BOSTON — A partnership between nonprofit developer The Community Builders and social services provider Pine Street Inn has completed The Lyndia, a 202-unit affordable housing project in Boston’s Jamaica Plain neighborhood. Designed by Boston-based RODE Architects, The Lyndia offers 140 units for formerly homeless individuals and 62 income-restricted units, as well as 13,000 square feet of community space. Residents will have access to resources like medical and mental healthcare, vocational and volunteer opportunities.
BERRYVILLE, VA. — Greysteel has brokered the $5.9 million sale of Mary Hardesty House, an affordable seniors housing community located in Berryville, roughly 65 miles northwest of Washington, D.C. Fletcher Hultman, Justin Mazzamaro and Henry Mathies of Greysteel represented the seller, The Wentwood Cos., in the transaction. Community Housing Partners was the buyer. Totaling 60 units, the property was developed using low-income housing tax credit (LIHTC) financing and is engaged in a long-term affordable housing use agreement. Amenities at the property include a game room, social gathering area, fitness center, outdoor patio and grill and a salon.
JACKSON, MISS. — Gulf Coast Housing Partnership (GCHP) and local nonprofit organization Midtown Partners Inc. plan to open Noel Place, a 27-unit affordable housing community located at 144 Noel St. in Jackson. Set to officially open tomorrow in a ribbon-cutting ceremony with partners and local dignitaries, about 60 percent of Noel Place’s apartments will be reserved for special needs residents, including people with disabilities and senior citizens. Federal Home Loan Bank of Dallas and BankPlus awarded GCHP with a $499,000 grant to help fund construction of Noel Place. Other partners include Mississippi Home Corp. and Mississippi Regional Housing Authority No. VI.
BELLWOOD, ILL. — F.H. Paschen has topped off the first phase of the Bellwood Gateway Development, a $43 million workforce housing project in the Chicago suburb of Bellwood. The four-story, 71-unit community will feature 6,000 square feet of ground-floor commercial space and is set to open in spring 2026. Serving as the developer and general contractor, F.H. Paschen now moves toward the enclosure of the structures. Once enclosed, work will move on to mechanical, electrical, plumbing and fire protection installations, followed by drywall, windows and façade work. Construction began in July 2024 on the project, which involves the repurposing of the former Village Hall, police and fire stations, and emergency management office. Chicago-based DesignBridge was the architect. The project is financed through a combination of tax-increment financing, a State of Illinois grant and workforce housing bonds.
LOS ANGELES — R.D. Olson Construction, in partnership with Related California Properties and the Housing Authority of the City of Los Angeles, has started construction on Phase II of Rose Hill Courts. The $57.8 million project builds on the success of Phase I, which was completed in 2023. Located at 3521 N. McKenzie Ave., Phase II of Rose Hill Courts will feature seven apartment buildings ranging from two to three stories with basements, totaling 96 affordable housing units. Additionally, the new development will feature a community building dedicated to resident gatherings and events, an outdoor playground and a basketball court. The project will also offer tuck-under parking on five of residential buildings. The total development will space a total of 115,406 square feet of gross building area across a 150,400-square-foot site. Slated for completion in 2027, the project will generate more than 400 construction jobs. Partners on the project include the Housing Authority of the City of Los Angeles, Related California Properties, BSB Design (formerly Withee Malcolm Architects) and AMJ Construction Management.
NEW HOPE, BLOOMINGTON AND ST. PAUL, MINN. — BWE has arranged $39 million in loans to refinance a portfolio of six affordable housing properties in New Hope, Bloomington and St. Paul. The properties total 529 units, with 100 percent of the units reserved for tenants earning up to 60 percent of the area median income. Victor Agusta Jr. of BWE originated the Freddie Mac loans on behalf of Aeon, a Twin Cities-based nonprofit that builds affordable housing. The communities include Bass Lake Crossing and Kings Manor in New Hope; Cedar Gate, Cedar Glen and Metropolitan Towers in Bloomington; and Larpenteur Villa in St. Paul.
By David Leopold, SVP, Head of Affordable Housing, Berkadia In today’s shifting real estate landscape, investors increasingly prioritize stability and long-term value. One sector that has consistently demonstrated stability is affordable housing — particularly Section 8 properties backed by the U.S. Department of Housing and Urban Development (HUD). With guaranteed rental income and high demand, Section 8 housing has become an attractive investment vehicle for those looking to diversify their portfolios while contributing to the critical need for affordable housing. As part of this trend, in 2024 Berkadia financed $837 million and sold more than $172 million in Section 8 properties, including the sale and financing of Lauderhill Point, a Section 8 affordable housing community in Fort Lauderdale, Fla. This arrangement underpins the firm’s affordable housing expertise, employing production leaders with an average of 25 years in the sector. For investors exploring opportunities in affordable housing, success depends on understanding the unique benefits and requirements of Section 8 properties. Section 8 Housing as a Safe Haven The largest federal subsidized housing program in the United States, project-based Section 8 provides financial assistance to millions of households across the country, making it a steady source of demand that can give …
CARLSBAD, CALIF. — Roseville, Calif.-based USA Properties Fund and Los Angeles-based The Pinyon Group have opened Vintage at Marja Acres, an affordable age-restricted community in Carlsbad. Located at 4660 Garden Hill Loop, Vintage at Marja Acres offers 47 apartments, a community room, wellness/health center and onsite laundry. The one-bedroom apartments feature energy-efficient appliances and light fixtures, and low-flow faucets, showers and toilets. The units are designated for residents at least 55 years old who earn 30 percent to 60 percent of the area median income for San Diego County, Calif. Vintage at Marja Acres is a public-private partnership that includes the City of Carlsbad, Riverside Charitable Corp. and WNC Inc. JPMorgan Chase is the construction and permanent lender for the $21 million project. IHP Capital Partners and KB Homes are also partners on the project, which is in infill community that is named after a former longtime nursery on the property.
CHANTILLY, VA. — True Ground Housing Partners has broken ground on a $64 million affordable seniors housing community in Chantilly, roughly 30 miles outside Washington, D.C. Dubbed Avonlea Senior, the development will be situated within the Avonlea Town Center master-planned community developed by Peterson Cos. The project team includes general contractor Bozzuto Construction, Advanced Project Management (APM), Grimm + Parker Architects, Moya Design Partners, Allen + Shariff Corp. and civil engineer Urban Ltd. Upon completion, the community will comprise 137 units for residents age 55 and older. The property will also feature a wellness suite, business center and two community rooms. Completion of the project is slated for summer 2026. Financing for the development includes low-income housing tax credits (LIHTC) from Virginia Housing; more than $6 million from Loudoun County’s affordable multifamily housing loan program; $7.5 million from Amazon REACH; $1.4 million in Virginia Housing Trust Fund financing; and $4 million from Virginia’s Housing Innovations in Energy Efficiency (HIEE) program. Additionally, Truist has purchased approximately $29 million in tax credit equity. Formerly Arlington Partnership for Affordable Housing, True Ground Housing Partners is a nonprofit affordable housing developer.
CLEVELAND — Frontline Development Group LLC and Woda Cooper Cos. Inc. have broken ground on Gordon Crossing, a 54-unit affordable housing development that will provide housing options for residents earning up to 80 percent of the area median income in Cleveland. The $17.6 million project is backed by a combination of public and private funding. Located at the convergence of Hough and University Circle, Gordon Crossing sits at the heart of two neighborhoods. Hough is known for its revitalization, home to generations of families and a growing wave of investment. University Circle is a hub of institutions such as hospitals, universities and cultural anchors. The four-story development will feature 42 two-bedroom units and 12 three-bedroom apartments. Residents will have access to a community room with kitchenette, onsite management office, parcel room and outdoor spaces. Projected rents range from $362 to $1,699, depending on household income and unit size. The development is expected to house a diverse mix of residents, including caregivers, educators, hospitality and retail workers, civil servants and others. Gordon Crossing is supported by an equity investment from RBC Capital, utilizing housing tax credits allocated by the Ohio Housing Finance Agency (OHFA). Lenders include Dollar Bank, CF Bank, the …