Affordable Housing

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Bellwether Provides $19.6M Loan for Affordable Housing Asset in Royse City, Texas

by Taylor Williams June 6, 2018

ROYSE CITY, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $19.6 million loan to complete the acquisition and construction of Cypress Creek Apartment Homes at Parker Boulevard, a 220-unit affordable housing community in Royse City, about 35 miles northeast of Dallas. The property features one-, two-, three- and four-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, computer center and a resident clubhouse. Kevin Bowen and Bob Morton of Bellwether secured the 40-year, non-recourse loan through the U.S. Department. of Agriculture (USDA).

June 6, 2018

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $16.1M HUD Loan for Construction of Affordable Housing Property in Rochester, Minnesota

by Kristin Harlow May 29, 2018

ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $16.1 million HUD 221(d)(4) loan for the construction of Eastgate Apartments in Rochester. The 135-unit affordable housing property is slated to open in the summer of 2019. All units will be restricted to residents earning 60 percent or less of the area median income. In addition to the 40-year loan, the project will receive equity from the sale of low-income housing tax credits. BDKN LLLP was the borrower.

May 29, 2018

Acquisitions Affordable Housing Georgia Loans Multifamily Southeast

Berkadia Negotiates $32.5M Sale, $28M Financing for Affordable Housing Community Near Atlanta

by Camren Skelton May 23, 2018

CLARKSTON, GA. — Berkadia has arranged the $32.5 million sale of Lakes at Indian Creek, a 603-unit affordable housing community in Clarkston, located roughly 18 miles northeast of Atlanta. Jeremiah Jarmin and Judy MacManus of Berkadia arranged the transaction on behalf of the seller, Alden Torch Financial. In addition, Josh Finley of Berkadia arranged a 10-year, $28 million Fannie Mae loan on behalf of the buyer, EB Real Estate Group. Lakes at Indian Creek is an affordable housing community under the Section 42 Low Income Housing Tax Credit Program. The community features a mix of one- to three-bedroom units and townhomes. Amenities include a picnic area, tennis courts, swimming pools, fitness center and a computer center.

May 23, 2018

Affordable Housing California Loans Louisiana Multifamily North Carolina Western

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

by Amy Works May 15, 2018

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.

May 15, 2018

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Provides $49.7M in Financing for 118-Unit Affordable Housing Development Near Denver

by Amy Works May 14, 2018

WESTMINSTER, COLO. — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median income (AMI), and eight units will be reserved for households earning 50 percent …

May 14, 2018

Affordable Housing Development Midwest Minnesota Multifamily

Dougherty Provides $5.6M HUD Loan for Construction of Affordable Housing Property in St. Paul, Minnesota

by Kristin Harlow May 11, 2018

ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $5.6 million HUD 221(d)(4) loan for the construction of Thomas Avenue Flats in St. Paul. The 40-year loan is fully amortized. The 51-unit affordable housing property is slated to open in spring 2019. All units are restricted to residents earning 60 percent or less of the area median income. The project will also receive equity from the sale of low-income housing tax credits and funds from the St. Paul Housing & Redevelopment Authority. Thomas Avenue Flats LP was the borrower.

May 11, 2018

Affordable Housing Loans Multifamily North Carolina Southeast

SunTrust Provides $11.4M Financing for New Affordable Housing Community Near Charlotte

by Camren Skelton May 7, 2018

DALLAS, N.C. —SunTrust Community Capital, a division of SunTrust Banks, has provided $11.4 million in financing for Long Creek Apartments II, an 80-unit affordable housing community in Dallas, roughly 25 miles west of Charlotte. SunTrust Community Capital invested $4.7 million of equity into the project and provided a $6.7 million construction loan. In addition, Centrant Community Capital provided a $4.4 million permanent loan, and the North Carolina Housing Finance Agency provided a $509,000 loan. Long Creek will feature onsite management, a business center, computer lab, clubhouse, playground, picnic area and community rooms. All of the units will be reserved for residents earning 60 percent or less of the area median income (AMI). Mills Construction Co., the project’s general contractor, plans to break ground on the community this month, and wrap up construction in May 2019.

May 7, 2018

Affordable Housing Loans Multifamily New Jersey Northeast

KeyBank Provides $22.9M Loan for Affordable Housing in Newark

by David Cohen May 2, 2018

NEWARK, N.J. — KeyBank has provided $22.9 million in financing to Radiant Property Management for the acquisition of 209 units of affordable housing in Newark. The seller was Realty Management Associates. The three properties acquired are Pueblo City, Center City 3 and Johnson Apartments and include 13 buildings. Radiant Property Management is a real estate services company that focuses on the rehabilitation and management of multifamily properties. KeyBank provided a $22.9 million loan to acquire and rehabilitate the portfolio. The financing included $10.8 million that will be used for capital improvements such as new windows, roofs, building systems, lighting and boilers. The funds will also go toward ground-up construction of a new 20-unit building. The improvements and construction are expected to take 18 months to complete.

May 2, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $28.8M in Financing for Creation of Affordable Housing Community Near Boston

by David Cohen April 18, 2018

LAWRENCE, MASS. — MassHousing has provided $28.8 million in financing to Reed Realty Advisors for the creation of a 180-unit affordable housing community in Lawrence, about 30 miles north of Boston. Reed Realty will redevelop a section of the former Pacific Mills cotton complex into new mixed-income housing that will include 40 workforce housing units for moderate-income households. The project will be called Pac 10 Lofts. MassHousing provided a $14 million tax-exempt permanent loan, a $1 million taxable permanent loan, an $8.8 million tax credit equity bridge loan and $5 million from MassHousing’s $100 million Workforce Housing Initiative. The transaction also involved $1.8 million from an allocation of state historic tax credits, a $3.6 million seller note, a $2.5 million deferred developer fee and $210,000 in financing from the City of Lawrence.

April 18, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Greystone Arranges $168.6M Financing for Recapitalization of 26 Affordable Housing Properties in Georgia

by Camren Skelton April 12, 2018

NEW YORK — New York-based Greystone Affordable Development has arranged $168.6 million in financing for the recapitalization of 26 affordable housing properties located across 17 counties in Georgia. The financing, which combined both public and private funding, was arranged on behalf of the owner, The Hallmark Cos. The financing package included $54.3 million in tax-exempt bonds from the Housing Authority of Macon-Bibb County; 4 percent in low income housing tax credits (LIHTCs) purchased by Boston Financial Investment Management, generating $54 million in capital contributions; a $28 million loan through the United States Department of Agriculture (USDA) Section 515; $27.3 million in USDA Section 538 loans provided by Greystone Servicing Corp. Inc.; and $5 million in excess reserves, project operations, investment income and deferred developer fees. Hallmark will substantially renovate the portfolio’s interiors and exteriors over the next two years. Planned renovations focus on modernizing the properties — built between the late 1970s and mid-1990s — and addressing accessibility, functional obsolescence and deterioration. The owner plans to achieve overall energy savings of at least 20 percent at each property through the use of Energy Star-certified appliances and windows.

April 12, 2018

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