Affordable Housing

Affordable Housing Investment Brokerage Arranges $10.4M Sale of Indiana Portfolio

by Kristin Harlow June 3, 2020

GARY, IND. — Affordable Housing Investment Brokerage Inc. has arranged the $10.4 million sale of a 14-building, 249-unit affordable housing portfolio in Gary, about 30 miles southeast of Chicago. All 14 buildings are located within a one-mile radius, with most situated along West 5th Avenue. The portfolio comprises 106 one-bedroom units, 110 two-bedroom units and 33 studio units. All units are covered under a housing assistance payments (HAP) contract that expires in January 2024. Rents range from $836 to $1,021 per month. Kyle Shoemaker of Affordable Housing Investment Brokerage represented the buyer and seller, both of which were private investors.

June 3, 2020

Affordable Housing Development Georgia Loans Multifamily Southeast

CIG Capital Provides $125M Construction Loan for Affordable Housing Community in West Point, Georgia

by Alex Tostado June 1, 2020

WEST POINT, GA. — CIG Capital has provided a $125 million construction loan for The Villages at West Point, a planned 624-unit affordable housing community in West Point. The Villages will sit on 70 acres within one mile from West Point Lake and Campground. CIG Capital provided the loan to the development team, which includes Utah-based American Development Corp., which specializes in developing multifamily charter schools. The Villages will offer onsite parking facilities for residents’ boats, recreational vehicles and camp trailers. The developers plan to hold a ribbon-cutting ceremony in late August. West Point is situated near the Georgia-Alabama border along Interstate 85.

June 1, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Structures $23.6M Construction Financing Package for Affordable Housing Project in Madison

by Kristin Harlow June 1, 2020

MADISON, WIS. — Associated Bank has structured a $23.6 million financing package for the construction of a new affordable housing development in Madison that will serve veterans and their families. The financing included a $13.4 million construction loan and $9.4 million of low-income housing tax credit equity. The bank also sponsored a $750,000 affordable housing project grant from the Federal Home Loan Bank system. Bryan Schreiter of Associated Bank managed the loan and closing. The development, named Valor on Washington, will be situated at 1322 E. Washington Ave. Gorman & Co. is the developer, general contractor and property manager. Construction is underway with completion slated for September 2021. The 59-unit, six-story project will include 12 supportive housing units reserved for those making no more than 30 percent of the area median income. Lutheran Social Services will provide supportive services for these units. Dryhootch, a nonprofit dedicated to safe housing for veterans, will also provide a variety of services for residents.

June 1, 2020

Acquisitions Affordable Housing Iowa Midwest Multifamily

Affordable Housing Investment Brokerage Negotiates $2.8M Sale of Two Communities in Iowa

by Kristin Harlow May 27, 2020

WATERLOO, IOWA — Affordable Housing Investment Brokerage Inc. has negotiated the sale of two adjacent multifamily communities in Waterloo for $2.8 million. Mt. Carmel is a 13-building property totaling 50 units. It was originally built in 1980. Mt. Village is an eight-building property totaling 30 units that was built in 1992. Kyle Shoemaker and Dan Piatkowski of Affordable Housing Investment Brokerage represented both parties in the sale. A nonprofit organization purchased the communities from a private investor.

May 27, 2020

Affordable Housing Georgia Loans Multifamily Southeast

Berkadia Provides $16.2M Refinancing Loan for Affordable Housing Community in Atlanta

by Alex Tostado May 26, 2020

ATLANTA — Berkadia has provided a $16.2 million Freddie Mac refinancing loan for The Residences at City Center, a 182-unit affordable housing community in Atlanta’s Vine City neighborhood. The 10-year loan features a floating interest rate and five years of interest-only payments, followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom units that were recently renovated to include granite countertops, walk-in closets, stainless steel appliances and bay windows. Communal amenities include a pool, fitness center, laundry facilities, outdoor area with grilling stations and a dog park. The Residences is located at 55 Maple St. NW, adjacent to Mercedes-Benz Stadium. Andy Hill and Tyler Nowlin of Berkadia originated the loan on behalf of the borrower, Texas-based Domain Communities.

May 26, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Provides $20.7M HUD Loan for Refinancing of Affordable Housing Property Near Minneapolis

by Kristin Harlow May 26, 2020

ST. LOUIS PARK, MINN. — Dougherty Mortgage LLC has provided a $20.7 million HUD 221(d)(4) loan for the refinancing and rehabilitation of Oak Park Village, a 100-unit affordable housing property in St. Louis Park, just west of Minneapolis. All 100 units will be covered by a project-based Section 8 HAP contract. The property will undergo $4.7 million in renovations, including replacement of certain mechanical, plumbing and electrical systems and upgraded lighting. In addition to the HUD-insured first mortgage, the project utilized low-income housing tax credits and tax-exempt bonds. Dougherty & Co. LLC, an affiliate of Dougherty Mortgage, underwrote the bonds. The 40-year loan is fully amortized. Oak Park Village Partners LP was the borrower.

May 26, 2020

Affordable Housing Arizona Development Multifamily Western

Greenlight Communities Completes Two Affordable Housing Properties in Phoenix

by Amy Works May 20, 2020

PHOENIX — Greenlight Communities has completed the development of two affordable housing properties in Phoenix. Totaling 478 units, the properties are Cabana on Washington at 5300 E. Washington St. and Cabana on 12th at 4225 N. 12th St. Cabana on Washington features 226 units in a mix of studio, one- and two-bedroom layouts with rents starting at $899 per month. Cabana on 12th offers 252 units in a variety of studio, one- and two-bedroom floor plans with rents starting at $849 per month. Units at the communities feature stainless steel appliances, European wood-style cabinets, quartz countertops, nine-foot ceilings, wood-style and carpet flooring, keyless entry and a front porch or patio, among other features. Both properties offer a mix of community amenities including controlled access, gated entry, fitness center, exterior fitness circuits, swimming pools, co-work space, outdoor barbecues, laundry rooms with lounges, indoor bike storage with fix station, electric vehicle charging station, indoor mail room, covered parking, pet stations, Amazon parcel lockers, hammocks and Zen gardens. Greenlight Communities has affordable housing projects under construction and in the development pipeline in Scottsdale, Goodyear, Mesa and Chandler, Ariz. Real estate and development industry veterans Patricia Watts, Rob Lyles and Dan Richards launched the …

May 20, 2020

Affordable Housing Indiana Loans Midwest Multifamily

Arbor Provides $4.1M Loan for Refinancing of Affordable Housing Property in Indianapolis

by Kristin Harlow May 20, 2020

INDIANAPOLIS — Arbor Realty Trust Inc. has provided a $4.1 million Fannie Mae loan for the refinancing of Fountains West Cooperative in Indianapolis. Built in 1972, the 350-unit affordable housing property features a mix of one-, two- and three-bedroom floor plans. Michael Jehle of Arbor originated the 15-year, fixed-rate loan. The borrower was undisclosed.

May 20, 2020

Affordable Housing Illinois Midwest Multifamily

Evergreen Real Estate Group Expands Affordable Housing Management Portfolio in Midwest

by Kristin Harlow May 18, 2020

CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage affordable housing communities comprising a total of 971 units across Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin. The assignments include a mix of housing for families, seniors and disabled individuals. Evergreen’s management portfolio now totals 8,500 units across the country. The additional properties include: Oso Apartments, Humboldt Ridge Apartments, Independence Apartments and Northtown Apartments in Chicago; Oakridge Village Apartments in Antioch, Ill.; Homes Greenway Housing in Minneapolis; Eastridge Estates in Rochester, Minn.; Oak Park Village Apartments in St. Louis Park, Minn.; Pelham Manor in Toledo, Ohio; Golda Meir House in Milwaukee; and Greenview Gardens Apartments in Butler, Pa. Evergreen will oversee site-level operations. In some communities, Evergreen will spearhead capital improvements using low-income housing tax credits and other subsidies.

May 18, 2020

Acquisitions Affordable Housing Multifamily Texas

JLL Negotiates Sale of 844-Unit Affordable Housing Portfolio in San Antonio

by Taylor Williams May 13, 2020

SAN ANTONIO — JLL has negotiated the sale of a portfolio of five garden-style affordable housing properties totaling 844 units in San Antonio. The portfolio includes the 120-unit Roselawn Apartments; the 160-unit Spanish Spur Apartments; the 160-unit Villas of Pecan Manor; the 308-unit Westwood Plaza Apartments and the 96-unit Winston Square Apartments. The properties were built between 1960 and 1976 and feature an average unit size of 769 square feet across the portfolio. Moses Siller and Zar Haro of JLL represented the seller, locally based investment firm Terravista Partners, and procured the buyer, Pico Union Housing Corp. Anson Snyder of JLL arranged acquisition financing on behalf of the new ownership.

May 13, 2020

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