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Affordable Housing

Affordable HousingDevelopmentHawaiiMultifamilyTop StoriesWestern

State of Hawaii, Standard Communities Unveil $223.9M Plan to Rehabilitate 1,221 Affordable Housing Units

by Kristin Harlow

HAWAII — Standard Communities, in partnership with the State of Hawaii and Honolulu-based Stanford Carr Development, has unveiled a $223.9 million public-private partnership that will reposition 1,221 affordable housing units across six properties on the islands of Oahu, Hawaii and Maui. “Leveraging private funds through partnerships like this is a more efficient use of state resources,” says Gov. David Y. Ige. “It’s more cost effective to sell the leasehold interest and have Standard Communities and Stanford Carr Development bring private capital to pay for renovations and other capital improvements through the sale.” In the first transaction, Standard Communities acquired five of the six properties for a total of 995 units. The sixth is expected to close in the coming months. The seller was Hawaii Housing Finance and Development Corp. (HHFDC), a state-run agency. The new partnership preserves all the units as affordable housing for the long-term, though the exact length of that deal was not disclosed. The portfolio will undergo an $85 million rehabilitation. Residents will receive project-based rental assistance. As part of the rehabilitation, unit interiors will be renovated, building systems will be modernized and the common areas will be updated to house a comprehensive offering of services and …

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Affordable HousingLoansMultifamilyTexas

Hunt Provides $28.3M Loan for Refinancing of Houston Affordable Housing Community

by Taylor Williams

HOUSTON — Hunt Real Estate Capital has provided a $28.3 million Freddie Mac loan for the refinancing of Heights at Post Oak, a 940-unit affordable housing community in Houston. Built in 1972 on 39.4 acres, the property offers units that are all available to residents earning less than 60 percent of the area median income. The loan carries a sever-year term, floating interest rate and three years of interest-only payments. The borrower, Iliad Realty Group, will implement a value-add program over the next year, which will deliver upgrades to the interiors of vacant units, as well as new amenities such as a leasing office and fitness center. Sal Torre of Estreich & Co. arranged the funds with Hunt.

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Affordable HousingLoansMultifamilyNew YorkNortheast

KeyBank Closes $42M in Financing for Renovation of Affordable Housing Property in The Bronx

by Taylor Williams

NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.

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Affordable HousingLoansLumentMultifamilyORIXRED Capital GroupSeniors HousingTexas

Red Mortgage Arranges $22M Loan for Rehabilitation of Affordable Housing Portfolio in Texas

by Taylor Williams

TEXAS — Red Mortgage Capital, a division of ORIX Real Estate Capital LLC, has arranged a $22 million loan for the rehabilitation of 14 affordable housing properties totaling 556 units located across 12 rural Texas communities. Existing debt on the properties was also restructured as part of the deal. The borrower was a joint venture between Related Affordable, a division of Related Cos., and the Texas Housing Foundation (THF). The United States Dept. of Agriculture (USDA) provided the loan through its rural development program.

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AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

Wells Fargo Bank Closes $57.5M Sale of Affordable Housing Projects in California

by Amy Works

LOS ANGELES COUNTY AND WEST SACRAMENTO, CALIF. — New York City-based Manatt represented Wells Fargo Bank in its $57.5 million sale of 11 Low-Income Housing Tax Credit (LIHTC) projects in Los Angeles County and West Sacramento. Anita Sabine, Alison Weinberg-Fahey, Carl Grumer, Neil Faden, Simone Gross and Ben Ryzak of Manatt handled the transaction.

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Affordable HousingLoansMichiganMidwestMultifamily

Dougherty Provides $2.2M Refinancing for Affordable Housing Property in Flint, Michigan

by Kristin Harlow

FLINT, MICH. — Dougherty Mortgage LLC has provided a $2.2 million loan for the refinancing of Eagle Ridge Square in Flint. The 104-unit affordable housing property was built in 1999. All of the units are designated for residents who earn at or below 60 percent of the area median income. The property features a clubhouse, daycare facility, pool and garage parking. The 12-year loan features a 30-year amortization schedule. Eagle Ridge Square Apartments Limited Dividend Housing Association LLC was the borrower.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

CPP Completes $35.6M Rehabilitation of Affordable Housing Community Near Sacramento

by Amy Works

ANTELOPE, CALIF. — Community Preservation Partners (CPP) has completed the rehabilitation of Danbury Park Apartments, a 140-unit affordable housing community in Antelope, approximately 15 miles north of Sacramento. Located at 7840 Walerga Road, the community consists of 84 two-bedroom and 56 three-bedroom apartments. The $35.6 million rehabilitation includes an $18.5 million purchase and nearly $5 million in construction. Upgrades to the community include Energy Star appliances in each unit, an enhanced security system and new roofing. Built in 1996, without any units conforming to the Americans with Disabilities Act, CPP remodeled 14 units (10 percent of the community) to bring the units into compliance, widen the path of travel and make the amenities accessible. CPP acquired the property from Danbury Park LLC in 2018, with an equity investment from CPP’s parent company, WNC & Associates and Foundation for Affordable Housing.

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Affordable HousingDevelopmentMaineMultifamilyNortheastSeniors Housing

Hunt Capital Provides $2.1M Tax Credit Financing for Affordable Housing Project in Maine

by Taylor Williams

INDIAN ISLAND, MAINE— Hunt Capital Partners has provided $2.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Penobscot Elder Homes. The community will be located on Indian Island within the Penobscot Nation Reservation, approximately 12 miles northeast of Bangor. The development will provide 24 affordable housing apartments for seniors. Penobscot Elder Homes is Hunt Capital Partners’ 11th LIHTC investment in Indian Country and Penobscot Nation’s first LIHTC development. All units will be restricted to households that earn up to 50 and 60 percent of the area median income. The two-story development will also include a lobby with a common area as well as a community kitchen, community room and laundry rooms.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Bedrock, City of Detroit Complete Affordable Housing Project

by Kristin Harlow

DETROIT — Bedrock and the city of Detroit have completed an affordable housing project reserved for residents age 55 and above and who earn 30 to 60 percent of the area median income. This equates to earning $14,910 to $29,820 for a single person. Located within Detroit’s Brush Park neighborhood and part of Bedrock’s 8.4-acre City Modern development, The Flats at 124 Alfred is the first of six apartment buildings to be completed. The 54-unit building features one-bedroom floor plans that range from 600 to 735 square feet. Amenities include a fitness center, resident lounge, outdoor terrace and underground parking. Detroit-based Hamilton Anderson Associates designed the building. In 2017, Bedrock made a commitment to the city that 20 percent of its residential portfolio would be dedicated to affordable housing units. Bedrock plans to develop or rehabilitate a total of up to 3,500 residential rental units over the next several years, with 700 of those units designated as affordable housing.

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Affordable HousingLoansMidwestMultifamilyOhio

KeyBank Provides $29.9M Construction Financing for Three Affordable Housing Properties in Ohio

by Kristin Harlow

CINCINNATI AND DAYTON, OHIO — KeyBank Community Development Lending & Investment has provided a total of $29.9 million in construction financing for three affordable housing properties in Ohio. KeyBank provided a $9.9 million loan for the construction of Omega Senior Lofts, an 81-unit seniors independent living facility in Dayton. MVAH Partners is the developer. KeyBank also provided a $10.9 million construction loan for Commons at South Cumminsville, an 80-unit property in Cincinnati. Upon completion, 60 of the units will be reserved for individuals who meet the HUD definition of chronically homeless with the remaining 20 units targeting low-income residents with sensory or mobility impairments. All units at the property will benefit from 20-year Section 8 vouchers, enabling tenants to pay no more than 30 percent of their incomes toward rent. Lastly, KeyBank provided a $7.9 million construction loan and a $1.2 million Federal Home Loan Bank community investment program loan to Episcopal Retirement Services for the rehabilitation of Madison Villa, a 93-unit, age-restricted Section 8 property in Cincinnati. The Model Group is the project partner.

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