HYANNIS, MASS. — MassDevelopment and BankFive have provided $11 million in financing for a 45-unit multifamily project in the Cape Cod community of Hyannis. The building at 199 Barnstable Road will house 40 market-rate units and five affordable units that will be earmarked for households earning 65 percent or less of the area median income. Units will have an average size of 550 square feet. The developer, Bratt LLC, is a real estate holding entity owned by Bradley Sprinkle and Timothy Telman; the former’s family-owned contracting business most recently occupied the site. Completion is slated for mid-2026.
GARLAND, TEXAS — A partnership between Canadian owner-operator Tricon Residential and Texas-based developer HHS Residential has completed a 100-unit build-to-rent residential project in Garland, a northeastern suburb of Dallas. Residences will feature three- and four-bedroom floor plans and will have attached two-car garages and fully fenced backyards. Amenities will include a dog park and multiple outdoor recreational spaces. Information on starting rents was not announced.
DANBURY AND NORWALK, CONN. — CBRE has brokered the $39.7 million sale of a portfolio of two affordable seniors housing properties totaling 169 units in Connecticut. Residences at both the 116-unit Kimberly Place in Danbury and the 53-unit One Leonard in Norwalk are reserved for renters age 62 and above. Simon Butler, Biria St. John, Jeff Dunne, Eric Apfel, Tim Flint and Taylor Froland of CBRE represented the seller, an affiliate of First Atlantic LLC, in the transaction and procured the buyer, an affiliate of Heritage Housing Inc.
WORCESTER, MASS. — Nonprofit owner-operator The Community Builders (TCB) has completed Merrick at the Square, a 49-unit affordable housing project in downtown Worcester. The building offers 11 units for households earning up to 30 percent or less of the area median income (AMI), five units reserved for renters earning 50 percent or less of AMI and 33 units for those making 60 percent or less of AMI. Amenta Emma Architects designed the project, and Saloomey Construction served as the general contractor.
TAMPA, FLA. — Related Urban, the affordable housing division of Related Group, has broken ground on Residences at East End, a 174-unit affordable housing community located at 5709 N. 47th St. in Tampa. Public partners City of Tampa and Tampa Housing Authority (THA) joined Related Urban at the groundbreaking ceremony held Wednesday, Oct. 22. Situated on Tampa’s east side, Residences at East End will be funded through Section 8 project-based vouchers and low-income housing tax credits (LIHTC), with funding sources including Fifth Third Bank and Raymond James. The project represents a total capital investment of $68.6 million. The community will offer two-bedroom apartments reserved for households earning 22 percent to 80 percent of the area median income (AMI). Amenities will include a standalone clubhouse, dog park, picnic areas, a pocket park and a fitness center. Construction is expected to be completed by the end of 2026.
WORCESTER, MASS. — A partnership between affordable housing owner-operator Jonathan Rose Cos. and local developer Schochet Cos. has acquired Plumley Village, a 430-unit community in Worcester. Plumley Village was originally developed in 1970 and rehabilitated in 2005. About 80 percent (342) of the residences are rent-subsidized as project-based Section 8 housing, and the remainder are rent-restricted under a Low-Income Housing Tax Credit land use regulatory agreement with MassDevelopment. Amenities include a community room, business center, convenience store, food pantry, laundry facilities, basketball court, playgrounds and a community garden. The Boys & Girls Club occupies the property’s ground-floor retail space. The seller was The Community Builders.
HILO, HAWAII — EAH Housing has opened Hale Nā Koa ‘O Hanakahi, an affordable seniors housing development in Hilo. Residences are reserved for seniors age 62 and older earning at or below 80 percent of the area median income, with preference given to veterans and surviving spouses. This marks the first affordable senior living development for veterans in Hawaii. EAH Housing developed the $58 million project in partnership with Hawaii Island Veterans Memorial Inc. The property totals 91 one-bedroom apartments across three two-story buildings, with an additional unit for an on-site property manager. Each unit comprises roughly 546 square feet. Amenities at the property include a community center with a lounge, coffee bar and fitness room. The center also features a multi-purpose room and a non-commercial kitchen for resident use. “This community is the first phase of a larger master-planned campus,” says Denise Nakanishi, chairperson of the board for Hawaii Island Veterans Memorial Inc. “Future plans include a veterans’ center and an outpatient clinic to expand healthcare access and support services for veterans and their families.” Design Partners Inc. was the architect for development, and Maryl Construction Group served as the general contractor. EAH Housing Real Estate Management will oversee operations and maintenance …
MINNEAPOLIS — Lupe Development and Wall Cos. have broken ground on a new affordable housing community in the Hiawatha neighborhood of Minneapolis. The four-story, 95-unit building will rise on the site of a former City of Minneapolis Public Works maintenance and storage facility. Named Snelling Yards, the development will feature generously sized units for families earning 30 to 80 percent of the area median income, with 13 units reserved for veterans experiencing homelessness. The building will share amenities with The Hillock, the neighboring, 100-unit active adult community managed by Ecumen. Completion of Snelling Yards is slated for fall 2026. The project received funding from the city, Hennepin County and Minneapolis Public Housing Authority. Allianz Investment Management provided tax-exempt bond financing and a construction bridge loan. R4 Capital is the low-income housing tax credit investor.
HYATTSVILLE, MD. — Walker & Dunlop has secured $40.5 million in debt and equity for the construction of The Highlands, an affordable seniors housing development in Hyattsville, about seven miles east of downtown Washington, D.C. The borrower is a partnership between Community Housing Initiative Inc. and First Baptist Church of Highland Park. P.J. McDevitt of Walker & Dunlop originated the debt, which comprised an unfunded forward Freddie Mac TEL that Walker & Dunlop will service. The permanent loan is structured as a 30-month forward commitment with a 15-year term and 40-year amortization schedule. Macy Kisilinsky of Walker & Dunlop arranged the debt placement and equity syndication, a $12.3 million 4 percent LIHTC equity investment with United Bank. Prince George’s County Housing Investment Trust Fund and the Maryland Department of Housing and Community Development will provide additional subordinate financing. Situated on the First Baptist Church of Highland Park campus, The Highlands will feature one- and two-bedroom apartments that will be restricted to tenants age 62 and older. Five units will be reserved for households at 50 percent of the area median income (AMI) while the remaining 132 units will be restricted at 60 percent of AMI. Planned amenities include a dog …
NEW YORK CITY — A partnership between two nonprofit organizations, The Community Builders and Ascendant Neighborhood Development, along with the New York City Housing Authority (NYCHA), will undertake a $272.6 million affordable housing renovation project in East Harlem. The project will rehabilitate 523 apartments that are housed across four buildings within two complexes — Metro North Plaza and Gaylord White Houses — and which are home to about 800 residents. The project will preserve the affordability of the units and will also enhance shared indoor spaces, common outdoor areas grounds and building infrastructural systems. Specifically, façades will be repaired; roofs will be repaired or replaced; new windows will be installed; and elevators will be overhauled. Financing for the project stems from the NYCHA Permanent Affordability Commitment Together (PACT). Wavecrest Management will handle day-to-day property management at the developments.