Affordable Housing

Woda Group Completes Conversion of Affordable Housing Property in Nelsonville, Ohio

by Kristin Harlow February 23, 2018

NELSONVILLE, OHIO — Woda Group Inc. has completed the conversion of a historic school into a 33-unit affordable housing property in Nelsonville, 60 miles southeast of Columbus. A grand opening and ribbon-cutting ceremony is scheduled for Friday, March 2. The project, which included the restoration and renovation of two buildings into one facility, will be restricted to workforce families earning 60 percent of the area median income. Original chalkboards and classroom closets were incorporated into several of the units. Woda Group repurposed the school’s original auditorium into a large community room with a kitchen, property management office and fitness center. Funding for the $9.6 million project came from Ohio historic preservation tax credits administered by the Ohio Development Services Agency; federal historic preservation tax incentives through the National Park Service; and competitive housing tax credits made available through the Ohio Housing Finance Agency (OHFA). The Ohio Capital Corp. for Housing also served as an investor for the project, providing equity in exchange for tax credits. OHFA’s Home Development Loan Program provided a bridge loan. Summit Community Bank provided construction and permanent financing.

February 23, 2018

Affordable Housing Multifamily Oregon Western

Bridge Housing Breaks Ground on 203-Unit Affordable Housing Project in Portland

by Nellie Day February 20, 2018

PORTLAND, ORE. — Developer Bridge Housing has broken ground on the first phase of RiverPlace Parcel 3, a 203-unit affordable housing project in Portland. Bridge Housing will deliver 90 apartments reserved for households earning less than 30 percent of the area’s median family income (MFI); 10 units dedicated to homeless veterans utilizing the Veteran Affairs Supportive Housing (VASH) program; and the balance going toward families earning 60 percent of MFI. Property amenities include a playground and landscaped courtyard, two laundry rooms, a community room with kitchen and community spaces, resident services office with adjacent program space, a conference room and a community classroom. RiverPlace Parcel 3 is a joint effort between the Portland Housing Bureau and Prosper Portland. The 88,000-square foot parcel on the corner of SW River Parkway and Moody Avenue is owned by Prosper Portland. Bridge was selected to develop the site in 2015.

February 20, 2018

Affordable Housing Loans Multifamily Southeast Tennessee

Dwight Capital Funds $31M HUD Loan for Affordable Housing Rehabilitation in Nashville

by Camren Skelton February 19, 2018

NASHVILLE, TENN. — Dwight Capital has provided a $31 million HUD 221(d)(4) loan for the rehabilitation of Haynes Garden Apartments, a 208-unit affordable housing community in Nashville. The 40-year loan was funded in conjunction with 4 percent Low Income Housing Tax Credits (LIHTC) from the local housing authority, as well as a Housing Assistance Payment (HAP) contract renewal. The financing was arranged on behalf of the sponsor, David Izkowitz, through HUD’s Atlanta office. Haynes Garden Apartments features on-site laundry facilities and a community room.

February 19, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

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

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