Affordable Housing

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

Affordable Housing Loans Multifamily Southeast Virginia

Capital One Provides $57.2M in Financing for Development of Affordable Housing Project in Metro DC

by Camren Skelton August 9, 2017

ARLINGTON, VA. — Capital One has provided a $26.1 million construction loan and $31.1 million in Low Income Housing Tax Credits (LIHTC) for Gilliam Place, a 173-unit affordable housing community under development in Arlington, roughly five miles southwest of Washington, D.C. Arlington Partnership for Affordable Housing (APAH) is developing the 122,000-square-foot property, which will include 9,000 square feet of commercial space to be dedicated to local nonprofits. Nine units will be reserved for people with special needs, 32 for those making up to 50 percent of the average mean income (AMI) and the rest for those making up to 60 percent of the AMI. Edmund Delany of Capital One originated the transactions on behalf of APAH for the construction of two projects that will be conducted concurrently on the same campus — Gilliam Place East and Gilliam Place West. The $26.1 million, adjustable-rate loan will be used for the construction of Gilliam Place East, which will comprise 83 units. The company also purchased $21.8 million in LIHTC through Enterprise Community Investments (ECI) for the construction of the property. Capital One also purchased $9.3 million in LIHTC equity through ECI for the construction of Gilliam Place West, which will include 90 …

August 9, 2017

Affordable Housing Maryland Multifamily Southeast Virginia

CBRE Brokers Sale of 43-Property Affordable Housing Portfolio in Mid-Atlantic

by Camren Skelton August 8, 2017

COLUMBIA, MD. — CBRE Affordable Housing has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio spread across Maryland, Virginia and Pennsylvania. Jeff Kunitz of CBRE arranged the transaction on behalf of the seller, Baltimore-based Shelter Group. Columbia, Md.-based Enterprise Community Investment purchased the portfolio for an undisclosed price. The portfolio includes 35 properties across Maryland, one property in Virginia and seven properties in Pennsylvania. All of the properties contain LIHTC, HAP or Senior Housing restrictions, and two were under new construction at the time of sale. In addition to the portfolio, Enterprise Community Investment acquired the property management company that operated the Shelter Group’s affordable housing portfolio.

August 8, 2017

Affordable Housing Illinois Midwest Multifamily

$14.1M Affordable Housing Complex Opens on West Side of Chicago

by Kristin Harlow August 8, 2017

CHICAGO — Harvest Homes, a 36-unit affordable housing complex, has opened in Chicago’s East Garfield Park. People’s Community Development Association of Chicago Inc. and The NHP Foundation developed the $14.1 million project. The property, located at 3512-46 W. Fifth Ave. on the city’s West Side, consists of four three-story buildings. The complex features a mix of two- to four-bedroom apartment units for residents earning up to 60 percent of the area median income. City support for the project included $1 million in tax increment financing and approximately $1.4 million in low-income housing and donation tax credits that generated $12.7 million in equity for the project. Other funding sources included a grant from the Federal Home Loan Bank and a private mortgage loan. The project is part of the city’s five-year housing plan to commit $1.3 billion in public and private funds to build, rehabilitate or preserve 41,000 units of affordable housing by the end of 2018.

August 8, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Affordable Housing Multifamily Northeast Pennsylvania

Partnership Breaks Ground on $17M Affordable Housing Redevelopment in Upper Dublin, Pennsylvania

by Amy Works June 28, 2017

UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building featuring a community room, computer lab and property management offices. The new units will feature modern kitchens, including dishwasher, spacious closets, ceramic-tiled bathrooms, resident-controlled heating and cooling, and in-unit washers/dryers.

June 28, 2017

Affordable Housing Loans Multifamily New York Northeast

Partnership to Renovate 494-Unit Affordable Housing Development in the Bronx

by Amy Works June 13, 2017

NEW YORK CITY — The U.S. Department of Housing and Urban Development (HUD), New York State Homes and Community Renewal (HCR), MDG Design + Construction, Citi Community Capital, Raymond Jones, Smith & Henzy, BSR Management and Cary Fields have secured nearly $160 million in financing for the restoration of Michelangelo Apartments, a 494-unit affordable housing community located in the Melrose section of the Bronx. The 43-year-old development will be renovated and preserved as affordable housing for an additional 40 years through HUD’s Rental Assistance Demonstration Program. Built in 1974 using a HUD Section 236 loan guarantee, Michelangelo Apartment comprises four towers offering a total of 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom apartments, as well as 50,000 square feet of retail space and underground parking. The renovations and improvements, which will happen with tenants in place, will include full kitchen and bathroom renovations, conversions to an energy-efficient hydronic boiler system from electric heaters, elevator modernization, façade repairs, lobby modernization, public hall beautification, conversion to energy-efficient LED lighting throughout the buildings and landscaping improvements.

June 13, 2017

Affordable Housing Multifamily New Jersey Northeast

Walters Group Completes First Phase of 118-Unit Affordable Housing Development in New Jersey

by Amy Works June 12, 2017

FORKED RIVER, N.J. — Walters Group has completed the first phase of Cornerstone at Lacey, a 118-unit income-restricted housing development located in Forked River. Designed to achieve LEED and Energy Star status, the first phase of the development comprises 70 units in nine buildings. Construction is underway for the second phase, which will add 48 units in six buildings. Units range from one- to three-bedrooms and 835 square feet to 1,247 square feet. Community amenities will include a clubhouse with computer workstations and a fitness center, as well as a children’s tot lot, barbecue and picnic areas, and a half-court basketball court.

June 12, 2017

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