Saturday, July 4, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Affordable Housing

Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Lupe Development Partners Completes Exterior Construction of Affordable Housing Project in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Lupe Development Partners has topped off the sixth floor and completed exterior construction of its Lake Street Dwelling project in the Uptown neighborhood of Minneapolis. The leasing office is now open, and residents are expected to begin move-ins in November. Lake Street Dwelling is the first phase of a mixed-income housing campus under development at the northeast corner of Lake Street and Harriet Avenue. Phase I includes 111 affordable housing units, with nine units reserved for homeless veterans. To qualify, residents will need to meet the annual income restriction of $30,000 to $42,000. Amenities will include a green roof, fitness facility, business center, community room and bike repair station. Frana Cos. is the general contractor. Lupe is partnering with Hennepin County and the nearby Ballentine VFW Post 246. Plans for phases II and III include a 132-unit market-rate building and a 95-unit affordable building.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Ryan Cos., PPL Close on Land Site for 136-Unit Affordable Housing Development in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — Ryan Cos. US Inc., in conjunction with Project for Pride in Living (PPL), has completed the land acquisition for the development of a 136-unit affordable housing project in St. Paul. Phase I calls for 60 units of supportive housing for residents who earn 30 percent or less of area median income. Phase II will consist of 76 units of workforce housing. Construction on both phases is expected to begin in 2021. The next step is for PPL to submit a public funding application with Minnesota Housing in July.

Continue Reading
FacebookTwitterLinkedinEmail
Cinnamon-Ridge-Ontario-CA
AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

TMG Brokers $15.5M Sale of Affordable Housing Property in California’s Inland Empire

by Amy Works

ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingIllinoisLoansMidwestMultifamily

Bellwether Enterprise Provides $28.8M Acquisition Loan for Affordable Housing Property in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Bellwether Enterprise Real Estate Capital LLC has provided a $28.8 million Freddie Mac loan for the acquisition, rehabilitation and preservation of Elmhurst Terrace, a 315-unit affordable housing property in Elmhurst. Phil Melton of Bellwether Enterprise’s Dallas office originated the 10-year, fixed-rate loan. Developer Cohen-Esrey was the borrower. In addition, Bellwether’s parent company, Enterprise Community Investment Inc., along with BMO Harris Bank and Cohen-Esrey, have invested $17 million for the rehabilitation and preservation. Located about 20 miles south of downtown Chicago, Elmhurst Terrace was originally constructed in 1947. Monthly rents range from $975 to $1,400. Unit renovations will include new kitchen appliances and finishes, flooring and light fixtures. Plans also call for exterior improvements as well as the addition of a pet park and barbecue stations. The renovations are scheduled for completion in the next one to two years.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingGeorgiaMultifamilySoutheast

Joint Venture Acquires Affordable Housing Community in Atlanta for $25M, Plans $16.5M Renovation

by Alex Tostado

ATLANTA — A joint venture between Jonathan Rose Cos., Columbia Residential and SUMMECH Community Development Corp. has acquired City Views at Rosa Burney Park near downtown Atlanta. The Section 8 and low-income housing tax credit (LIHTC) community comprises 181 units reserved for residents earning 40, 60 or 80 percent of the area median income (AMI). City Views, which offers two- to five-bedroom floor plans, is situated at 259 Richardson St. SW, a mile from downtown Atlanta. The new ownership is planning a $16.5 million upgrade, which will include new roofs, windows, elevators and façade. There will also be brick repairs and repainting, as well as improved Americans with Disabilities (ADA) accessibility, HVAC and plumbing. Apartment interiors will also be completely renovated, including new LVT flooring, kitchens, bathrooms, Energy Star appliances, low-flow plumbing fixtures and LED light fixtures. Additionally, several thousand square feet of community space that was previously closed off and used for storage will be reactivated, including a fitness center, craft room, package room, upgraded laundry facilities, community room with warming kitchen and free Wi-Fi, a computer learning center and updated management and resident services offices. Residents will be temporarily relocated off-site on a rolling basis, in durations of fewer …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIllinoisMidwestMultifamily

Joseph J. Duffy Co., Safeway Construction Underway on $14.9M Affordable Housing Project in Chicago

by Kristin Harlow

CHICAGO — Joseph J. Duffy Co. and Safeway Construction Co. Inc. are underway on the construction of Hope Manor Village, a $14.9 million affordable housing project in Chicago’s Englewood neighborhood. The nonprofit organization Volunteers of America Illinois is the developer. Worn Jerabek Wiltse Architects PC is the project architect. Plans call for 28 two-bedroom units and 10 three-bedroom units. This is the fourth Hope Manor project that Joseph J. Duffy Co. has built for the developer.

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingFloridaLoansMultifamilySoutheast

KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida

by Alex Tostado

FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingMultifamilySoutheastVirginia

Ross Cos. Negotiates Sale of 152-Unit Affordable Housing Community in Newport News, Virginia

by Alex Tostado

NEWPORT NEWS, VA. — Ross Cos. has negotiated the sale of Woodlands at Oyster Point, a 152-unit affordable housing community in Newport News. The property was built in 1978 and offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, public transportation, a playground and 24-hour laundry services. Allagash Opportunity Zone Partners LLC acquired the property for an undisclosed amount. Ross Cos. will manage the property, as well as oversee a year-long renovation program that has budgeted $40,000 per unit in upgrades. The team will also upgrade communal amenities. The community is situated at 819 Forrest Drive, one mile south of downtown Newport News. The seller and sales price were not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
1939-Market-St-San-Francisco-CA
AcquisitionsAffordable HousingCaliforniaDevelopmentMixed-UseMultifamilyRetailWestern

City of San Francisco Invests $12M to Buy Site for Future Affordable Housing Development

by Amy Works

SAN FRANCISCO — The City of San Francisco has purchased a 0.27-acre mixed-use development site on two parcels located at 1939 Market St. at Duboce Avenue in San Francisco. Sheet Metal Workers Local 104 Union Hall sold the site for $12 million. As part of the transaction, Sheet Metal Workers agreed to lease back the property for 24 months. The City plans to develop a mixed-use development on the site. Upon completion, the project will offer 100 percent permanent affordable housing, which would likely serve low-income seniors, and ground-floor activation opportunities. The site currently consists of a surface parking lot and a two-story office building that will be demolished to develop the housing project. Additionally, the parcels are located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores with a zoning allowance that places no limits on unit density and allows for the construction of structures up to 85 feet in height. The City of San Francisco acquired the property with funds from the Educational Revenue Augmentation Fund and would draw from the $600 million Affordable Housing Bond passed in November to finance the construction of the housing project. Jason Parr, Mark McGranahan and Scott MacDonald of Cushman …

Continue Reading
FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentLoansMultifamilyWashingtonWestern

KeyBank Secures $13.7M in Financing for Affordable Housing Development in Washington

by Amy Works

EVERETT, WASH. — KeyBank Commercial Development Lending and Investment (CDLI) has arranged $13.7 million in construction financing on behalf of Compass Health to develop Broadway Permanent Supportive Housing, an affordable housing property in Everett. The borrower is a community-based healthcare agency that integrates behavioral health and medical care services to support clients. Situated next to the Compass Health campus, the project will be a five-story, 82-unit permanent supportive housing facility that will provide services for mentally ill homeless people. The facility will feature four floors of housing above 3,000 square feet of commercial space with offices for services, management and administration. All units, which will include kitchens and baths, will be 388-square-foot studios, except for a three-bedroom manager’s unit. Residents will participate in a coordinated chemical dependency or mental health treatment plan and will have access to case management connecting them with supportive services on-site and at the Bailer Center facility, located next door. A portion (66) of the units will be limited to people earning 30 percent or less of the area median income (AMI), including eight vouchers reserved for homeless veterans, and 15 units will be allocated for people earning 50 percent of AMI or less. Brett Sheehan …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts