Affordable Housing

Bellwether Enterprise Provides $22M Construction Loan for Affordable Housing Development in Hampton, Virginia

by Alex Tostado October 11, 2019

HAMPTON, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $22 million Virginia Housing Development Authority (VHDA) construction loan for Monroe Gates Apartments, a planned 162-unit residential complex in Hampton. The property will offer eight two-story townhomes, four carriage homes and 150 one- and two-bedroom floor plans, 20 percent of which will be priced as affordable housing. The site is located at 200 S. Mallory St., two miles east of downtown Hampton and two miles west of the 409-year-old Fort Monroe. Communal amenities will include a clubhouse, fitness center, media room, conference facilities, dog park and a swimming pool. Kelly Martone of Bellwether originated the 35-year loan on behalf of the borrower, The Whitmore Co.

October 11, 2019

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 110-Unit Affordable Housing Community Near Tampa

by Alex Tostado October 7, 2019

DADE CITY, FLA. — Housing Trust Group (HTG) has broken ground on Osprey Pointe, a 110-unit affordable housing community in Dade City, 40 miles north of downtown Tampa. Located at 13021 U.S. Highway, the property will offer 99 units for those making 60 percent or below the area median income (AMI), while 11 units will be reserved for those making at or below 40 percent AMI. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $544 to $1,044 per month. Communal amenities will include a fitness center, dog park, green space, gathering rooms and swimming pool. HTG expects the first units to be ready in April 2020. Financing for the $32.8 million development comes from a combination of 4 percent low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a $50,000 SHIP loan, and Florida Housing Finance Corp. provided $6 million in SAIL funds and $556,900 in ELI funds.

October 7, 2019

Affordable Housing Development Illinois Midwest Multifamily

Urban Innovations Completes Construction of 16-Unit Affordable Housing Project in Evanston, Illinois

by Kristin Harlow October 7, 2019

EVANSTON, ILL. — Urban Innovations Ltd. has completed construction of a ground-up, 16-unit affordable housing project in Evanston on behalf of Housing Opportunities for Women (HOW). The three-story building is located at 1305 Pitner Ave. Amenities include community space on each floor, first-floor storage units, laundry facilities and parking. Michael Newman of SHED Studio served as the architect. North Wells Capital is the investment affiliate of Urban Innovations. HOW is a Chicago-based nonprofit that provides affordable housing solutions and poverty prevention strategies.

October 7, 2019

Affordable Housing Loans Multifamily New Jersey Northeast

NorthMarq Secures $69M Refinancing for Four Affordable Housing Properties in New Jersey

by Alex Patton September 23, 2019

NEW JERSEY — NorthMarq has secured a $69 million loan for the refinancing of four affordable housing properties all in Hudson County, a western suburb of New York City. The properties include Church Square South, an 81-unit property in Hoboken; Eastview Apartments, a 79-unit property also in Hoboken; New Floral Gardens, a 91-unit property in North Bergen; and Parkview East, a 71-unit property in Weehawken. Gary Cohen of NorthMarq secured the refinancing through two New Jersey-based banks. The borrower was not disclosed.

September 23, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Secures $16M Construction Financing for Affordable Housing Property in Minneapolis

by Kristin Harlow September 20, 2019

MINNEAPOLIS — Merchants Capital has secured $16 million in construction and permanent financing for The Redwell, a 109-unit affordable housing property in the North Loop District of Minneapolis. The financing includes a Merchants Bank of Indiana construction loan and a Fannie Mae mortgage-backed security as tax-exempt bond (M.TEB) forward loan. This type of Fannie Mae loan can be used to finance the new construction and rehabilitation of multifamily affordable housing properties. Financing also included $7.9 million in low-income housing tax credit equity. Schafer Richardson and WNC were the borrowers. The Redwell will rise six stories and include first-floor commercial space. The Minneapolis Public Housing Authority (MPHA) will provide 22 Section 8 vouchers whereby households will pay 30 percent of their income toward rent, with the balance paid by federal subsidies administered by MPHA. The remaining units will be priced at the fair-market rate for 60 percent of the area median income.

September 20, 2019

Acquisitions Affordable Housing Georgia Multifamily Southeast

Legacy Shamrock Community Sells Affordable Housing Property in Atlanta for $23.5M

by Alex Tostado September 12, 2019

ATLANTA — Legacy Shamrock Community has sold Shamrock Gardens, a 344-unit affordable housing community in Atlanta, for $23.5 million. Built in 1967, Shamrock Gardens is an all-brick property offering one-, two- and three-bedroom floor plans. Communal amenities include a community center, computer room, two playgrounds, onsite laundry facilities, community garden and an orchard. The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is near Camp Creek Market and Hartsfield-Jackson Atlanta International Airport. Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown and Bo Brown of Greystone Brown Real Estate Advisors represented the seller in the transaction and procured the buyer, Alcott Capital. Greystone also provided a 10-year, $19.3 million Fannie Mae acquisition loan to Alcott.

September 12, 2019

Affordable Housing Development Loans Multifamily Western

WNC Closes $210M in Institutional LIHTC Funds to Develop, Renovate More Than 1,900 Affordable Housing Units

by Amy Works September 6, 2019

IRVINE, CALIF. — WNC, a provider of investment, asset management and development services in the affordable housing industry, has closed two institutional Low-Income Housing Tax Credit (LIHTC) funds. WNC Institutional Tax Credit Fund 47 (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17 (CA 17) total approximately $210 million in equity. Together, the equity from the funds will be used to develop and renovate more than 1,900 affordable housing units in the United States. WNC Corp. 47 raised $134.6 million in equity, and CA 17 raised $75.5 million. The closure of the funds brings Irvine-based WNC’s total equity raised since inception to approximately $5.2 billion. The properties that will be funded are located in Arkansas, California, Colorado, Connecticut, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Virginia and Wyoming. The assets will include multifamily and seniors housing projects in urban, suburban and rural areas. One project of note is Mason Square Apartments II in Springfield, Mass., which is an adaptive reuse of two historic buildings — the former Indian Motorcycle manufacturing mill complex constructed in 1890 and the Masson Square Fire House, originally constructed in 1920. Another notable project is Park West Estates in Los Angeles County, Calif. …

September 6, 2019

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers Phase II of Affordable Housing Complex in Central Florida

by Alex Tostado September 6, 2019

BROOKSVILLE, FLA. — Housing Trust Group has delivered Phase II of Freedom Gardens, an affordable housing complex in Brooksville. Phase II comprises 94 units, bringing Freedom Gardens to a total of 190 units. A majority of the units are reserved for residents earning 60 percent of the area median income (AMI), while 10 units are reserved for those making 40 percent of the AMI. The community offers one-, two- and three-bedroom floor plans, with monthly rents ranging from $503 to $1,045 per month. Freedom Gardens is located at 932 Freedom Way, about 50 miles north of downtown Tampa. Phase II was financed with an $8.4 million construction loan from CitiBank backed with a Multifamily Mortgage Revenue Note from Florida Housing Finance Corp., permanent financing from CitiBank of up to $5.2 million, $5.9 million of 4 percent low income housing tax credit (LIHTC) equity through Raymond James, a $5.5 million State Apartment Incentive Loan (SAIL) and a $493,400 Extremely Low Income (ELI) loan, both through Florida Housing Finance Corp.

September 6, 2019

Acquisitions Affordable Housing Multifamily New York Northeast

CBRE Arranges $48.3M Sale of Affordable Housing Community in Yonkers, New York

by Alex Patton September 4, 2019

YONKERS, N.Y. — CBRE has arranged the $48.3 million sale of Parkledge, a 311-unit affordable housing community Yonkers, a northern suburb on New York City. The property features one-, two-, three- and four-bedroom apartments and was 97 percent occupied at the time of sale. Ninety percent of the units restrict potential tenants to 60 percent area median income. Tim Flint, Jeff Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the transaction, which was undisclosed. The buyer was Hudson Valley Property Group.

September 4, 2019

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Secures $21.4M for Renovation of Affordable Housing Development in Indiana

by Kristin Harlow August 28, 2019

EVANSVILLE, IND. — Merchants Capital has secured $21.4 million for the renovation of Carriage House of Evansville, a Section 8 housing development in southern Indiana. The financing involved a Fannie Mae mortgage-backed security as collateral for new tax-exempt bonds (M.TEB). Additionally, PNC Bank provided 4 percent low-income housing tax credits. Fannie Mae’s M.TEB solution provides borrowers with a lower interest rate and significant savings over the life of the loan, offering a loan-to-value ratio of up to 90 percent. This type of loan can be used to finance the construction, acquisition or rehabilitation of multifamily affordable housing properties. CRG Residential is the general contractor for the renovations. Updates include new flooring, cabinetry, countertops, energy-efficient light fixtures, bathroom renovations and new appliances. Plans also call for the addition of a bark park, picnic area, fitness center and internet café. Gene B. Glick Co. is the borrower. Carriage House of Evansville dates back to 1978 and serves tenants at 60 percent of the area median income or less. Renovations are set to begin immediately.

August 28, 2019

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