Affordable Housing

Related Cos. to Acquire 17 Affordable Housing Properties in the Midwest for $270M

by Danielle Everson April 29, 2015

CHICAGO — Related Cos., an owner of affordable housing in the United States, is in the process of acquiring 17 properties totaling 3,062 affordable housing units across the Midwest for $270 million. In addition, the company has acquired Metroplex Inc., an affordable property management company in Illinois. Through a public-private partnership with the city of Chicago and Illinois Housing Development Authority (IHDA), affordability of the units will be preserved for an additional 30 years and more than $262 million will be invested in the rehabilitation of the properties. The portfolio acquisition by Related Affordable and Related Midwest, divisions of Related Cos., includes more than 1,500 units in the city of Chicago, including the 628-unit Marshall Field Garden Apartments. The community was due to lose its affordable designation in 2017, but has been extended three more decades as a result of Related’s acquisition. “Related has preserved more than 35,000 affordable housing units, and we have never converted a single unit to market-rate,” says Matthew Finkle, president of Related Affordable. “Through public-private partnerships like this, we will be able to significantly improve the lives of the residents who call these communities home, and ensure that thousands of residences in the city of …

April 29, 2015

TD Bank Provides $6M Redevelopment Loan for Affordable Housing Apartment Complex in Charleston

by John Nelson February 18, 2015

CHARLESTON, S.C. — TD Bank has provided approximately $6 million for the renovation and rehabilitation of 100 affordable housing multifamily units in Charleston’s Ashley River submarket. Lori Swan of TD Bank structured the five-year loan with a 25-year amortization schedule on behalf of the developer, The Hampstead Group. The loan will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments were built in the 1970s as low-income housing and recently fell into disrepair. As part of its planned remodeling, Hampstead will install energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Construction began in January 2015 and is expected to be complete within the next 15 months.

February 18, 2015

Affordable Housing Loans Multifamily Southeast Virginia

Oak Grove Capital Arranges $19.5M Refinance for Affordable Housing Properties in Virginia

by John Nelson January 26, 2015

COLONIAL HEIGHTS, VA. — Oak Grove Capital has arranged the refinancing of two affordable housing properties in Colonial Heights totaling $19.5 million. The two assets, Colonial Ridge and Bermuda Run Apartments, total 292 units. Tim Leonhard of Oak Grove Capital arranged the fixed-rate, preservation loan through Freddie Mac on behalf of the unnamed borrower.

January 26, 2015

Affordable Housing Maryland Multifamily Southeast

Enterprise Homes, SunTrust Team Up for $24.6M Renovation of Affordable Housing Project

by John Nelson January 14, 2015

FREDERICK, MD. — Enterprise Homes and SunTrust Bank are teaming up on the $24.6 million renovation of Taney Village Apartments in Frederick. Constructed in 1978, the building features 130 one-bedroom affordable homes designated for seniors and adults with disabilities earning up to 60 percent of the area median income. Thirteen of the apartments are reserved for residents with disabilities. The renovation will include new energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. Common areas including hallways, corridors and lobbies, the community room, fitness room and laundry facilities will also undergo renovations with new lighting, flooring, paint and furniture. New elevators will also be installed. The development cost will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, as well as loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County. The design team includes general contractor Plano-Coudon, architect Grimm + Parker and property manager Habitat America. Renovations will be completed by fall 2015.

January 14, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Closes $12.4M Financing for Affordable Housing Community in Largo

by John Nelson January 14, 2015

LARGO, FLA. — Housing Trust Group (HTG) has closed on the financing of Whispering Palms Apartments, a $12.4 million, 63-unit affordable housing community in Largo. HTG will develop the property on a 4.4-acre site at 601 16th Ave. S.E. HTG secured the financing through Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corp. low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corp.; and a loan from the Pinellas County HOME Investment Partnership loan program. Whispering Palms Apartments will feature a clubhouse, pool, fitness center, playground, computer lab and four units specifically for special needs families.

January 14, 2015

Affordable Housing Top Stories

Prudential Mortgage Capital Provides $115.8M Construction Loan for Affordable Housing in D.C.

by John Nelson October 13, 2014

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided $115.8 million in permanent financing through Freddie Mac for Art Place at Fort Totten, a mixed-income and mixed-use development in northeast Washington, D.C. The borrower is an affiliate of The Morris and Gwendolyn Cafritz Foundation, an independently run foundation focusing on providing grants for investments in the Washington, D.C., area. When completed, Art Place at Fort Totten will include 520 rental units and 103,502 square feet of commercial space. It is the first phase of a three-phase development that will be located adjacent to the Fort Totten Metro Station. The completed project will include a fitness center, restaurant, children’s museum and a community center for the arts. Of the 520 residential units, 121 will be designated affordable, with long-term income and rent restrictions. The remaining units will be market-rate. “The scale and design of this property coupled with the longstanding commitment of the borrower to serving Washington, D.C., will make this a dynamic development for the Fort Totten community,” says Alex Viorst, a principal with Prudential Mortgage Capital Co.’s affordable housing business. “When this property is completed, it will bring high-quality market rate and affordable housing to the community, along with …

October 13, 2014

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