HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.
KANSAS CITY, MO. — In a joint venture deal, the Community Development Trust (CDT) and The Millenia Cos. have acquired Kensington Heights Apartments in Kansas City. The nine-story apartment complex includes 126 units and serves low-income senior citizens and people with disabilities. Kensington Heights Apartments is located near Interstate 70 and U.S. Highway 40, and is approximately 10 minutes from downtown Kansas City. The complex serves residents who earn 60 percent of the area median income. The equity investment totaled $1.8 million, and CDT and Millenia will complete $580,000 of capital improvements to ensure the apartments are maintained as high-quality affordable housing for elderly and disabled residents. CDT is a national investor in affordable housing. Millenia is a Cleveland-based real estate company specializing in the acquisition, rehabilitation and management of affordable and market rate properties.
MCKINNEY, TEXAS — KWA Construction, serving as general contractor, has completed the construction of Post Oak Apartments, an affordable housing complex located in McKinney. Owned by McKinney Millennium II and developed by GroundFloor Development, the complex features 182 units, with 130 units reserved for residents earning 60 percent or less of the area median income and the remaining units at market-rate rents. Designed by Architettura Inc., the property features one-, two- and three-bedroom apartments with hardwood flooring, central air conditioning, dishwashers, microwaves, washer/dryer hookups and individual patios or balconies. On-site amenities include a leasing center and clubhouse with fitness center, business center, laundry facility, swimming pool and resident lounges with a kitchen. Boston Capital was a financial investor in the project.
UTICA, N.Y. — KeyBank Community Development Lending and Investment has provided a $7.6 million construction loan to Rescue Mission of Utica Inc. The loan will be used to construct West Street Apartments, a 42-unit low-income housing tax credit and supportive service property in Utica. Lynne Callis-Wilson of KeyBank arranged the construction loan.
PALO ALTO, CALIF. — Greystone has provided a $220 million Freddie Mac credit facility for a 1,808-unit affordable housing project in East Palo Alto. The Woodland Park project will feature 118 individual land parcels, including a mix of small properties (one to 50 units), as well as conventional multifamily and commercial properties. The borrower was Woodland Park Property Owner LLC, an affiliate of Sand Hill Property Co. John Nelson and Erik Franks of CBRE Capital Markets’ Debt & Structured Finance team represented the borrower. Rob Russell, head of CMBS production in Greystone’s New York office, originated the financing.
CATHEDRAL CITY, CALIF. — Community Preservation Partners (CPP) has acquired Mountain View Apartments, a 280-unit affordable seniors housing community in Cathedral City, approximately 100 miles east of Los Angeles. A private trust sold the property for an undisclosed price. In conjunction with the sale, CPP has unveiled plans for $11.3 million in renovations to the community, which includes 70 buildings of four one-bedroom units each on a 20-acre plot. The community was built in 1984, and renovations are slated for completion by late 2017. Planned renovations include replacing all windows and doors, new paint, water efficiency upgrades, new exterior lighting and landscaping, cable television and wireless internet installation, new appliances, and fully remodeled bathrooms. The cost of the upgrades equates to approximately $40,000 per unit. Irvine-based CPP is an affordable housing rehabilitation company that owns more than 4,500 units across the United States.
SAN ANTONIO, WACO AND CONROE, TEXAS, AND INDIANAPOLIS — KeyBank Real Estate Capital has provided a total of $43.2 million in financing to Harmony Housing, a 501(c)(3) nonprofit organization. KeyBank provided $24.4 million through an existing Fannie Mae master credit facility for Villas at Costa Brava in San Antonio and Park View at Beech Grove in Indianapolis. Additionally, the firm provided $18.8 million through FHA’s 223(f) mortgage insurance program for Brazos Village Apartments in Waco and Park Village Apartments in Conroe. The four affordable housing properties total 698 units. John Gilmore IV and Jeff Rodman of KeyBank arranged the financing for the borrower.
BELLE FOURCHE AND SPEARFISH, S.D. — Dwight Capital has arranged $4.15 million in refinancing for a portfolio of affordable housing communities in western South Dakota. The properties include Bella Vista Village and Meadowlark Plaza in Belle Fourche, and Iron Creek Plaza and Lookout Mountain View in Spearfish. Each of the properties consists of 24 units. The 35-year loans were financed through HUD’s 223(f) program. Adam Sasouness of Dwight Capital originated the loans.
CHICAGO — The NHP Foundation (NHPF) has acquired the historic Hotel Covent in Chicago for $7 million. Originally built in the early 1900s, the mixed-use residential property targeting low- and moderate-income individuals in Lincoln Park is located at 2653 N. Clark St. The building features 64 single-resident occupancy (SRO) rooms, as well as seven retail storefronts on the ground level. The acquisition was made possible through financial partnerships with Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF), which lent NHPF $5 million and $2.2 million respectively. Chicago Title Land Trust Company was the seller. NHPF is a national not-for-profit organization dedicated to preserving and creating sustainable, service-enriched multifamily housing.
SAN ANTONIO — KeyBank Real Estate Capital has secured a total of $33.5 million in construction financing for Acme Apartments, a 324-unit affordable housing development in San Antonio. The property will be constructed on more than 18 acres of currently vacant land and include four three-story buildings, a community center, leasing office and on-site management building. Additionally, all the units at the property will be designated for households earning at or below either 50 or 60 percent of the area median income. The financing consists of a $10.3 million equity bridge loan and a $23.2 million Freddie Mac tax-exempt loan. Jeffrey Rodman of KeyBank’s Commercial Mortgage Group and Kyle Kolesar of Key’s Community Development Lending and Investment Group arranged the financing.