Affordable Housing

Woda Cooper to Develop Affordable Housing Complex in Portsmouth, Virginia

by Alex Tostado August 14, 2020

PORTSMOUTH, VA. — Woda Cooper Cos. will develop Holley Pointe, a 50-unit affordable housing complex in Portsmouth. The Columbus, Ohio-based developer expects the project to cost $10.9 million and to be complete in summer 2021. The Virginia Housing Authority provided Low-Income Housing Tax Credits to support the development, which will offer two- and three-bedroom floor plans. The community will be open to families, singles and seniors earning 80 percent or less of the area median income (AMI). Rents are projected to range from $710 and $1,135 per month. In addition, there will be 6,500 square feet of commercial space on the ground level. Hooker DeJong Architecture designed the building, Hoggard-Eure Associates is the civil engineer and Woda Construction Inc. is the general contractor. Woda Cooper’s management division will oversee day-to-day operations.

August 14, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Bellwether Enterprise Arranges $20.5M in Financing for Preservation of Nine Affordable Housing Properties in Chicago

by Kristin Harlow August 6, 2020

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has arranged $20.5 million in financing for the rehabilitation and preservation of nine affordable housing properties in the West Town and Humboldt Park neighborhoods of Chicago. The nine properties are collectively known as Victory Apartments and span 107 units. Victor Agusta of Bellwether arranged an FHA loan on behalf of the borrower, Bickerdike Redevelopment Corp. The financing also included tax-exempt bonds, a 4 percent low-income housing tax credit and a subordinate mortgage from the Illinois Housing Development Authority. The existing Section 8 Housing Assistance Payments contract was renewed for 20 years.

August 6, 2020

Affordable Housing Development Multifamily New Jersey Northeast

Walters Completes 60-Unit Affordable Housing Project in Coastal New Jersey

by Taylor Williams July 31, 2020

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.

July 31, 2020

Acquisitions Affordable Housing Indiana Midwest Multifamily

Colliers Brokers $8.5M Sale of Affordable Housing Property in Shelbyville, Indiana

by Kristin Harlow July 31, 2020

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.

July 31, 2020

Affordable Housing Development Massachusetts Multifamily Northeast

Vitus Underway on 82-Unit Affordable Housing Redevelopment in Boston

by Taylor Williams July 28, 2020

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.

July 28, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Greystone Provides $30.8M Freddie Mac Loan for Expansion of Affordable Housing Property Near Minneapolis

by Kristin Harlow July 28, 2020

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.

July 28, 2020

Affordable Housing Loans Louisiana Multifamily Southeast Walker & Dunlop

Walker & Dunlop Secures $23M Financing for Affordable Housing Complex in New Orleans

by Alex Tostado July 24, 2020

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.

July 24, 2020

Affordable Housing Development Georgia Multifamily Southeast

Cabretta Capital Provides $28M in Equity for Affordable Housing Project Underway in Atlanta

by Alex Tostado July 22, 2020

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.

July 22, 2020

Affordable Housing Development Indiana Midwest Multifamily

Annex Group Opens 51-Unit Affordable Housing Community in Kokomo, Indiana

by Kristin Harlow July 20, 2020

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.

July 20, 2020

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $22.6M in Financing for Affordable Housing Project in Metro Boston

by Taylor Williams July 9, 2020

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.

July 9, 2020

Newer Posts

Older Posts