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Affordable Housing

19-19-Cornaga-Ave.-Queens
Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheast

Partnership Receives $51.7M in Financing for Queens Affordable Housing Project

by Taylor Williams

NEW YORK CITY — A partnership between Brisa Builders Development LLC and PMG Affordable has received $51.7 million in financing for a 92-unit affordable housing project that will be located in the Far Rockaway area of Queens. The financing package primarily consists of $28.4 million in construction financing from Bank of America; a $12.9 million supportive housing loan from the New York City Department of Housing Preservation & Development; and $8.3 million from the New York State Homes & Community Renewal. The capital stack also includes $23.7 million in Low-Income Housing Tax Credit equity. The nine-story building at 19-19 Cornaga Ave. will offer studio, one- and two-bedroom residences ranging in size from 331 to 652 square feet, with 60 units to be designated as supportive housing units and the other 30 to serve as Federal Housing Trust units. Amenities will include a fitness center, lounge, computer room and a multi-purpose room to accommodate community programs, classes and recreational activities, as well as an outdoor courtyard with a playground. Urban Atelier Group is the general contractor for the project, and Paul Castrucci Architects is handling design. Completion is slated for late 2026.

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The-Larkspur-Victor-ID
AcquisitionsAffordable HousingCompany NewsLoansMultifamilyNew YorkNortheastSeniors HousingTexasTop Stories

Franklin BSP Realty Trust Agrees to Acquire Multifamily Mortgage Originator NewPoint Holdings

by John Nelson

NEW YORK CITY AND PLANO, TEXAS — Franklin BSP Realty Trust Inc. (NYSE: FBRT), a REIT based in New York City, has entered into a definitive agreement to acquire NewPoint Holdings JV LLC, a multifamily loan originator headquartered in Plano. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions, including regulatory approvals. Terms of the transaction were not released. Launched in 2021, NewPoint has an existing servicing portfolio of $54.7 billion, including mortgages for market-rate multifamily, affordable housing, seniors housing, healthcare and manufactured housing properties nationwide. The company operates as both a direct lender and third-party placement provider. NewPoint, through its wholly owned subsidiary NewPoint Real Estate Capital LLC, is one of 19 multifamily originators and servicers approved to make loans on behalf of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD). The acquisition will now allow Franklin BSP Realty Trust to originate agency mortgage loans. “For years we have been looking to add agency capabilities to the platform,” says Michael Comparato, president of Franklin BSP Realty Trust. “We believe this transaction is the final piece to complete our ‘one stop shop’ puzzle.” The acquisition will …

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Underway on 73-Unit Affordable Housing Project in Hainesport, New Jersey

by Taylor Williams

HAINESPORT, N.J. — New Jersey-based developer Walters is underway on construction of a 73-unit affordable housing project in Hainesport, located outside of Philadelphia. Cornerstone at Hainesport will consist of six buildings that will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a basketball court, children’s play area and a clubhouse with computer workstations. The first units are expected to be available for occupancy by December.

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Affordable HousingFeaturesHeartland Feature ArchiveMultifamily

How to Invest in Sustainable Affordable Housing Initiatives

by Kristin Harlow

By Wilson Ding, Related Midwest The integration of sustainable features in affordable housing often comes with a perceived conflict: the expense of green technologies versus tight operating margins. However, innovative financing strategies and open dialogue with government agencies can bridge the gap, making sustainability more achievable for these projects. By their very nature, affordable housing developments tend to be very complex, often with a number of public and private stakeholders and a multifaceted capital stack. Securing additional resources for the implementation of sustainable technologies in both new and existing communities adds another layer of intricacy, contributing to the sector’s lag behind market-rate in this area. Yet while the installation of sustainable technologies may require a higher upfront investment of time and money, their ability to reduce ongoing expenses makes them a smart long-term strategy. Tax incentives, grants and other subsidies can also help make these projects feasible. Round Barn Manor My firm, Related Midwest, recently finished a $6.8 million renovation of Round Barn Manor, a 156-unit affordable seniors housing community in Champaign, Illinois. Completed in September 2024, the renovation was part of a broader $38.6 million recapitalization initiative carried out in collaboration with Related Affordable, our national affordable housing arm …

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Texas-Affordable-Workforce-Housing-Brokerage-Panel
Affordable HousingConference CoverageMarket ReportsMultifamilyTexasTexas Market Reports

InterFace Panel: Texas Affordable Housing Sales Volume Should Rebound Marginally in 2025

by Taylor Williams

By Taylor Williams DALLAS — As is the case for many commercial asset classes and markets in 2025, there is an expectation of elevated deal volume for investment sales of affordable housing properties in Texas. But brokers in that space caution that the rebound will likely be marginal and is not necessarily indicative of ideal market conditions taking hold. A quintet of panelists broke down this notion and others at the InterFace Texas Affordable & Workforce Housing conference on Feb. 13 at the Westin Galleria Dallas hotel. Mary Ann Bennett, senior managing director at BBG Real Estate Services, moderated the discussion on investment sales activity. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Panelist Michael Furrow, senior vice president of affordable housing at commercial finance firm BWE, took the audience of 200-plus back in time to illustrate just how quiet the past two years had been. He did so by providing statistics on affordable housing sales for Dallas-Fort Worth (DFW) between 2021 — when multifamily rents and sales prices were peaking across the board — and 2024, when they …

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First-&-Market-Pittsburgh
Affordable HousingLoansMultifamilyNortheastPennsylvaniaSeniors Housing

KeyBank Provides $41.4M in Financing for Pittsburgh Affordable Seniors Housing Redevelopment

by Taylor Williams

PITTSBURGH — KeyBank has provided $41.4 million in financing for First & Market, an adaptive reuse project that will convert a former office building in downtown Pittsburgh into a 93-unit affordable seniors housing complex. The financing consists of a $27 million construction loan and a $14.4 million permanent loan. Units will be reserved for renters age 62 and above, with the majority (83) of residences reserved for individuals earning 50 percent or less of the area median income (AMI). The other 10 units will be earmarked for households earning 20 percent or less of AMI. Residents will have access to support services in technology education, healthcare education and coordination, financial literacy and mental and behavioral health. Seaver Rickert and Leslie Meyers of KeyBank originated the financing on behalf of the developer, Beacon Communities. Completion is slated for the third quarter of 2026.

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4301-Vermont-Ave-Los-Angeles-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Walker & Dunlop Secures $34.8M Construction Loan for Affordable Housing Project in Los Angeles

by Amy Works

LOS ANGELES — Walker & Dunlop has arranged $34.8 million in construction financing for 4301 Vermont, an affordable housing development in Los Angeles. Chris Montes of Walker & Dunlop secured the loan on behalf of the client, SoLa, and identified the lender as ACORE Capital. The five-story multifamily complex will offer 188 affordable residences at 4301 Vermont Ave. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact.

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Completes 76-Unit Affordable Housing Project in San Antonio

by Taylor Williams

SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos. and Opportunity Home San Antonio has completed Vista at Silver Oaks, a 76-unit affordable housing project on the city’s north side. Residences come in two- and three-bedroom layouts and are entirely reserved for renters earning 60 percent or less of the area median income. In addition to business and fitness centers, residents have access to services such as monthly social events, tax preparation classes, health and wellness programming and afterschool care. Construction began in August 2023.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Community Builders Completes $44M Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — The Community Builders has completed development of Canvas at Leland Plaza, a $44 million affordable housing property in Chicago’s Lincoln Square neighborhood. The equitable transit-oriented development (ETOD) features 63 units with commercial space, outdoor seating and parking. The Chicago Housing Authority (CHA) is providing funding for 16 of the units through its project-based voucher program, representing an investment of more than $13.3 million over the next 30 years. Amenities at the property include package and bike rooms, storage space, a resident lounge and terrace. Financial partners include the City of Chicago, the CHA, CIBC, Stratford Capital Group, Benefit Chicago and ComEd. DesignBridge was the architect, and Leopardo Cos. and KMW Communities served as general contractors.

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AcquisitionsAffordable HousingCaliforniaLoansMultifamilyWestern

Northmarq Secures $64.6M in Acquisition Financing for Seven-Property Affordable Housing Portfolio in San Fernando Valley

by Amy Works

VAN NUYS, NORTH HILLS, PANORAMA CITY AND GARDENA, CALIF. — Northmarq has arranged $64.6 million in financing for the acquisition of a 596-unit, seven-property multifamily portfolio in the San Fernando Valley. The borrower is a Moorpark, Calif.-based private owner. Zalmi Klyne of Northmarq’s Los Angeles office secured the 76 percent loan-to-value acquisition financing through numerous correspondent relationships with banks. The fixed-rate transaction was priced in the high 5 percent range and structured with interest-only payments. The portfolio includes:

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