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Affordable Housing

AcquisitionsAffordable HousingFloridaLoansMultifamilySoutheastWalker & Dunlop

Walker & Dunlop Provides $27.9M Acquisition Loan for Affordable Housing Community in Orlando

by Alex Tostado

ORLANDO, FLA. — Walker & Dunlop has provided a $27.9 million Freddie Mac acquisition loan for Brooke Common Apartments, a 288-unit affordable housing community in Orlando. The borrower is Avanath Capital Management. Half of the units, which are spread out over 38 garden-style buildings, are reserved for those making 60 percent of the area median income (AMI), while 5 percent of the units are reserved for those making 55 percent of the AMI. Brooke Commons Apartments is located 13 miles north of downtown Orlando and offers communal amenities such as a swimming pool, playground, fitness center, volleyball court, business center and a clubhouse. The seller was not disclosed.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Related, The Hudson Cos. Top Out 340-Unit Affordable Housing Project in New York City

by Alex Patton

NEW YORK CITY — A partnership between two New York-based developers, Related Cos. and The Hudson Cos., has topped out Riverwalk Park, 340-unit affordable housing project on Roosevelt Island. Designed by Handel Architects, Riverwalk Park will house a mix of studio, one-, two-, and three-bedroom apartments in a single building. Sixty percent of Riverwalk Park’s units will be permanently affordable, with the remaining 40 percent affordable for 40 years. Construction is slated for completion in 2021.

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Affordable HousingConnecticutLoansMultifamilyNortheast

Rockport Mortgage Arranges $26M in Financing for Affordable Housing Community in Meriden, Connecticut

by Alex Patton

MERIDEN, CONN. — Rockport Mortgage, a Massachusetts-based multifamily finance firm, has arranged a $26 million loan for Yale Acres, a 162-unit affordable housing community in Meriden, about 20 miles south of Hartford. Proceeds of the loan will be used to renovate 155 existing units and fund construction of an additional seven. The financing was originated through HUD’s 221(d)(4) program and carries a fixed interest rate and a 40-year amortization schedule. An affiliate of Meriden-based Carabetta Cos. will act as the general contractor on the project, which is slated for completion in 2021.

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Affordable HousingLoansMassachusettsNortheast

Fantini & Gorga Arranges $12.6M Loan for Affordable Housing Property in Lynn, Massachusetts

by Alex Patton

LYNN, MASS. — Fantini & Gorga has arranged $12.6 million in permanent financing for Marian Gardens, a 94-unit affordable housing multifamily property in Lynn, about 12 miles northeast of Boston. The property was built in the 1960s and includes two-, three- and four-bedroom townhouse units. Tim O’Donnell, Jason Cunnane and Lindsay Feig of Fantini and Gorga arranged the loan. The borrower and lender in the transaction were undisclosed.

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Affordable HousingGeorgiaLoansMultifamilySoutheast

Dougherty Provides $7.3M Fannie Mae Acquisition Loan for Affordable Housing Community in Brunswick, Georgia

by Alex Tostado

BRUNSWICK, GA. — Dougherty Mortgage LLC has provided a $7.3 million Fannie Mae acquisition and rehabilitation loan for Glynn Pines Apartments, an 88-unit affordable housing community in Brunswick. The 17-year loan features a 35-year amortization schedule, which was arranged for the borrower, Glynn Pines Housing Partners LP. The property includes 18 single-story buildings with one- and two-bedroom floor plans. Glynn Pines was built in 1970. The seller was not disclosed.

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Affordable HousingColoradoDevelopmentLoansMultifamilyWestern

KeyBank Provides $45.5M Construction Loan for Affordable Housing Project in Aurora, Colorado

by Amy Works

AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …

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Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Exact Capital Completes Renovation of 333 Affordable Housing Units in The Bronx

by Taylor Williams

NEW YORK CITY — Exact Capital, a locally based finance and development firm, has completed the renovation and preservation of 333 affordable housing units spread across 19 buildings in The Bronx. As part of the project, the developer also renovated four retail spaces located within those properties, all of which rise between two and seven stories. Exact Capital partnered with Shepherd Restoration Corp. on the project, which enhanced roofs, refreshed common areas and upgraded kitchens and bathrooms. TD Bank provided financing for the project in conjunction with the New York City Department of Housing Preservation & Development and Community Preservation Corp.

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Affordable HousingIllinoisMidwestMultifamily

Habitat Co. Assumes Management of 18 Affordable Housing Communities in Chicago

by Kristin Harlow

CHICAGO — The Habitat Co. has assumed management of 18 affordable housing communities owned by the Chicago Housing Authority (CHA). The properties total 4,479 units and are scattered throughout Chicago’s West and South sides. Habitat Affordable Group, the company’s affordable housing division, now operates more than 12,000 units across three states. Of those, 8,215 units are owned by the CHA.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

32-Unit Affordable Housing Project Under Development in Lafayette, Indiana

by Kristin Harlow

LAFAYETTE, IND. — RealAmerica Development LLC is developing H38 East Apartments, a 32-unit affordable housing project in Lafayette. The new development leverages the Indiana Housing and Community Development Authority program Moving Forward 2.0. This program is aimed at providing affordable, energy-efficient housing and transportation. All of the units will be priced affordably for low- to moderate-income individuals, with 30 units priced at 60 percent of the area median income (AMI) and two units priced at 50 percent AMI. The project will include solar power and geothermal features that use 35 percent less energy than a typical apartment development. Development partner Area IV Agency will provide an onsite life skills coach mentoring program that will assist families in education and career development. The community will include a classroom and technology center as well as a playground, fitness center and recreation area. Mortgage banking firm Merchants Capital secured an undisclosed amount of funding for the project. The city of Lafayette and Lafayette Housing Authority provided HOME funds and a tax abatement. Project costs are estimated at $7.4 million, according to the Lafayette Journal & Courier. A timeline for completion was not disclosed.

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Affordable HousingIllinoisLoansMidwestMultifamily

Greystone Provides $70.4M in Fannie Mae Financing for Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Greystone has provided $70.4 million in permanent financing through Fannie Mae for Morningside North Apartments in Chicago. Under a 20-year Section 8 Housing Assistance Payments (HAP) contract, all of the units at the 256-unit community are reserved for very-low income families making up to 60 percent of the area median income. The Fannie Mae refinancing has a 17-year term. Financed under the Fannie Mae MBS (Mortgage-Backed Securities) as Tax-Exempt Bond program, the borrower received tax-exempt financing from the Illinois Housing Development Authority in the form of long-term bonds. Additionally, Aegon is providing $30.5 million in tax credit equity that will be utilized for planned renovations. The transaction qualifies for the Fannie Mae Green Rewards Program, as the borrower plans to reduce water usage by 30 percent and energy use by greater than 15 percent. Built in 1981, Morningside North Apartments is an 18-story community made of primarily one-bedroom units. Amenities include a library, clubroom, community room, laundry room and storage space.

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