Affordable Housing

McShane Completes Construction of 78-Unit Affordable Housing Property in Chicago

by Kristin Harlow June 9, 2017

CHICAGO — McShane Construction Co. has completed construction of Park Place in Chicago for Brinshore Development. The 78-unit affordable housing property is situated on 4.6 acres at the intersection of 50th Street and Lawndale Avenue. The property features 14 buildings with a mix of one-, two- and three-bedroom floor plans. Amenities include a community room, computer lab, fitness center and on-site management. Landon Bone Baker Architect designed the project. Multiple sources provided funding for Park Place, including the City of Chicago.

June 9, 2017

Affordable Housing Loans Midwest Multifamily Ohio

Dougherty Arranges $12M Loan for Refinancing of Affordable Housing Property in Goshen, Ohio

by Kristin Harlow May 11, 2017

GOSHEN, OHIO — Dougherty Mortgage LLC has arranged a $12 million HUD 223(f) loan for the refinancing of Meadow View Townhomes in Goshen, about 30 miles northeast of Cincinnati. The affordable housing property, built in 1994, consists of 128 units. Dominium Development & Acquisition took over ownership and management duties of the property in 2015. The loan features a 35-year term and amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Goshen Leased Housing Associates I LLLP, a limited liability partnership based in Minnesota.

May 11, 2017

Affordable Housing Loans Midwest Missouri Multifamily

Dougherty Mortgage Arranges $5.2M HUD Loan for Refinancing of Affordable Housing Property in St. Louis

by Kristin Harlow March 31, 2017

ST. LOUIS — Dougherty Mortgage LLC has arranged a $5.2 million HUD loan for the refinancing of the Downtowner Apartments in St. Louis. Originally constructed as a hotel in 1963, the 95-unit affordable housing property was renovated and converted into apartment units in 2007. In addition to the rental units, there is approximately 5,652 square feet of retail and restaurant space on the first floor. Dougherty’s Minneapolis office arranged the loan, which includes a 35-year amortization schedule. Washington Avenue Apartments LP was the borrower.

March 31, 2017

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $18.2M in Financing to Preserve Affordable Housing in Troy, N.Y.

by Haisten Willis March 29, 2017

TROY, N.Y. — KeyBank has provided a total of $18.2 million in financing for the Martin Luther King Revitalization Apartments in Troy. The Troy Housing Authority partnered with Beacon Communities Development to renovate and preserve 104 units of affordable housing through HUD’s Rental Assistance Demonstration Program. The property was built in 1971. Key’s Community Development Lending & Investing group (CDLI) provided a $6.2 million construction loan and will also invest up to $12 million in Low Income Housing Tax Credits (LIHTC) direct equity to finance the first phase, which includes the preservation of 46 units for residents earning between 30 and 80 percent of the area median income. Joe Eicheldinger and Victoria O’Brien of Key’s CDLI team helped arrange the financing, made possible by an allocation of LIHTC from New York State Homes and Community Renewal. Additionally, the project required the approval and support of the U.S. Department of Housing and Urban Development.

March 29, 2017

Affordable Housing Georgia Loans Multifamily Southeast

KeyBank Arranges $14.9M Acquisition Loan for Affordable Housing Property in Metro Atlanta

by John Nelson March 7, 2017

STOCKBRIDGE, GA. — KeyBank Real Estate Capital has arranged a $14.9 million acquisition loan for North Park at Eagle’s Landing, a 244-unit apartment community in Stockbridge, roughly 20 miles south of Atlanta. Built in 1999, the property designates 67 units for tenants earning roughly 80 percent of the area median income. Caleb Marten of KeyBank arranged the seven-year Fannie Mae loan with one year of interest-only payments and a 30-year amortization schedule.

March 7, 2017

Affordable Housing New York Northeast Office

Jonathan Rose Cos. Acquires Forest City’s Affordable Housing Business

by Amy Works March 3, 2017

NEW YORK CITY — Jonathan Rose Cos. is purchasing Forest City Realty Trust’s affordable housing business in a deal valued at more than $500 million. The acquisition includes 48 affordable housing communities in seven states, totaling nearly 8,500 units; Forest City Capital, an MAP-designated FHA lender; and Forest City’s affordable housing property management group. The purchase will bring Jonathan Rose Cos.’s total unit count to more than 15,000 nationwide and expand its operations to 15 states and the District of Columbia. The properties, management company and mortgage company will be rebranded with the Rose Communities name. The management company will be renamed Rose Community Management and the finance company will become Rose Community Capital. The transactions are scheduled to close throughout the first and second quarter. The management company and Forest City Capital are slated to transfer on March 1. The acquisitions have been approved by Forest City’s board and the closings, which require HUD approvals, will continue through the spring.

March 3, 2017

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $49.7M Construction Loan for Affordable Housing Property in Greenwood, Indiana

by Kristin Harlow February 23, 2017

GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.

February 23, 2017

Affordable Housing Connecticut Multifamily Northeast

Kline Enterprises Sells 1,009-Unit Affordable Housing Portfolio in Connecticut for $180M

by Amy Works February 23, 2017

PATERSON, ORANGE, EAST ORANGE, METUCHEN, OLD BRIDGE, HAZLET AND EAST WINDSOR, CONN. — Kline Enterprises has completed the disposition of a 1,009-unit affordable housing portfolio of seven properties in Paterson, Orange, East Orange, Metuchen, Old Bridge and East Windsor. A joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital acquired the portfolio for $180 million. Community Realty Management will act as third-party property manager for the portfolio, while retaining the majority of the existing staff members at each of the properties. Walker & Dunlop and Fannie Mae provided acquisition financing. Goodwin Procter LLP, Nixon Peabody LLP and Berman Indictor LLP served as counsel for the buyer in the transaction. Jamie Renzenbrink and Gene Levental of SVN Affordable | Levental Realty brokered the transaction.

February 23, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos., L+M Development to Construct 655-Unit Affordable Housing Project in East Harlem

by Amy Works February 8, 2017

NEW YORK CITY — New York City Department of Housing Preservation and Development and Housing Development Corp. have selected Jonathan Rose Cos. and L+M Development Partners to develop a mixed-use, sustainable community on East 111th Street in East Harlem. Slated to be constructed in three phases, the property will bring 655 affordable rental units to the area with 163 designated as permanently affordable, 20 percent for extremely low-income households, nearly 60 percent for low-income households and 79 affordable seniors housing units. The development will also include an 85,000-square-foot Harlem RBI/Dream Charter School, an 11,000-square-foot Union Settlement Community Space, a 29,000-square-foot YMCA facility, a 26,000-square-foot Mount Sinai East Harlem Community Health Center, a 7,500-square-foot Urban Market grocery store and a Two Boots Pizza location. Designed by Handel Architects, the project is utilizing a passive design that will result in 60 to 70 percent less energy usage than a standard building of its kind. Passive design uses building placement within a site to maximize environmental factors to reduce energy usage for heating and cooling.

February 8, 2017

Affordable Housing Loans Multifamily Washington Western

KeyBank Provides $54.5M Loan for New Affordable Housing Development in Everett

by Nellie Day February 7, 2017

EVERETT, WASH. — KeyBank has provided $54.5 million in construction financing for a 256-unit affordable housing development at Puget Park in Everett. The community will be situated 30 miles north of Seattle. The property will serve residents who earn 60 percent or less of the area median income. KeyBank’s Community Development Lending & Investing group provided the funds.

February 7, 2017

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