Affordable Housing

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

by David Cohen April 6, 2018

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.

April 6, 2018

Affordable Housing Florida Loans Multifamily Property Type Southeast

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

by Camren Skelton March 30, 2018

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.

March 30, 2018

Affordable Housing Development Florida Multifamily Property Type Southeast

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

by Camren Skelton March 29, 2018

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 …

March 29, 2018

Villas-at-Willow-Springs-San-Marcos-Texas

Affordable Housing Loans Multifamily Seniors Housing Texas

KeyBank Provides $23.7M in Acquisition Financing for Two Affordable Housing Assets in Texas

by Taylor Williams March 20, 2018

SAN MARCOS AND LUBBOCK, TEXAS — KeyBank Real Estate Capital has provided $23.7 million in financing for the acquisition of two affordable housing properties in Texas. The financing for the 220-unit Villas at Willow Springs in San Marcos and the 144-unit Cantibury Pointe in Lubbock was secured on behalf of nonprofit Harmony Housing. Both properties were developed in the early 2000s. John Gilmore IV and Jeff Rodman of KeyBank structured the loans through Fannie Mae.

March 20, 2018

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $17.1M in Financing for Renovation of Affordable Housing Community in Indianapolis

by Kristin Harlow March 20, 2018

INDIANAPOLIS — KeyBank Community Development Lending & Investment has provided $17.1 million in financing for the renovation of Lakes at Crossridge, an affordable housing community in Indianapolis. Victoria O’Brien and Al Beaumariage of KeyBank originated the financing, which included a $10.2 million Freddie Mac tax-exempt loan and a $6.9 million LIHTC (Low-Income Housing Tax Credit) equity investment. Formerly known as Farmington Lake Apartments, the property features 252 units across 21 buildings. All of the one- and two-bedroom units are reserved for residents earning at or below 60 percent of the area median income. The renovation plan includes replacement of all HVAC systems, water heaters, doors and windows, and the installation of energy-efficient fixtures. Planned community improvements include a new computer lab, a key fob building entry system, new playground, bike racks, outdoor entertainment areas and a camera security system.

March 20, 2018

Affordable Housing Loans Multifamily Oklahoma Texas

Greystone Closes $38.5M in Financing for Affordable Housing Portfolio in Oklahoma

by Taylor Williams March 15, 2018

RALEIGH, N.C. — Raleigh-based Greystone Affordable Development has closed $38.5 million in financing for the rehabilitation and development of a portfolio of affordable housing properties in Oklahoma. The multifamily portfolio consists of 13 properties totaling 294 units and serving low-income households across eight counties in Oklahoma. The financing was secured on behalf of Oklahoma-based Green Cos. Development Group Inc., which owns and operates the properties. Most of the funds were placed through USDA’s Rural Housing Services and the Oklahoma Housing Finance Agency.

March 15, 2018

Affordable Housing District of Columbia Multifamily Southeast

NHP Foundation Acquires Affordable Housing Community in D.C. for $44.6M

by Camren Skelton March 12, 2018

WASHINGTON, D.C. — The NHP Foundation (NHPF) has acquired Woodmont Crossing Apartments, a 176-unit affordable housing community in Washington, D.C., for $44.6 million. The District of Columbia Housing Finance Agency (DCFHA) provided a $25.5 million acquisition loan for NHPF through the U.S. Department of Housing and Urban Development (HUD). In addition, the Royal Bank of Canada provided $12.1 million in low-income housing tax credits (LIHTC) on behalf of the NHPF. The Woodmont Crossing United Tenants Association selected NHPF to acquire the property as part of the D.C. Tenant Opportunity to Purchase Act (TOPA). The deal marks NHPF’s fifth TOPA acquisition in the D.C. area. As part of the agreement, NHPF will invest $42,000 per unit to upgrade kitchen and bath areas, as well as making 5 percent of the units fully handicap accessible. The property was originally constructed in 2002. All of the units are reserved for residents earning 60 percent of the area median income (AMI).

March 12, 2018

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $7.3M Refinancing for Affordable Housing Property Near Minneapolis

by Kristin Harlow March 8, 2018

OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has provided a $7.3 million loan for the refinancing of Green Twig Villas in Oak Park Heights, about 25 miles east of Minneapolis. The affordable housing property consists of 62 units. Dougherty’s Minneapolis office originated the 15-year loan, which features a 35-year amortization schedule. The refinancing also included low-income housing tax credits. The borrower was not disclosed.

March 8, 2018

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $13.4M Sale of Affordable Housing Community in Southwest Florida

by Camren Skelton February 28, 2018

CAPE CORAL, FLA. — Marcus & Millichap has brokered the $13.4 million sale of Crossings at Cape Coral, a 168-unit affordable housing community located at 1150 Hancock Creek S. Blvd. in Cape Coral. Evan Kristol of Marcus & Millichap arranged the transaction on behalf of the seller, a limited liability company, and the buyer, a private investor. Crossings at Cape Coral features a fitness center, pool, playground, laundry facilities, car wash area, business center and a volleyball court. All of the units at the property are reserved for residents earning 60 percent or less of the area median income.

February 28, 2018

Affordable Housing Georgia Loans Multifamily Southeast

Hunt Provides $5.4M Freddie Mac Loan for New Affordable Housing Project in Metro Atlanta

by Camren Skelton February 26, 2018

MABLETON, GA. — Hunt Mortgage Group has provided a $5.4 million Freddie Mac loan for the development of Wisteria Place at Mableton, a 104-unit affordable housing community in Mableton, roughly 15 miles northwest of Atlanta. The loan is an 18-month Unfunded Forward Commitment that will include two six-month extension options. Following the construction phase, the loan will convert to a 16-year permanent loan with a 35-year amortization schedule. The loan was arranged on behalf of the borrower, BJS Floyd Wisteria LP. The Unfunded Forward Commitment loan provides construction-to-permanent financing for multifamily properties that are eligible for 9 percent low income housing tax credits (LIHTC). Wisteria Place of Mableton will be an age-restricted (55 and older) community with 21 of the units reserved for those earning 50 percent of the area median income (AMI), 62 reserved for those earning 61 percent of the AMI and 21 units at market rate. Missouri-based Sterling Bank is providing construction financing for the project. The community will feature a picnic area, koi pond, vegetable gardens, butterfly garden, gas grill area, covered gazebo, computer lab, theater, beauty salon and a classroom.

February 26, 2018

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