NEW LONDON, WIS. — Associated Bank has arranged $10 million in financing for the construction of Beacon Avenue Cottages, an affordable housing project in New London, about 25 miles northeast of Appleton. The property will consist of 40 apartment units in five cottage-style buildings at 580 Freemont St. The property will include a mix of two- and three-bedroom units, each with its own entrance and garage. Amenities will include a clubhouse, fitness center and laundry room. Completion is slated for spring 2018. Commonwealth Development Corp. is developing the project. Associated Bank provided a $4.7 million construction loan. In addition to the loan, $4.9 million was obtained in low-income housing tax credit equity and $510,000 was funded through an Affordable Housing Program grant. Bryan Schreiter of Associated Bank originated the loan, while Michael McGovern of Associated Bank managed the equity investment through a National Equity Fund Inc. proprietary fund.
DECATUR, GA. — Capital One has provided a $14.4 million HUD 221(d)(4) loan for the construction of Sterling at Candler Village, a 170-unit affordable and age-restricted community in Decatur. The 221(d)(4) product is HUD’s flagship program for financing the construction and preservation of market-rate and affordable housing apartment communities. Carolyn Whatley of Capital One originated the loan on behalf of the developer/borrower, The Benoit Group. Residences will be restricted to residents whose head of household is at least 62 years old. The majority of the units (136) will be allocated to households earning up to 60 percent of the area median income (AMI), while the remaining 34 will be reserved for households earning up to 50 percent of AMI. Besides the HUD financing, funding of this development included low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Co. Inc.; a subordinate HOME loan funded by DeKalb County Community Department; and project-based rental assistance issued by the Housing Authority of the City of Atlanta (AHA). AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer …
EAST HAVEN, CONN. — KeyBank Real Estate Capital has provided $22.5 million in Fannie Mae refinancing for East Farm Village, a multifamily property located in East Haven. The 240-unit property operates under a Section 8 Housing Assistance Payments contract and provides affordable housing units for low- to moderate-income families. Situated on 7.6 acres, the property features a community room, fitness center, solarium, library, playground, laundry facilities, elevator, on-site security and 24-hour maintenance. Erik Storz and Al Clemente of KeyBank arranged the financing for the undisclosed borrower.
MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has expanded its affordable housing lending group in New York City. The company has hired three team members to exclusively focus on Federal Housing Administration lending in the New York region. Hadley Bressman and John Mannix have joined the company as senior vice presidents and loan originators, and Nicole Bressman has joined as an analyst. Hadley Bressman and Nicole Bressman most recently served at the Hadley Group, while Mannix previously served at Merchant Equity Group. Bellwether Enterprise is a national, full-service commercial and multifamily mortgage banking company and a subsidiary of Enterprise Community Investment Inc.
MUNDELEIN, ILL. — Evergreen Real Estate Group has begun pre-leasing at Fairhaven Crossing, an affordable housing community in Mundelein, about 35 miles northwest of Chicago. The $13.5 million project is part of a larger initiative to turn downtown Mundelein into a walkable mixed-use district. Located at 407 E. Hawley St., the transit-oriented development consists of 40 units. The site was previously home to an industrial building that was converted into the three-story residential building. The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate.
HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.
KANSAS CITY, MO. — In a joint venture deal, the Community Development Trust (CDT) and The Millenia Cos. have acquired Kensington Heights Apartments in Kansas City. The nine-story apartment complex includes 126 units and serves low-income senior citizens and people with disabilities. Kensington Heights Apartments is located near Interstate 70 and U.S. Highway 40, and is approximately 10 minutes from downtown Kansas City. The complex serves residents who earn 60 percent of the area median income. The equity investment totaled $1.8 million, and CDT and Millenia will complete $580,000 of capital improvements to ensure the apartments are maintained as high-quality affordable housing for elderly and disabled residents. CDT is a national investor in affordable housing. Millenia is a Cleveland-based real estate company specializing in the acquisition, rehabilitation and management of affordable and market rate properties.
MCKINNEY, TEXAS — KWA Construction, serving as general contractor, has completed the construction of Post Oak Apartments, an affordable housing complex located in McKinney. Owned by McKinney Millennium II and developed by GroundFloor Development, the complex features 182 units, with 130 units reserved for residents earning 60 percent or less of the area median income and the remaining units at market-rate rents. Designed by Architettura Inc., the property features one-, two- and three-bedroom apartments with hardwood flooring, central air conditioning, dishwashers, microwaves, washer/dryer hookups and individual patios or balconies. On-site amenities include a leasing center and clubhouse with fitness center, business center, laundry facility, swimming pool and resident lounges with a kitchen. Boston Capital was a financial investor in the project.
UTICA, N.Y. — KeyBank Community Development Lending and Investment has provided a $7.6 million construction loan to Rescue Mission of Utica Inc. The loan will be used to construct West Street Apartments, a 42-unit low-income housing tax credit and supportive service property in Utica. Lynne Callis-Wilson of KeyBank arranged the construction loan.