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Affordable Housing

Affordable HousingLoansMultifamilyNorth CarolinaSoutheast

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

by Camren Skelton

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.

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Affordable HousingLoansMultifamilyNew JerseyNortheast

KeyBank Provides $22.9M Loan for Affordable Housing in Newark

by David Cohen

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.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

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

by David Cohen

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.

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Affordable HousingGeorgiaLoansMultifamilySoutheast

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

by Camren Skelton

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.

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Affordable HousingLoansMultifamilyTexas

Love Funding Secures $14.4M HUD Refinancing for Affordable Housing Asset in Metro Fort Worth

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Love Funding has secured a $14.4 million loan for the refinancing of Villas on Bear Creek, a 240-unit affordable housing community located in North Richland Hills, a northern suburb of Fort Worth. Built in 2000, the age-restricted property offers one- and two-bedroom units. Amenities include a pool, shuffleboard courts, putting green, business center, billiard room, a library and walking trails. Jonathan Camps of Love Funding secured the loan through HUD’s 223(f) program on behalf of The Wentwood Cos., an Austin-based investment firm

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Ability Housing Starts Construction on $27.4M Affordable Housing Community in Orlando

by Camren Skelton

ORLANDO, FLA. — Ability Housing, in conjunction with the City of Orlando, has started construction of Village on Mercy, a 166-unit affordable housing project located along Mercy Drive in Orlando. The Florida Housing Finance Corp., Bank of America NA, Enterprise Community Investment Inc. and the Corporation for Supportive Housing (CSH) provided funding for the $27.4 million project. The community will be certified by the Florida Green Building Coalition and will feature a community center, playground, fitness trail and recreation space along Lake Lawne. All of the apartments will be reserved for residents earning 60 percent or less of the area median income (AMI), and half of the units will provide housing for formerly homeless individuals and families. Construction on the project is expected to last 18 months. Ebert Norman Brady Architects is the architect for Village on Mercy, and Sauer Inc. is the general contractor.

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Affordable HousingMultifamilyWashingtonWestern

Shelter Resources Buys 164-Unit Affordable Housing Property in Washington for $19.3M

by Nellie Day

LACEY, WASH. — Shelter Resources has acquired the 164-unit College Glen Apartments in Lacey for $19.3 million. The community is located at 4870 55th Lane SE. It was built in1996. College Glen is a low-income housing tax credit property. The community contains a playground, community center and indoor sports court. The seller was College Glen Apartments LP. Kidder Mathews brokered the transaction.

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Affordable HousingLoansMultifamilyNew YorkNortheast

Keybank Provides $38.5M in Financing for Affordable Housing Community in Albany

by David Cohen

ALBANY, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided $38.5 million in financing for the construction of an affordable housing community in Albany. The 76-unit development, which will be called Ida Yarbrough Homes, will set aside 12 apartments for households at risk of homelessness. The borrower is Ida Yarbrough Phase II LLC, an entity owned by the Albany Housing Authority. Keybank provided $18.1 million in equity through the Low Income Housing Tax Credit program. In addition, Keybank also provided a $17.2 million construction loan and a $3.2 million Freddie Mac first mortgage loan. John Berry, Jen Seamons, Victoria O’Brien and Joe Eicheldinger of Keybank’s CDLI group, and Jeff Rodman of the Commercial Mortgage Group arranged the financing.

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Affordable HousingFloridaLoansMultifamilyProperty TypeSoutheast

Dougherty Mortgage Provides $22.7M HUD Loan for Affordable Housing Community in South Florida

by Camren Skelton

PUNTA GORDA, FLA. — Dougherty Mortgage LLC has provided a $22.7 million loan for the acquisition and rehabilitation of Seven Palms Apartments, a 336-unit affordable housing community in Punta Gorda. The 35-year loan was arranged on behalf of the borrower, Punta Gorda Leased Housing Associates II LLP, through the United States Department of Housing and Urban Development (HUD) 223(f) program. The loan features a 35-year amortization schedule. The community was developed in 2002 utilizing low-income housing tax credits (LIHTC) and tax-exempt bonds, and is reserved for families and individuals earning 60 percent or less of the area median income (AMI). In addition, there are 51 units restricted to those earning 33 percent or less of the AMI. These restrictions will be extended for a 15-year compliance period and a 15-year extended use period as part of the transaction. Seven Palms Apartments includes a mix of one- to three-bedroom units and features a swimming pool, tennis court, playground, clubhouse, business center, picnic area, car care center, storage room and a fitness center. The borrower will invest $7.9 million to renovate the property.

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Affordable HousingDevelopmentFloridaMultifamilyProperty TypeSoutheast

Carrfour, Green Mills Deliver $30M, Veteran-Focused Affordable Housing Development in Miami

by Camren Skelton

MIAMI — Carrfour Supportive Housing, in conjunction with Green Mills Group, has opened Karis Village, a $30 million affordable housing community located at 11885 S.W. 216th St. in Miami’s Goulds neighborhood. Karis Village includes 88 units, 74 of which are reserved for tenants earning 60 percent or less of the area median income (AMI). The remaining 14 units are reserved for those earning 33 percent or less of the AMI. In addition, approximately half of the community’s units are set aside for at-risk veterans transitioning from homelessness. Karis Village includes studio to two-bedroom units and features a children’s playground, library, computer lab, fitness center and an outdoor barbecue and patio area. The community is also certified by the Florida Green Building Coalition and is equipped with solar panels, low VOC paint, low-flow bathroom fixtures and Energy Star-certified appliances. Trinity Empowerment Consortium, a HUD-affiliated agency that provides pre- and post- homebuyer education and financial literacy education, will occupy 3,000 square feet on the ground floor of the community for its Miami headquarters. Crossroads Management Inc., the property management subsidiary of Carrfour Supportive Housing, will manage the property. Capital One Bank provided $8.5 million in construction financing for the project, while Florida Housing …

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