MERIDEN, CONN. — Rockport Mortgage, a Massachusetts-based multifamily finance firm, has arranged a $26 million loan for Yale Acres, a 162-unit affordable housing community in Meriden, about 20 miles south of Hartford. Proceeds of the loan will be used to renovate 155 existing units and fund construction of an additional seven. The financing was originated through HUD’s 221(d)(4) program and carries a fixed interest rate and a 40-year amortization schedule. An affiliate of Meriden-based Carabetta Cos. will act as the general contractor on the project, which is slated for completion in 2021.
LYNN, MASS. — Fantini & Gorga has arranged $12.6 million in permanent financing for Marian Gardens, a 94-unit affordable housing multifamily property in Lynn, about 12 miles northeast of Boston. The property was built in the 1960s and includes two-, three- and four-bedroom townhouse units. Tim O’Donnell, Jason Cunnane and Lindsay Feig of Fantini and Gorga arranged the loan. The borrower and lender in the transaction were undisclosed.
BRUNSWICK, GA. — Dougherty Mortgage LLC has provided a $7.3 million Fannie Mae acquisition and rehabilitation loan for Glynn Pines Apartments, an 88-unit affordable housing community in Brunswick. The 17-year loan features a 35-year amortization schedule, which was arranged for the borrower, Glynn Pines Housing Partners LP. The property includes 18 single-story buildings with one- and two-bedroom floor plans. Glynn Pines was built in 1970. The seller was not disclosed.
AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …
NEW YORK CITY — Exact Capital, a locally based finance and development firm, has completed the renovation and preservation of 333 affordable housing units spread across 19 buildings in The Bronx. As part of the project, the developer also renovated four retail spaces located within those properties, all of which rise between two and seven stories. Exact Capital partnered with Shepherd Restoration Corp. on the project, which enhanced roofs, refreshed common areas and upgraded kitchens and bathrooms. TD Bank provided financing for the project in conjunction with the New York City Department of Housing Preservation & Development and Community Preservation Corp.
CHICAGO — The Habitat Co. has assumed management of 18 affordable housing communities owned by the Chicago Housing Authority (CHA). The properties total 4,479 units and are scattered throughout Chicago’s West and South sides. Habitat Affordable Group, the company’s affordable housing division, now operates more than 12,000 units across three states. Of those, 8,215 units are owned by the CHA.
LAFAYETTE, IND. — RealAmerica Development LLC is developing H38 East Apartments, a 32-unit affordable housing project in Lafayette. The new development leverages the Indiana Housing and Community Development Authority program Moving Forward 2.0. This program is aimed at providing affordable, energy-efficient housing and transportation. All of the units will be priced affordably for low- to moderate-income individuals, with 30 units priced at 60 percent of the area median income (AMI) and two units priced at 50 percent AMI. The project will include solar power and geothermal features that use 35 percent less energy than a typical apartment development. Development partner Area IV Agency will provide an onsite life skills coach mentoring program that will assist families in education and career development. The community will include a classroom and technology center as well as a playground, fitness center and recreation area. Mortgage banking firm Merchants Capital secured an undisclosed amount of funding for the project. The city of Lafayette and Lafayette Housing Authority provided HOME funds and a tax abatement. Project costs are estimated at $7.4 million, according to the Lafayette Journal & Courier. A timeline for completion was not disclosed.
CHICAGO — Greystone has provided $70.4 million in permanent financing through Fannie Mae for Morningside North Apartments in Chicago. Under a 20-year Section 8 Housing Assistance Payments (HAP) contract, all of the units at the 256-unit community are reserved for very-low income families making up to 60 percent of the area median income. The Fannie Mae refinancing has a 17-year term. Financed under the Fannie Mae MBS (Mortgage-Backed Securities) as Tax-Exempt Bond program, the borrower received tax-exempt financing from the Illinois Housing Development Authority in the form of long-term bonds. Additionally, Aegon is providing $30.5 million in tax credit equity that will be utilized for planned renovations. The transaction qualifies for the Fannie Mae Green Rewards Program, as the borrower plans to reduce water usage by 30 percent and energy use by greater than 15 percent. Built in 1981, Morningside North Apartments is an 18-story community made of primarily one-bedroom units. Amenities include a library, clubroom, community room, laundry room and storage space.
HAILEY, IDAHO — KeyBank Community Development Lending and Investment (CDLI), along with KeyBank Real Estate Capital (KBREC), has secured $27 million to refinance and renovate Balmoral Apartments. The property is located in Hailey, a small city in central Idaho approximately 125 miles east of Boise. The financing included $10.1 million provided by CDLI, as well as $17.3 million from Freddie Mac arranged by KBREC’s commercial mortgage group. Completed in 2002, the property is a 192-unit, affordable garden-style apartment complex on four acres. Balmoral comprises 19 two- and three-story buildings offering five different floor plans with one-, two- and three-bedroom units. Site amenities include a clubhouse, fitness center, playground, picnic areas and access to an adjacent park with a soccer field and basketball courts. Dominium, which acquired the property in 2015, intends to moderately rehabilitate the property with a construction budget estimated at $52,000 per unit. The renovations will be conducted during a nine-month period while tenants are in place. Balmoral operates under the Section 42 LIHTC Program with seven units reseved for residents making up to 30 percent of area median income (AMI), 11 units at 40 percent AMI and 174 units at 60 percent AMI. Kelly Frank of Key’s …
AUSTIN, TEXAS — A joint venture between debt and equity provider The Community Development Trust, the Housing Authority of the City of Austin and its nonprofit affiliate, the Austin Affordable Housing Corp., has purchased The Bridge at Asher Apartments for $70 million. The 452-unit affordable housing community was built in 2003 and is located on the city’s southwest side. The seller was not disclosed. With this acquisition, the joint venture now owns 1,716 units of affordable housing in the state capital.