Lane within a residential community in Huntington Beach. A private investor sold the asset for $3 million. The city plans to develop low-income housing on the site, which is currently being used as a temporary homeless shelter. Dan Blackwell and George Felix of CBRE represented the seller in the transaction.
COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Riverside Trail, a $50.6 million affordable housing property in Columbus. The community’s 248 units are available to residents who earn at or below 60 percent of the area median income. Located on Chatterton Road, the project features one-, two-, three- and four-bedroom layouts that range from 809 to 1,453 square feet. Amenities include a pool, fitness center, game room, dog park and outdoor grilling area.
ILLINOIS, INDIANA, WISCONSIN AND TEXAS — KeyBank Real Estate Capital has secured $51.5 million in Fannie Mae financing for the acquisition of six affordable housing properties in four states. The properties include: Parkway Highlands in Green Bay, Wis.; Marian Heights in Alton, Ill.; Shelby’s Crest and Landing in Shelbyville, Ind.; Capitol Place in Springfield, Ill.; Broadway Place in South Roxana, Ill.; and Gardens of Mabank in Mabank, Texas. The portfolio totals 701 units. Tabare Borbon and Kyle Kolesar of KeyBank structured the financing on behalf of the borrower, Harmony Housing.