Affordable Housing

WinnCompanies Completes $19.3M Rehabilitation of Affordable Housing Community in Malone, New York

by Amy Works September 20, 2017

MALONE, N.Y. — WinnCompanies has completed the $19.3 million rehabilitation of The Trails at Malone, an affordable housing community in Malone. The project included the modernization of the units’ kitchens, bathrooms, wiring, heating and cooling systems, handicapped accessibility, exteriors, community room, playgrounds, security systems and landscaping. The 128-unit property comprises 26 two-story apartment buildings totaling 116,620 square feet. Of the 128 units, 100 are low-income housing tax credit units for residents earning 60 percent of area median income (AMI) or less. The property features 38 one-bedroom, 65 two-bedroom and 25 three-bedroom units. DiMarco Construction served as general contractor and The Architectural Team provided architectural services for the project. WinnResidential is managing the community.

September 20, 2017

Residences-Fairmont-Station-Hyde-Park-Boston

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $2.1M in Financing for Affordable Housing Community in Boston

by Amy Works September 15, 2017

BOSTON — Massachusetts Housing Finance Agency (MassHousing) has provided $2.1 million in financing to Traggorth Cos. and Southwest Boston Community Development for the construction of Residences at Fairmont Station in Boston’s Hyde Park. Located at 11 Nott St., the community will feature 27 apartments for low- and moderate-income households. MassHousing is providing a $1.8 million permanent loan and $300,000 through the agency’s $100 million Workforce Housing Initiative. The community will feature one studio unit, three one-bedroom units, 18 two-bedroom units and five three-bedroom units, as well as a community room, green space and an outdoor play area. Of the 27 units, six will be for low-income households earning at or below 30 percent of the area median income (AMI) supported by a federal Section 8 Housing Assistance Payment Contract, five will be for households with incomes at or below 50 percent of AMI, 13 will be for households with incomes at or below 60 percent AMI, and three will be workforce housing units for households earning at or below 80 percent AMI. The project is also receiving financing from the city of Boston, and the Massachusetts Department of Housing and Community Development as well as an allocation of Low-Income Housing Tax …

September 15, 2017

Affordable Housing Illinois Midwest Multifamily

Joseph J. Duffy Co. Breaks Ground on $12M Affordable Housing Project in Chicago

by Kristin Harlow September 14, 2017

CHICAGO — The Joseph J. Duffy Co. has broken ground on Brainerd Park Apartments, a $12 million affordable housing project in Chicago’s 21st ward. The 36-unit property is located at 8920 S. Loomis St. The two-story building features one-, two-, three- and four-bedroom units. The property will serve families earning at or below 60 percent of the area median income. Chicago Housing Authority rental assistance will cover 25 percent of the units. Safeway Construction Co. Inc. is a partner in the construction of the building. Two nonprofit organizations, Full Circle Communities Inc. and Christian Community Health Center, are the co-owners and developers. Hooker DeJong Inc. is providing architectural services.

September 14, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos. Closes $233M Fund for Affordable Housing Preservation

by Amy Works September 13, 2017

NEW YORK CITY — Jonathan Rose Cos., a green real estate investment, development and project management firm, has closed a $233 million impact fund. The fund is the firm’s fourth institutional fund focused on acquiring and preserving affordable multifamily housing, implementing practical green strategies to reduce environmental impacts and operating costs and to fund social, educational and other services for residents. The fund closed with aggregate capital commitments of $233 million, reaching the top end of its $150 to $250 million target. Institutional investors, investment advisors and leading impact-investment managers, as well as family offices and high net-worth investors, contributed to the success of the fund. A key component of the fund’s strategy is to develop “communities of opportunities,” adding programs and facilities to properties including on-site community centers, computer-filled classrooms, health and wellness rooms, social service rooms, exercise facilities and community gardens. The programs and facilities were implemented to develop initiatives to connect residents with a range of health, education and social services. As of July 2017, the fund has deployed more than $64 million equity investments. Among the fund’s initial investments is a portfolio of more than 3,300 apartment units across 18 assets in eight states and the District …

September 13, 2017

Affordable Housing Midwest Multifamily Ohio

DSCDO Breaks Ground on 40-Unit Affordable Housing Property in Cleveland

by Kristin Harlow August 30, 2017

CLEVELAND — Detroit Shoreway Community Development Organization (DSCDO), along with funders Enterprise Community Partners and the Ohio Housing Finance Agency, have broken ground on Aspen Place, a 40-unit affordable housing property in Cleveland. The 49,000-square-foot, $10.5 million development will serve households making between 30 and 60 percent of the area median income. Completion is slated for September 2018. The transit-oriented development is being built in partnership with the Greater Cleveland Regional Transit Authority to provide free transit/bus passes for residential tenants. Enterprise Community Loan Fund and Enterprise Community Investment, both subsidiaries of Enterprise, provided $250,000 in pre-development capital and $8.7 million in equity. Aspen Place was one of seven developments in the country to receive Enterprise’s inaugural pre-development design grant. Other partners and providers of project funding include KeyBank, the Ohio Housing Finance Agency, the City of Cleveland, Cuyahoga County, and the Finance Fund. Marous Brothers Construction will serve as the design builder. DSCDO will own and manage the property.

August 30, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group Opens $18.5M Affordable Housing Community in Central Florida

by Camren Skelton August 25, 2017

BROOKSVILLE, FLA. — Housing Trust Group (HTG) has opened Freedom Gardens, an $18.5 million affordable housing community situated in the Central Florida city of Brooksville. Located at 932 Freedom Way, the 96-unit property is part of a two-phase development. The second phase of Freedom Gardens will provide an additional 94 units and is slated to break ground in the first quarter of 2018. Freedom Gardens offers one-, two- and three-bedroom units with rents ranging from $400 to $880 per month. Community amenities include a cyber café, swimming pool, after-school care, laundry facility, fitness center, walking path, community gathering area and a pet park. The property achieved a green building certification under the National Green Building Standard administered by the National Association of Home Builders.

August 25, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $12.7M in LIHTC Funding to Preserve Affordable Housing in Albany, NY

by Jaime Lackey August 22, 2017

ALBANY, N.Y. — KeyBank Community Development Lending & Investment has partnered with Riverside Capital to provide a $12.7 million Low Income Housing Tax Credit (LIHTC) equity investment to help Michaels Development Company rehabilitate Skyline Gardens Apartments, an affordable housing development in Albany, NY. The project will be financed with a combination of LIHTC equity and tax-exempt bonds provided by the New York State Housing Finance Agency (NYS HFA), a soft loan through the NYS HFA, a House NY Mitchell Lama subsidy loan and existing reserves. The property features 188 LIHTC-regulated units serving families that earn up to 60 percent of the area median income. Of these units, 131 will be covered by a 20-year Housing Assistance Payments contract allowing families who are eligible for the HAP subsidized units to pay no more than 30 percent of their income toward rent. Skyline Gardens Apartments was originally built in 1973. It was last renovated more than 20 years ago. Tori O’Brien of of KeyBank Community Development Lending arranged the financing.

August 22, 2017

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Arranges $6.9M FHA Loan for Affordable Housing Property in Ironton, Ohio

by Kristin Harlow August 22, 2017

IRONTON, OHIO — KeyBank Real Estate Capital has arranged a $6.9 million FHA loan for the renovation of Sherman Thompson Towers Apartments in Ironton, located in southernmost Ohio along the Ohio River. The affordable seniors housing property consists of 151 units, each of which are designated for residents earning 30 to 60 percent of the area median income. The Ohio Housing Finance Agency provided tax credits for the project. Jeff Rodman of KeyBank arranged the loan for the borrower, Millennia Housing Development Ltd.

August 22, 2017

Affordable Housing Michigan Midwest Multifamily

Wolverine to Convert Historic Orphanage Into $16M Affordable Housing Property in Marquette, Michigan

by Kristin Harlow August 17, 2017

MARQUETTE, MICH. — Wolverine Building Group will redevelop the Holy Family Orphanage in Marquette, in Michigan’s Upper Peninsula, into an affordable housing property. Wolverine has partnered with Home Renewal Systems Communities and Community Action Alger Marquette for the $16 million project. The orphanage, originally constructed in 1915 and vacant since 1965, is listed on the National Register of Historic Places. The six-story building featured classrooms, bedrooms, playrooms, a laundry room, kitchen and dining hall. It once housed up to 200 children. Upon renovation, 14 of the 56 units will be set aside as supportive housing units for formerly homeless persons and families in need. Rent for these tenants will be limited to 30 percent of their current incomes. Many of the structure’s historic features, including its sandstone multi-story front porch, will be preserved during the renovation. The original chapel has been restored for use as a community space.

August 17, 2017

Affordable Housing Florida Multifamily Southeast

Housing Trust Group to Develop $36M Affordable Housing Community in Miami

by Camren Skelton August 14, 2017

MIAMI — Housing Trust Group (HTG) has unveiled plans to develop Princeton Park, a $36 million apartment community located at 13105 S.W. 248th St. in Miami. The development will be reserved for family households earning at or below 60 percent of the area median income (AMI). National Equity Fund, in conjunction with SunTrust Bank, provided $23.7 million in equity for construction of the project. Additionally, the financial package included 9 percent Low Income Housing Tax Credit (LIHTC) from the Florida Housing Finance Corp., a $3.5 million loan from Column Financial and a $23.3 million construction loan and $7.3 million permanent loan from KeyBank Real Estate Capital. Princeton Park will include a mix of one-, two- and three-bedroom floor plans. The 150-unit property will provide residents with literary training, family support coordinators and an employment assistance program.

August 14, 2017

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