Affordable Housing

MassHousing Provides $10.6M in Financing for Affordable Housing Property in East Boston

by Amy Works February 15, 2018

BOSTON — MassHousing has provided $10.6 million in financing to East Boston Community Development Corp. for the acquisition, renovation and preservation of Landfall Community Associates properties totaling 111 units in East Boston. The transaction refinances and consolidates two existing affordable housing communities: the 15-unit Landfall Apartments and the 96-unit East Boston Rehab portfolio. In addition to rehabilitating the property and extending the affordability on the 111 units, the financing will resolve the expiring affordability restrictions from the Section 13A mortgage on the East Boston Rehab units. MassHousing provided a $5.7 million permanent loan, a $4.7 million bridge load and a capitalized 13A payment loan of $131,401, and the MassHousing financing generated $5.8 million in equity through federal Low Income Housing Tax Credits. The project team includes Knollmeyer Building Corp., Davis Square Architects and Metro Management.

February 15, 2018

Affordable Housing Florida Loans Multifamily Southeast

Hunt Capital Provides $13.4M in LIHTC for New Affordable Housing Community North of Orlando

by Camren Skelton February 14, 2018

DELAND, FLA. — Hunt Capital Partners has provided $13.4 million in low-income housing tax credits (LIHTC) for the development of The Pines, a 100-unit affordable housing community in DeLand, roughly 50 miles north of Orlando. Hunt Capital Partners structured the funding through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27, on behalf of the project developer, Roundstone Development LLC. The Pines will offer a mix of one- to four-bedroom units, all set aside for households earning up to 40 and 60 percent of the area median income (AMI). Five units will have a preference for “Special Needs Households,” or households consisting of families considered to be homeless, survivors of domestic violence, persons with disabilities or youth aging out of foster care. Community amenities will include onsite management, a clubhouse with a community kitchen, business center, library, fitness center, laundry room, swimming pool and a playground. The development cost for the project is $18.6 million. Bradley Construction Co. Inc. is the general contractor for the project, Brian Rumsey is the architect and Sunchase American Ltd. is the property manager. Construction on The Pines began in December and is slated for completion in January 2019.

February 14, 2018

Affordable Housing Massachusetts Multifamily Northeast

WinnCompanies Starts $11.2M Rehabilitation Project for Affordable Housing in Worcester, Massachusetts

by Amy Works February 13, 2018

WORCESTER, MASS. — WinnCompanies has started construction on an $11.2 million rehabilitation of the Wellington Community, an 180-unit elderly and low-income housing community in Worcester. The renovation project will upgrade the interior and exterior of the property’s 11 buildings, 10 of which are historic, and will extend its affordability provision for 30 years. Improvements will include restoration of masonry exteriors, replacement of roofs, installation of historically-sensitive doors and windows, updated handicap accessibility accommodations, life-safety improvements and energy-efficiency changes to mechanical, electrical and plumbing systems. Residential apartments will receive mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. Additionally, common amenity space and laundry rooms will be overhauled.

February 13, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $14.9M Acquisition Financing for Affordable Housing Properties

by Kristin Harlow February 12, 2018

CLEVELAND — KeyBank Real Estate Capital has provided $14.9 million in Fannie Mae financing for the acquisition of three affordable housing properties located in North Carolina, Texas and Wisconsin. One of the properties, Aspenwood Glen, is a 120-unit property in Milwaukee. The large majority of the one- and two-bedroom units at the property are reserved for tenants earning 30 to 60 percent of the area median income. John Gilmore IV and Jeff Rodman of Cleveland-based KeyBank originated the loans on behalf of the borrower, Harmony Housing, which is a nonprofit organization dedicated to providing safe and clean affordable housing throughout the United States.

February 12, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $5.2M in Acquisition Financing for Affordable Housing Property in Central Harlem

by Amy Works February 7, 2018

NEW YORK CITY — KeyBank Community Development Lending & Investment has provided $5.2 million acquisition financing for Grand Crossing, an affordable housing property located in Central Harlem. Built in 1910, the five-story property features five studio units, 35 two-bedroom units and 15 three-bedroom units. The undisclosed borrower plans to invest in unit upgrades, including green renovations. Tom Peloquin and John Gilmore of KeyBank arranged the financing through Freddie Mac. Paul McCormick and Matt Dzbanek of Ariel Property Advisors represented the borrower in the financing.

February 7, 2018

Affordable Housing Loans Louisiana Multifamily Southeast

Capital One Provides $34.9M Financing for New Affordable Housing Community in Baton Rouge

by Camren Skelton February 6, 2018

BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.

February 6, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

Trinity Financial Receives $17.1M in Financing for Affordable Housing Project in Lawrence, Massachusetts

by Amy Works February 2, 2018

LAWRENCE, MASS. — An affiliate of Trinity Financial has received $17.1 million in financing for the development of an affordable housing community in Lawrence. MassHousing has provided a $14 million conduit bridge loan, $1.2 million in permanent financing and $1.9 million in workforce housing funds for the project. Trinity Financial will transform the former Van Brodie Mill into a 102-unit mixed-income housing community. Designed by ICON Architecture, the property will contain eight studio apartments, 25 one-bedroom apartments, 56 two-bedroom apartments and 13 three-bedroom apartments. Aberthaw Construction is the contractor and Trinity Management will manage the completed property. The adaptive reuse project will preserve the historic former mill, while remediating a brownfield site. Constructed in 1919 by the Arlington Mills company, the Van Brodie Mill originally manufactured yarn for wool and flannel. By the 1950s, the Arlington Mills company has closed and the Van Brodie Mill was operated by a company that shifted production to food products, including packaged breakfast cereals and rations for the military.

February 2, 2018

Affordable Housing Florida Multifamily Southeast

Pinnacle Housing Group Opens $31.5M Affordable Housing Community in Miami

by Camren Skelton February 2, 2018

MIAMI — Pinnacle Housing Group has opened Pinnacle Heights, a 109-unit affordable housing community located at 3530 N.W. 36th St. in Miami. The $31.5 million project includes one-, two- and three-bedroom units, the bulk of which are reserved for residents earning 60 percent or less of the area median income (AMI). Four units will be leased at market-rate rents. Monthly rents for affordable units at Pinnacle Heights range from $797 for a one-bedroom apartment to $1,112 for a three-bedroom unit. Market-rate rents begin at $1,450 per month. The 13-story building features a cyber lounge, media room, computer lab, fitness center and a covered playground. In addition, the property includes a four-story parking garage with 173 spaces.

February 2, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Capital One Provides $23.1M Fannie Mae Loan for Affordable Housing Community in Atlanta

by Camren Skelton January 30, 2018

ATLANTA — Capital One has provided a $23.1 million Fannie Mae loan for the acquisition, renovation and expansion of Edgewood Court Apartments, a 204-unit affordable housing community in Atlanta’s Edgewood neighborhood. Evan Williams of Capital One arranged the 16-year, fixed-rate loan with a 35-year amortization schedule on behalf of the borrower, Jonathan Rose Cos. In addition to renovating the existing units, the firm plans to build 18 new units and a new community center. As part of the transaction, the HUD Section 8 contract on the original units was renewed for 20 years. The project received an allocation of 4 percent Low Income Housing Tax Credits issued by the Georgia Department of Community Affairs and tax-exempt bonds issued by Invest Georgia. Constructed in 1950, Edgewood Court was last renovated more than 35 years ago. Jonathan Rose Cos. will add a fitness center and computer lab in the new community center, refresh building facades, replace roofs and gutters, update unit electrical and HVAC systems, renovate kitchens and baths and create a community garden and playground.

January 30, 2018

Affordable Housing Georgia Multifamily Seniors Housing Southeast

Vitus Acquires Affordable Housing, Seniors Community in Atlanta’s Pittsburgh Neighborhood for $26.3M

by Camren Skelton January 29, 2018

ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.

January 29, 2018

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