MINNEAPOLIS — Lupe Development Partners plans to break ground on an affordable housing project in the Whittier neighborhood of Minneapolis this spring. The start date for construction was unveiled after Lupe received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.4 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. The first of the two buildings will be located at 410 W. Lake St. and will include 111 affordable housing units. Nine of the units will be reserved for homeless veterans. Construction of Phase II, an identical building, is slated for 2020. To be eligible for housing, residents must meet income restrictions of $30,000 to $42,000 per year. Located close to the Midtown Greenway, the development will feature a green roof, solar panels, a fitness facility, a business center, community rooms, outdoor decks and a bike room with a repair station.
TIGARD, ORE. — KeyBank Real Estate Capital has arranged $26.6 million Fannie Mae loan for the construction of The Fields Apartments, an affordable multifamily property in Tigard. The planned Low-Income Housing Tax Credits (LIHTC) property will consist of five four-story buildings offering a total of 264 affordable units, as well as a separate common area building. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the fixed-rate loan for 2.5 years, with two six-month extension options.
MINNETONKA, MINN. — KeyBank Real Estate Capital has originated $39.5 million in construction financing for Legends of Minnetonka, an affordable housing property in Minnetonka. The project will consist of six stories and 262 age-restricted units. All of the units will be restricted to those earning up to 60 percent of the area median income. KeyBank provided a $32.4 million Freddie Mac tax-exempt loan and a taxable tail of $7.1 million. Jeff Rodman of KeyBank originated the fixed-rate financing. Upon conversion, the permanent loan will have a 15-year term and a 35-year amortization schedule.
NEW YORK CITY — Greystone has provided a $45 million bridge loan for three Section 8 affordable housing properties in Manhattan. The properties are located in Washington Heights, Morningside Heights, and West Harlem. The borrower was undisclosed. The financing will go toward preserving affordability for residents across the three properties through a new 30-year regulatory agreement with New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.
PROVIDENCE, R.I. — Standard Communities has acquired Curtis Arms Apartments, a 106-unit affordable housing community in Providence. The sales price was not disclosed. Standard Communities plans to invest more than $6 million to renovate and modernize the property, including updating unit interiors and upgrading buildings systems such as the roof and elevators. No residents will be displaced as a result of this work.
CHICAGO — Evergreen Real Estate Group has broken ground on Oso Apartments, a 48-unit affordable housing community in Chicago’s Albany Park neighborhood. Located at 3435 W. Montrose Ave., the five-story building will house 32 one-bedroom units and 16 two-bedroom units. First move-ins are scheduled for late summer 2019. Of the 48 units, 32 will be set aside for renters on Chicago Housing Authority’s waiting list. The remaining 16 units will be reserved for households earning up to 60 percent of the area median income. Amenities will include a public plaza, community room, in-building laundry, bike storage and 22 parking spaces. Chicago-based Canopy Architecture + Design served as the project architect. Evergreen Construction Co., a division of Evergreen Real Estate Group, will construct the property.
AURORA, ILL. — SunTrust Banks Inc. has provided a $5.6 million Fannie Mae loan for the refinancing of Fox Shore Apartments in Aurora, a suburb of Chicago. Built in 1970, the five-story building includes 94 units, all of which are designated affordable under Section 8 of the U.S. Housing Act. The property was 96 percent occupied at the time of the loan closing. Evan Hom of SunTrust originated the 10-year loan on behalf of the non-profit borrower.
CHICAGO AND WILLOWBROOK, ILL. — Avanath Capital Management LLC has acquired two affordable housing properties in metro Chicago totaling 668 units for $72.2 million. Avanath’s institutional fund, Avanath Affordable Housing III, was used to acquire the assets. The properties include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court in Chicago. Avanath plans to upgrade amenity spaces at both properties. Sellers were not disclosed. At the Hinsdale property, 100 percent of the rents are restricted for those earning no more than 60 percent of the area median income. At the Drexel property, resident incomes are restricted per the Illinois Housing Development Authority.
FORT WORTH, TEXAS — Hunt Capital Partners has closed an $11.9 million in LIHTC equity financing for the construction of The Vineyard on Lancaster, a 104-unit apartment project in Fort Worth. The property, which is expected to be complete by late 2019, will include commercial space for a medical clinic. The sponsor was Union Gospel Mission of Tarrant County, a Christian nonprofit organization.
CLEVELAND — KeyBank Community Development Lending & Investment has provided a $6 million construction loan for the acquisition and rehabilitation of the Stuyvesant Motor building in Cleveland. The borrower, Woda Cooper Communities, plans to transform the historic five-story building into Prospect Yard, a 42-unit affordable housing development. The property will serve persons earning at or below 60 percent of the area median income. Constructed in 1911, the building originally housed a production plant, service center, garage and storage for Stuyvesant Motor Co. Kelly Frank of KeyBank originated the loan. CREA, Woda Group and Ohio Housing Finance Agency provided additional funding for the project. Completion is slated for May 2019.