AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $32.6 million Freddie Mac permanent loan for the construction of Austin Colorado Creek, a 240-unit affordable housing project at 2917 Falwell Lane on the city’s east side. The property will offers one-, two-, three- and four-bedroom units and amenities such as a pool, clubhouse, business center and a playground. A majority of the units (192) will be reserved for renters earning 60 percent or less of the area median income (AMI) and 48 will be reserved for renters earning 50 percent or less of AMI. Phil Melton and Cindy Hannon of Bellwether originated the financing. The borrower was not disclosed.
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $42.6 million Freddie Mac permanent loan for the construction of Austin Manor, a 280-unit affordable housing project in East Austin. All of the units will be reserved for renters earning 60 percent or less of the area median income. Austin Manor will offer amenities such as a 6,000-square-foot clubhouse, pool, sports court and a playground, as well as family support services including counseling, adult education, health and nutrition courses and youth programs. Phil Melton and Cindy Hannon of Bellwether originated the loan. The borrower was not disclosed.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided a $5.6 million Freddie Mac permanent loan for the construction of a 71-unit affordable housing project located at 461 Alabama Ave. in Brooklyn. More than half the residences will be reserved for homeless renters. The financing was structured with a 35-year amortization schedule and a 4.63 percent fixed interest rate. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise originated the loan on behalf of the borrower, a partnership between developer CB Emmanuel Realty and nonprofit Services for the Underserved.
LAKEWOOD, COLO. — Bellwether Enterprise Real Estate Capital has arranged $47.6 million in bond financing for the construction of The Notable, an affordable multifamily property in Lakewood. Anthea Martin of Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Development. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise’s New York office led the private placement. Located at 730 Simms St., The Notable is a proposed five-story, 218-unit adaptive reuse multifamily community situated on more than six acres. Currently, the site consists of a four-story commercial office building, which has been fully gutted in anticipation of the rehabilitation. Once complete, The Notable will feature 10 studio units, 165 one-bedroom units and 43 two-bedroom units. The majority of the apartments — 208 units — will be available to residents earning up to 60 percent of the area median income (AMI). The remaining 10 units will be available at or below 50 percent AMI. Community amenities will include on-site laundry facilities, a fitness center, art studio, performance studio, rooftop deck, dog washing station, central courtyard, bike storage and leasing office. RBC Community was the equity syndicator and Colorado Housing and Finance Authority was the bond issuer for the deal.
INKSTER, MICH. — KeyBank Community Development Lending and Investment has provided a $5 million bridge loan for the preservation of Cherry Hill Place Apartments in Inkster, about 20 miles west of Detroit. The 186-unit affordable housing property was constructed in 1979 as a HUD Section 8 community. Within the development, 150 units are designated for low-income seniors and 36 are designated for low-income families. Derek Reed and Alton Tinker of KeyBank structured the financing on behalf of the borrower, Larc Community Development Group.
BOISE, IDAHO — New York-based Berkadia has acquired LIHTC Advisors, a Boise-based brokerage firm that serves apartment investors with a focus on affordable housing. Jeff Irish and Brandon Grisham, formerly principals of LIHTC Advisors, will lead the new team in Boise. Prior to the merger, Irish and Grisham were involved in the sale of more than $2 billion of affordable housing assets throughout the country. In 2019, Irish and Grisham closed 53 transactions and are expected to exceed that this year. The addition of LIHTC Advisors will broaden Berkadia Affordable’s market presence and support long-term strategic growth under the leadership of David Leopold, senior vice president and head of Berkadia Affordable. “This is a huge step forward in Berkadia’s goal of expanding our affordable housing team, another investment in this critical space,” says Berkadia CEO Justin Wheeler. In 2019, Berkadia’s loan origination volume was $27 billion, while its investment sales platform totaled $9 billion.
HOUSTON — The NHP Foundation, a nonprofit developer based in New York City, will build a 149-unit affordable housing community at 3300 Caroline St. in the Midtown area of Houston. While all residences will be reserved for renters earning less than the area median income, 20 percent of the units will be set aside for homeless people going through transitional housing programs. Magnificat Houses Inc. is the landowner and NHP Foundation’s equity partner on the project. The City of Houston Department of Housing & Community Development has provided $15 million in financing for the project, which has a target completion date of December 2022.
BOSTON — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $25 million in financing for the renovation of Morse Apartments, a 99-unit community located in the Brookline neighborhood of Boston. The financing, which includes tax-exempt housing revenue bonds and Low Income Housing Tax Credits, will preserve the affordability of the community for another 75 years. The borrower was Brookline Housing Authority. Morse Apartments was constructed in 1973 at 90 Longwood Ave. and is reserved for low-income senior citizens. Renovations are expected to be complete by summer 2022.
CHANNELVIEW, TEXAS — Hunt Capital Partners has provided $9.8 million in federal low-income housing tax credit equity financing for the construction of The Hollows Apartments. The 192-unit affordable housing community will be located on a 7.5-acre site in Channelview, about 17 miles northeast of Houston. The Hollows will offer 36 one-bedroom, 84 two-bedroom, and 72 three-bedroom units restricted to households earning up to 30, 50 and 70 percent of the area median income. LDG Multifamily LLC is co-developing the project with HCHA Redevelopment Authority Inc., an affiliate of the Harris County Housing Authority. Kelly Grossman Architects LLC is designing the project. Construction is expected to begin in September and to be complete in March 2022.
BLOOMINGTON, IND. — The Annex Group has completed the development of Union at Crescent, a 146-unit affordable housing community in Bloomington near Indiana University. The eight-acre project features one-, two- and three-bedroom floor plans. Amenities include a community and business center, exercise facility and playground. The property features both affordable housing units as well as market-rate units. The affordable units are designated for residents who earn between 50 and 70 percent of the area median income. Finance partners include T&H Investment Properties, Indiana Housing Community Development Authority, R4 Capital and R4 Capital Funding. Axis Architecture + Interiors and Smith Brehob & Associates made up the design team. Crestline Communities will manage leasing efforts.