Affordable Housing

National Cooperative Bank Provides $17.9M Loan for Renovations at Affordable Housing Cooperative in Chicago

by Christina Cannon February 19, 2016

CHICAGO — National Cooperative Bank (NCB) has provided a $17.9 million loan for capital improvements to Gill Park Cooperative, an affordable housing cooperative. The 260-unit limited equity housing cooperative has operated as a 100 percent Section 8 project. Planned improvements at the co-op include a new plumbing and HVAC system, a redesigned lobby and laundry facilities, as well as a number of exterior improvements. All interior units will also be renovated with new kitchens, floors and wall finishes. Larry Mathe of NCB arranged the financing, in collaboration with the co-op board of directors and managing agent.

February 19, 2016

Affordable Housing Alabama Georgia Loans Multifamily Southeast

Bellwether Enterprise Closes Two Loans for Affordable Housing Properties in Alabama, Georgia

by John Nelson February 19, 2016

TUSCALOOSA, ALA. AND THOMASVILLE, GA. — Bellwether Enterprise Real Estate Capital LLC has recently closed two loans totaling $8.4 million for Section 8 apartment communities in Tuscaloosa and Thomasville. The affordable housing properties include the 124-unit Creekwood Village Apartments in Tuscaloosa and the 88-unit Wood Valley Apartments in Thomasville. Creekwood Village, which uses two units for the Boys and Girls Club and a daycare center, was built in 1972 and renovated in 2002 with Low Income Housing Tax Credits (LIHTC). Wood Valley was built in 1974 and renovated in 2003 with LIHTC. Bellwether Enterprise arranged both loans, which featured seven-year terms, through Freddie Mac on behalf of the borrower, LEDIC Realty Co. LLC.

February 19, 2016

Affordable Housing Multifamily New Jersey Northeast

WinnDevelopment to Acquire, Renovate 131-Unit Affordable Housing Property in New Jersey

by Amy Works February 8, 2016

JERSEY CITY, N.J. — WinnDevelopment has closed on the financing to acquire and renovate an affordable housing property in Jersey City. The $40.2 million acquisition and rehabilitation project will deliver interior and exterior upgrades to Brunswick Estates, a 131-unit income-restricted community. The townhouse-style property features 14 clusters of buildings with apartments ranging from two to five bedrooms, as well as a central building. The public-private partners in the project include The City of Jersey City, the New Jersey Economic Development Authority, the New Jersey Housing and Mortgage Finance Agency, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital, Boston Community Capital and Greater Bergen Community Action Inc. Additionally, New York City-based Dane PCG brokered the deal. WinnDevelopment is the development arm of WinnCompanies.

February 8, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $6.1M Construction Loan for Affordable Housing Property in Syracuse

by Amy Works January 11, 2016

SYRACUSE, N.Y. — KeyBank has provided a $6.1 million construction loan to Harbor Street Lofts LLC, an entity sponsored by the Sutton Real Estate Cos. in partnership with Bentham Foundation. Proceeds of the loan were used toward the acquisition and rehabilitation of a four-story, historic industrial building in Syracuse’s Westside neighborhood. The borrower is transforming the property into a 40-unit mixed-income apartment property. Lynne Callis-Wilson of Key’s Community Development Lending arranged the financing for the borrower.

January 11, 2016

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $2.4M HUD Refinancing Loan for 37-Unit Affordable Housing Building in Minneapolis

by Christina Cannon January 5, 2016

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $2.4 million HUD loan for the refinancing of a multifamily property in Minneapolis. Vantage Flats is a 37-unit affordable workforce housing property. The building is a transit-oriented project located near the METRO Blue line in South Minneapolis. The property, located at 5341-5359 Minnehaha Ave., was built in 2007 and is comprised of one-, two- and three-bedroom floorplans. Amenities include a community room with kitchen, exercise room, bike racks and underground heated parking. Dougherty arranged the 40-year term loan for MDI Limited Partnership #64.

January 5, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $3.9M in Financing to New York Affordable Housing Properties

by Amy Works December 22, 2015

SODUS AND WILLIAMSON, N.Y. — KeyBank has provided a $3.9 million letter of credit to SWIIRD Preservation LLC, an entity owned by CB Emmanuel Realty LLC. Located in Sodus and Williamson, the affordable housing properties total 96 one-bedroom apartments. Ninety-four of the 96 residences will utilize NYC HCR project-based rental assistance vouchers, keeping the units affordable to low-income senior and special needs residents for at least 15 years. Joe Eicheldinger of KeyBank’s Community Development Lending arranged the financing, which was used to rehab the properties.

December 22, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Secures Construction Financing for Affordable Housing Community in Central Florida

by John Nelson December 17, 2015

EUSTIS, FLA. — Housing Trust Group (HTG), a real estate developer, has closed on the construction financing for Valencia Grove in Eustis, a town in Central Florida. The $21 million, 144-unit affordable housing community will be situated on the northwest corner of Huffstetler Drive and Kurt Street and will comprise one-, two- and three-bedroom units with rents ranging from $358 to $790 per month, depending on tenants’ income levels. Community amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination. Construction began in late November and is expected to be completed in 13 months. HTG secured financing from a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp, a grant from the city of Eustis, tax credit equity from U.S. Bank Corp and tax-exempted multifamily revenue state bonds from SunTrust.

December 17, 2015

Affordable Housing Multifamily New York Northeast

Regan Development Completes 64-Unit Affordable Housing Community in Upstate New York

by Amy Works December 16, 2015

PLATTSBURGH, N.Y. — Regan Development Corp. has completed Homesteads on Ampersand, a 64-unit affordable housing community located at 292 Rugar St. in Plattsburgh. The eco-friendly community features four two-story buildings featuring 24 one-bedroom, 20 two-bedroom and 20 three-bedroom units, as well as a community building. The property features on-site management, a laundry facility, community room, library and computer center, as well as 73 surface parking spaces. Additionally, units feature Energy Star appliances, carpet, air conditioning and storage. Irvine, Calif.-based WNC, a national investor in real estate and community development initiatives, provided $7.1 million in low-income housing tax credit equity for the new development, which was constructed in one year.

December 16, 2015

Affordable Housing Loans Multifamily Northeast Vermont

KeyBank Provides $6.8M in Financing for Vermont Affordable Housing Properties

by Amy Works December 10, 2015

HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.

December 10, 2015

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $7.4M Bridge Loan for Acquisition of Affordable Housing Property in Cleveland

by Christina Cannon December 10, 2015

CLEVELAND — KeyBank Real Estate Capital has provided a $7.4 million bridge loan for the acquisition for a multifamily property in Cleveland. The Community Builders Inc. is the borrower. Commodore Place Apartments is a 198-unit, mixed-income apartment complex that was built in 1924. The property is located in the University Circle neighborhood of Cleveland. Kelly Frank of KeyBank Real Estate Capital arranged the financing.

December 10, 2015

Newer Posts

Older Posts