Affordable Housing

Evergreen Real Estate Group to Manage Nine Affordable Housing Properties in Midwest

by Kristin Harlow January 7, 2019

CHICAGO — Evergreen Real Estate Group has been retained to manage nine affordable housing communities totaling 1,071 units across Illinois, Kansas, Ohio and Wisconsin. The properties include a mix of affordable housing for families, seniors and people with disabilities. Chicago-based Evergreen now manages more than 8,500 units across the country. The new assignments include: Brookhaven Apartments in Gurnee, Ill.; Carter Manor Apartments in Cleveland; Johnstown Towers in Salina, Kan.; Oakdale Plaza Apartments in Salina, Kan.; Legacy Lofts in Milwaukee; The Martha Washington Apartments in Chicago; Martin Avenue Apartments in Council Grove, Kan.; and Neilan Park Apartments in Hamilton, Ohio. As property manager, Evergreen will oversee operations. Additionally, in some communities Evergreen will make improvements and upgrades to the buildings using low-income housing tax credits and other subsidies.

January 7, 2019

Affordable Housing Loans Midwest Minnesota Multifamily

Merchants Capital Arranges $19.7M Development Financing for Affordable Housing Community in Minnesota

by Kristin Harlow January 4, 2019

ROCHESTER, MINN. — Merchants Capital has arranged $19.7 million in development financing for Technology Park Apartments, a 164-unit affordable housing community in Rochester. Freddie Mac provided the 10-year loan, which was its first-ever non-LIHTC forward commitment loan. The interest rate was locked at the closing of the construction loan. Forty percent of the property will be priced affordably for individuals earning an annual income of $40,000 or 60 percent of the area median income, while 35 percent will be set aside for individuals earning about $55,000 per year. The remaining units will be priced slightly below the current market value. The Greater Minnesota Housing Fund also contributed $3.4 million for the development. The monthly rent is expected to be $1,150 for a two-bedroom unit. Real Estate Equities was the borrower.

January 4, 2019

Affordable Housing Development Multifamily Texas

Hunt Capital Provides $13.4M Equity Investment for El Paso Affordable Housing Development

by Taylor Williams December 21, 2018

EL PASO, TEXAS — Hunt Capital Partners has provided $13.4 million in equity financing for the development of Medano Heights, a 141-unit affordable housing project in El Paso. Construction of the property is expected to be complete by December 2019. Hunt Capital Partners provided the equity in collaboration with the Housing Authority of the City of El Paso and Versa Development LLC, which is leading the development effort.

December 21, 2018

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Secures $17.4M Construction Financing for Affordable Housing Development in Portage, Michigan

by Kristin Harlow December 21, 2018

PORTAGE, MICH. — KeyBank has secured a total of $17.4 million in low-income housing tax credit financing for the construction of Selinon Park Apartments in Portage, just south of Kalamazoo. The development will include 75 affordable housing units serving households that earn 30 to 60 percent of area median income. Full Circle Communities was the borrower. Stephen Sparks and Jeff Rodman of KeyBank originated the financing, which included a $13.5 million construction loan and a $3.9 million Freddie Mac taxable permanent loan with a 15-year term and 35-year amortization schedule.

December 21, 2018

Affordable Housing Development Features Multifamily

As Affordable Housing Demand Grows, Developers Struggle to Keep Up

by Jeff Shaw December 20, 2018

A shortage of more than 7.2 million affordable housing units exists nationwide for households with incomes at or below the poverty level, defined as 30 percent of area median income, according to the National Low Income Housing Coalition. But finding affordable housing is not just an issue for impoverished people. Typically, renters who earn up to 60 percent of area median income are also eligible to live in affordable housing properties. Clearly, affordable housing developers are in demand. The challenge they face is figuring out how to make their projects financially feasible amid rising construction costs and an intense regulatory process. After all, these are low-income producing properties. “In the affordable world, we know there’s a need, but how can we finance it?” asks Charlton Hamer, senior vice president of The Habitat Company’s Affordable Group in Chicago. “It takes all sorts of initiatives, policies and incentives to help fill the gap and help finance these developments.” For David Cooper, managing director of Columbus, Ohio-based Woda Cooper Cos. Inc., which exclusively develops and owns affordable housing units, the most immediate solution to today’s affordable housing crisis is more financial resources. Nearly all the new affordable housing built in the United States is …

December 20, 2018

Affordable Housing California Development Multifamily Western

NAI Capital Arranges 99-Year, $287M Ground Lease for Affordable Housing Project in Santa Ana

by Amy Works December 18, 2018

SANTA ANA, CALIF. — NAI Capital’s Irvine, Calif., office has arranged a 99-year ground lease for a 6.8-acre affordable housing development project in Santa Ana. David Knowlton and Kirby Greenlee of NAI Capital represented the lessor, Broomell Commercial Properties, and lessee, Alexis Gevorgian of AMG & Associates, The Pacific Cos. and Jamboree Housing. Valued at $287 million, the ground lease includes three parcels located at 2110, 2114 and 2020 E. First St. in Santa Ana. The buyer plans to develop two six-story buildings featuring 552 workforce housing units and approximately 10,000 square feet of ground-floor retail space. Once complete, the development will be one of the largest affordable housing projects in the state of California. Construction is slated to begin in early 2019.

December 18, 2018

Affordable Housing Development Loans Massachusetts Multifamily Northeast

Pennrose Breaks Ground on $23M Affordable Housing Community on Cape Cod

by David Cohen December 12, 2018

EASTHAM, MASS. — Penrose has broken ground on Village at Nauset Green in Eastham. The $23 million project will consist of 65 affordable and workforce housing units spread across more than 11 acres. The property will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the area median income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families set at rents equal to 90 percent of AMI. Pennrose Management Co. will provide on-site management and maintenance, as well as supportive services geared toward both senior and family populations. Amenities include a community room, community garden and a pocket park at the front of the site to be used by all residents of Eastham and users of the nearby Cape Cod Rail Trail. Funding for the project included $10 million over 10 years in federal low-income housing tax credits and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development. A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage …

December 12, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $87M for Revitalization of Two Affordable Housing Developments in Cincinnati

by Kristin Harlow December 5, 2018

CINCINNATI — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $87 million for the acquisition and revitalization of two affordable housing developments in Cincinnati. Avondale Properties is a Section 8 development that includes Burton Apartments, Entowne Manor, Founders Home and Georgia Morris, containing a total of 209 units that are scattered along a main thoroughfare in the Avondale neighborhood. Alms Hill Apartments is a single building that contains 200 affordable units. Both properties are more than 40 years old.The borrower, Related Cos., plans to keep all 409 units as affordable for families earning up to 60 percent of the area median income. Between the two developments KeyBank provided $21 million in low-income housing tax credit equity, $38 million in construction financing and $28 million in Fannie Mae financing. The Ohio Housing Finance Agency issued the tax-exempt bonds. KeyBanc Capital Markets underwrote the publicly offered tax-exempt bonds. Victoria O’Brien, Kyle Kolesar, Dirk Falardeau and Sam Adams of KeyBanc Capital Markets arranged the financing.

December 5, 2018

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

MassHousing Provides $45.7M Acquisition Loan for Affordable Housing Portfolio in Metro Boston

by David Cohen November 27, 2018

BOSTON — MassHousing has provided $45.7 million in acquisition and rehabilitation financing for a 201-unit affordable housing portfolio in Roxbury and Dorchester. The housing portfolio, formerly owned by the late Lorenzo Pitts, includes the Lawrenceville Apartments, Infill I, Infill II, Crawford House, Thane Street Apartments and the Gardner Apartments. MassHousing provided the borrower, Jamaica Plain Neighborhood Development Corporation (JPNDC), with a $26 million construction and permanent loan, an $18 million tax credit equity bridge loan and a $1.7 million Section 13A preservation loan. JPNDC will make extensive capital improvements as part of the transaction including masonry repairs, kitchen upgrades and bathroom upgrades, as well as updates to the electrical and plumbing systems. Of the 201 units in the portfolio, 175 are affordable to households earning at or below 60 percent of the area median income (AMI) and 26 apartments are affordable to households earning at or below 80 percent of AMI. The AMI for Boston is $107,800 for a family of four.

November 27, 2018

Affordable Housing Loans Michigan Midwest Multifamily

KeyBank Provides $18.1M Refinancing for Affordable Housing Property in Southfield, Michigan

by Kristin Harlow November 27, 2018

SOUTHFIELD, MICH. — KeyBank Real Estate Capital has provided an $18.1 million Freddie Mac loan for the refinancing of Pebble Creek Apartment Homes in Southfield. The 256-unit affordable housing property is comprised of 17 two-story buildings on 15 acres. The property was developed in 1996 under the Low-Income Housing Tax Credit (LIHTC) program. All of the units are restricted to those earning up to 60 percent of the area median income. Tim Weldon of KeyBank originated the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.

November 27, 2018

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