Affordable Housing

Dougherty Provides $2.1M Fannie Mae Loan for Refinancing of Affordable Housing Property in Nebraska

by Kristin Harlow September 5, 2018

NORTH PLATTE, NEB. — Dougherty Mortgage has provided a $2.1 million Fannie Mae loan for the refinancing of Pacific Place Apartments in North Platte. The 64-unit affordable housing property is situated on 3.8 acres in central Nebraska. Built in 1997, the property includes two buildings with a children’s playground and two laundry facilities. The 10-year loan, under Fannie Mae’s Multifamily Affordable Housing program, features a 30-year amortization schedule. North Platte Housing Partners LLC was the borrower.

September 5, 2018

Acquisitions Affordable Housing California Multifamily Western

AHF Buys Historic Hotel in Downtown Los Angeles to Repurpose as Affordable Housing

by Amy Works August 27, 2018

LOS ANGELES — AIDS Healthcare Foundation (AHF), through Healthy Housing Foundation by AHF, has purchased the historic Biltmore hotel located at 501 S. Los Angeles St. in downtown Los Angeles. The purchase price and seller were not disclosed. The buyer plans to convert 204-room hotel into residential units for homeless or extremely low-income individuals. Built in 1910, the hotel is the fourth property acquired by the Healthy Housing Foundation since October 2017 for use as homeless or low-income housing. Currently, the hotel has 76 tenants in residence, who will remain in place. The non-profit organization also owns the 150-room King Edward Hotel, the 202-room Madison Hotel and the 27-room Sunrise on Sunset hotel in Los Angeles.

August 27, 2018

Affordable Housing Loans Multifamily Texas

Bellwether Provides $23M Construction Loan for Affordable Housing Asset in San Antonio

by Taylor Williams August 15, 2018

SAN ANTONIO — Bellwether Enterprise Real Estate Capital LLC has provided a $23 million Fannie Mae loan for St. Johns Apartments, a 228-unit affordable housing community in San Antonio. The proceeds will be used to fund new construction and adaptive reuse of a historic 1920s-era Catholic seminary building and two smaller existing structures. The project will deliver 176 units that will be leased at restricted rents and 52 units that will command market-rate rents. Hadley Bressman of Bellwether secured the loan, which carries a fixed interest rate and a 35-year amortization schedule. The borrower was not disclosed.

August 15, 2018

Affordable Housing Loans Multifamily Texas

KeyBank Secures $38.4M for Construction of Affordable Housing Asset in Austin

by Taylor Williams August 14, 2018

AUSTIN, TEXAS — KeyBank has secured $38.4 million for the construction of Del Valle Apartments, an affordable housing community in Austin. The project will be developed in a public-private partnership between NRP Group and Strategic Housing Finance Corp. of Austin County. Key’s Commercial Mortgage Group secured a $29.4 million Freddie Mac Tax Exempt Loan (TEL) that follows a three-year forward commitment with one, six-month extension. Upon conversion to a permanent loan, the TEL will carry a fixed interest rate and a 35-year amortization schedule. KeyBank Community Development Lending and Investment also provided a $9 million equity bridge loan for the development, which will consist of 302 units, 286 of which will be reserved for residents earning 60 percent or less of the area median income. The developers are also reserving seven units for households earning 40 percent of the AMI and nine units for households earning 30 percent. Kyle Kolesar and Jeff Rodman of KeyBank arranged the project’s financing. Navistone Partners and U.S. Bank also provided additional sources of financing for the development.

August 14, 2018

Affordable Housing Loans Multifamily New York Northeast Property Type

KeyBank Provides $19.6M Construction Loan for Affordable Housing Community in New York

by David Cohen July 23, 2018

COHOES, N.Y. — KeyBank has provided $19.6 million in financing for the development of Mosaic Village, a 68-unit affordable housing community in Cohoes. KeyBank provided a $10.7 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit equity for the borrower, Vecino Group. When completed, Mosaic Village will include 68 one-, two- and three-bedroom units for individuals and families earning between 30 and 80 percent of the area median income. A number of units will also be available for individuals with mobility impairments who meet the Empire State Supportive Housing Initiative homeless criteria. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corporation and Community Preservation Corporation.

July 23, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $15.5M in Financing for Affordable Housing Community in Rochester

by David Cohen July 2, 2018

ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.

July 2, 2018

Affordable Housing Loans Multifamily Texas

Hunt Mortgage Provides $12M Fannie Mae Loan for Affordable Housing Community in Dallas

by John Nelson June 18, 2018

DALLAS — Hunt Mortgage Group has provided a $12 million Fannie Mae loan for the refinancing of Cornerstone Apartments, a 240-unit affordable housing community in Dallas. Situated at 2606 Community Drive and 9709 and 9720 Starlight Road, Cornerstone was built in three phases between 1968 and 1976. Two of the phases were redeveloped in 1992 and 1995 through the Low-Income Housing Tax Credit program. The third phase comprises 38 market-rate apartment units without affordability restrictions. Community amenities include an on-site management/leasing office, four laundry rooms, a swimming pool and playground. Dallas-based Churchill Capital arranged the 12-year loan with a 30-year amortization schedule on behalf of the borrower, JAG CA Re-Development LLC, an entity backed by James E. Graham Jr. The company has invested $2 million in capital improvements to Cornerstone Apartments since taking over ownership, bringing the occupancy up from 70 percent to above 90 percent as of loan closing, according to Churchill Capital.

June 18, 2018

Affordable Housing Loans Midwest Multifamily Ohio

Rose Community Capital Provides $16.1M FHA Loan for Rehabilitation of Affordable Housing Property in Cleveland

by Kristin Harlow June 14, 2018

CLEVELAND — Rose Community Capital has provided a $16.1 million 221(d)4 loan for the rehabilitation of Fenway Manor in Cleveland. The 143-unit affordable housing property was originally constructed in 1923 as a residential hotel and rehabbed in 1974 for low-income seniors. Plans call for a new roof, windows, elevators, entrance, HVAC, flooring and paint. Individual units will be updated with new kitchens, bathrooms, flooring, paint and doors. The borrowers included Orlean Company and Renewal Housing Associates. Rose Community Capital is the financing arm of Jonathan Rose Cos.

June 14, 2018

Affordable Housing California Development Multifamily Western

Meta Housing Breaks Ground on $38.6M Affordable Housing Community in East Los Angeles

by Amy Works June 12, 2018

LOS ANGELES — Los Angeles-based Meta Housing Corp. has broken ground on Whittier & Downey SE, an affordable housing community located at 4200-4224 Whittier Blvd in East Los Angeles. Slated for completion in fall 2019, the property will feature 71 units in a mix of one-, two- and three-bedroom floorplans. On-site amenities will include an outdoor barbecue area, edible container garden, large courtyard, community room, tot lot, bicycle storage, on-site laundry and a gym. Located adjacent to the Los Angeles Metro Line 18, the property will also feature 3,400 square feet of retail space. As an affordable housing property, the project will reserve 35 of the 71 affordable units as permanent supportive housing. Financing for the $38.6 million project is being provided by the California Tax Credit Allocation Committee, California Housing Finance Agency, Community Development Commission of the County of Los Angeles, Los Angeles County Departments of Health Services and Mental Health, Brilliant Corners and Bank of America Merrill Lynch. The development is part of a two-phase project, with the second phase located at the northeast corner of Whittier Boulevard and Downey Road. The second phase is scheduled to begin construction in spring 2019.

June 12, 2018

Acquisitions Affordable Housing Multifamily Utah Western

CPP Acquires Two Affordable Housing Communities in Utah for $14.3M

by Amy Works June 6, 2018

OGDEN, UTAH — Community Preservation Partners (CPP) has completed its first acquisition in Utah with the $14.3 million purchase of two apartment communities in Ogden. The seller was an undisclosed private developer. Renovations are currently underway at Normandie Apartments, a 58-unit property at 610 First St., and Osmond Heights, a 40-unit community at 630 23rd St. Planned improvements for both properties include full kitchen renovations; updated bathrooms; new carpeting throughout units and common areas; ADA accessibility improvements throughout exterior spaces; improved outdoor spaces, including parking repavement and landscaping; installation of new outdoor playground equipment; and remodeled laundry rooms and management offices. The transaction preserved all 98 units as affordable through the combination of a 20-year renewal on the existing 54 project-based Section 8 vouchers and reallocation of 44 project-based Section 8 vouchers from another property located outside the city. WNC & Associates, CPP’s parent company, is the lead investor for the project, which includes a loan from California Bank & Trust.

June 6, 2018

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