Affordable Housing

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Affordable Housing Development Multifamily Southeast Tennessee

Woda Cooper Opens 60-Unit Affordable Housing Project in Knoxville

by Alex Tostado June 3, 2019

KNOXVILLE, TENN. — Woda Cooper has opened White Oak Crossing, an $8.5 million affordable housing project in Knoxville. Units were reserved for families that earn between 50 percent and 60 percent of the area median income. In Knox County, for example, this equates to $23,350 (50 percent AMI) and $28,020 (60 percent AMI) in annual income for a single person or up to $33,300 (50 percent AMI) and $39,960 (60 percent AMI) for a family of four. Larger families are also eligible. Monthly rents at White Oak Crossing range from $605 to $780 per month. The 60-unit community offers two- and three-bedroom floor plans and is located at 290 Quaker Way, six miles southeast of downtown Knoxville. Communal amenities include a community room with kitchenette, 24-hour fitness room and a playground. White Oak Crossing was made possible with the allocation of housing tax credits by the Tennessee Housing Development Agency (THDA). Regions Bank was the primary equity investor and provided a construction-to-permanent loan through HUD’s 221(d)(4) program. Woda Construction Inc. served as the general contractor, and Nashville-based Bernard L. Weinstein & Associates was the architect.

June 3, 2019

Affordable Housing California Loans Multifamily Western

Greystone Provides $2.4M Refinancing for Affordable Housing Project in Southern California

by Amy Works June 3, 2019

VICTORVILLE, CALIF. — Greystone has funded a $2.4 million Fannie Mae loan for the refinancing of Hillcrest Court Apartments, an affordable housing property in Victorville. Cody Field of Greystone’s San Francisco office, in coordination with the Housing Authority of the County of San Bernardino, originated the transaction. The $2.4 million Fannie Mae loan carries a 30-year term at a fixed rate and is self-amortizing. The undisclosed borrower plans to use proceeds of the loan to recapitalize acquisition financing in conjunction with city financing sources.

June 3, 2019

Affordable Housing Development Hawaii Multifamily Top Stories Western

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

by Kristin Harlow May 29, 2019

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 …

May 29, 2019

Affordable Housing Loans Multifamily Texas

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

by Taylor Williams May 22, 2019

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.

May 22, 2019

Affordable Housing Loans Multifamily New York Northeast

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

by Taylor Williams May 22, 2019

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.

May 22, 2019

Affordable Housing Loans Lument Multifamily ORIX RED Capital Group Seniors Housing Texas

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

by Taylor Williams May 15, 2019

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.

May 15, 2019

Acquisitions Affordable Housing California Multifamily Western

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

by Amy Works May 8, 2019

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.

May 8, 2019

Affordable Housing Loans Michigan Midwest Multifamily

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

by Kristin Harlow May 8, 2019

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.

May 8, 2019

Affordable Housing California Development Multifamily Western

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

by Amy Works May 7, 2019

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.

May 7, 2019

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