SHAKOPEE, MINN. — Merchants Capital has arranged $25.5 million in debt and equity financing for the construction of Prairie Pointe, a 42-unit affordable and supportive housing development in Shakopee. Merchants Capital provided $14.1 million in 9 percent Low-Income Housing Tax Credit equity and secured an $11.4 million bridge loan from Merchants Bank. Developed by Twin Cities-based developer Beacon Interfaith Housing Collaborative, Prairie Pointe is the only housing development in the area to offer onsite supportive services and rents restricted at 30 percent of the area median income (AMI). Twenty-eight units will be permanently set aside for people experiencing homelessness and/or those with disabilities, and 14 units will be restricted at 50 percent AMI. The permanent supportive housing units will operate under the Minnesota Department of Human Services Housing Support rental subsidy program through Scott County, as well as private subsidy provided by Beacon. Volunteers of America Minnesota and Wisconsin will provide onsite supportive services. Prairie Pointe will feature one-, two-, three- and four-bedroom units. Community spaces will include a gym, donations room, computer and study rooms, children’s playroom and playground. Beacon’s service partner will provide onsite case management, housing stability skills, employment assistance, mental health support and educational programming as …
CARY, N.C. — BWE has secured a $22.3 million construction loan for Marigold Apartments, a mixed-income housing development located on Maynard Road in Cary, a suburb of Raleigh. The property will include a mix of one-, two- and three-bedroom apartments. Of the total 126 units, seven will be designated as accessible units, and three will be designated as hearing impaired accessible. Sixty-four units will be designated as affordable and workforce housing for residents earning at or below 30, 50 and 80 percent of the area median income, while the remaining 62 units are set to be available at market rates. Amenities will include elevators, EV charging stations, coworking spaces, an outdoor kitchen with gaming area, business center, clubhouse/community room, courtyard, exercise facility, onsite management, controlled access, video surveillance and onsite parking. Victor Agusta Jr. of BWE’s Raleigh office originated the HUD-insured loan on behalf of the borrower, Charlotte-based Laurel Street Residential. The City of Cary provided a ground lease for the Marigold development, and Wake County provided an additional $1.7 million in financing.
LOS ANGELES — SoLa Impact has received $29 million in New Markets Tax Credit (NMTC) financing to help supplement its funding of two initiatives at Crenshaw Lofts, a 190-unit mixed-use project at 4607 Crenshaw Blvd. in South Los Angeles. The project is a combination of Opportunity Zone financing coupled with NMTC financing and private equity. The NMTC financing will be utilized for the ground-floor commercial and retail space. The NMTCs will specifically fund the build-out and completion of: The NMTC allocations were provided by three mission-aligned Community Development Entities (CDEs): Border Communities Capital Co., Los Angeles Development Fund and Enterprise Financial CDE. Dudley Ventures/Valley Bank served as the tax credit investor. BHI, the U.S. division of Bank Hapoalim, provided the construction financing. SoLa Impact is a family of social impact real estate funds focused on preserving, refreshing and creating affordable housing in low-income communities.
CHELSEA, MASS. — MassHousing has provided $10.6 million in financing for 375 Broadway, a 62-unit affordable housing project in Chelsea, a northeastern suburb of Boston. The financing consists of $7.7 million in permanent financing and $2.9 million in workforce housing financing. The developer, a partnership between Arx Urban and Boston Communities, will construct a 43-unit building from the ground up and rehabilitate a 19-building. Units will come in studio, one-, two- and three-bedroom floor plans and will feature a range of income restrictions. Construction is expected to be complete by the end of 2026.
HOUSTON — Miami-based developer Housing Trust Group has broken ground on The Rushmore, a $33.8 million affordable housing project in the Energy Corridor area of West Houston. The property will house 101 units, 85 of which will be reserved for households earning at or less than 30, 50 and 60 percent of the area median income. The remaining 16 units will be priced at market rates. Residences will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, community clubroom, workroom, fitness center, game room and a designated dog walking path. Completion is slated for spring 2026.
NEW YORK CITY — TS Communities, a division of local real estate giant Tishman Speyer, has received $166 million in financing for a 244-unit affordable housing complex in Queens and plans to break ground later this month. The 18-story building will be located within the Edgemere Commons development in the borough’s Far Rockaway neighborhood and follows TS Communities’ development of a 237-unit building that is nearing completion. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for renters earning between 40 and 80 percent of the area median income. In addition, 73 units will be set aside as supportive housing. The building will also feature a resident community room, an outdoor space with an adjoining recreation room, a skydeck, onsite parking and laundry facilities, supportive services offices and street-level retail space. Aufgang Architects is designing the project, which is being developed in partnership with the City of New York, as well as with various state housing agencies. A tentative completion date was not announced.
HYATTSVILLE, MD. — Gilbane Development has cut the ribbon on Sovren, a five-story, 293-unit multifamily community in Hyattsville. Amazon’s housing equity fund contributed debt to fund the development. Located within the larger mixed-use development of The Riverfront at West Hyattsville, Sovren has direct access to the West Hyattsville Metro station and the Northwest Branch Anacostia River trail system. Sovren includes 147 units reserved for residents earning 80 percent or less of the area median income, as well as 2,500 square feet of retail space and an art-wrapped, 298-space parking garage. The community offers studios, one-, two- and three-bedroom floorplans ranging from 429 square feet to 1,417 square feet in size. Amenities at the property include a resort-style swimming pool with cabanas, fitness center with a dedicated yoga space, coworking areas, dog park, pet-washing facilities, outdoor grilling areas, fire pits and an entertainment lounge with a billiards table. Monthly rental rates for Sovren begin at $1,860, according to Apartments.com.
CHICAGO — Evergreen Real Estate Group, Imagine Group and KLEO Enterprises have completed Auburn Gresham Apartments, a two-building, 58-unit affordable housing community in Chicago’s Auburn Gresham neighborhood on the South Side. The project was a joint venture between developers Evergreen and Imagine, in collaboration with KLEO, the Chicago Department of Planning and Development (DPD) and the Chicago Department of Housing. The development, which won a 2020 DPD request for proposals for vacant city land at 79th and Green streets, was initially envisioned as a single building. Following three community workshops, the developers shifted more than half of the proposed units to a second city-owned site at 79th and Halsted streets. The complex now comprises a three-story building with 28 units and 5,200 square feet of retail space and a five-story building with 30 units and 3,300 square feet of commercial space. All residences are reserved for households with incomes at or below 60 percent of the area median income. Professionally managed by Evergreen, the units are approximately 75 percent leased. Commercial tenants will include for-profit development and property management firm KLEO, Italian restaurant The Auburn and K.L.E.O. Community Family Life Center, a nonprofit dedicated to youth development. Designed by Ross …
LACEY, N.J. — New Jersey-based developer Walters is nearing completion of Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger Cornerstone at Lacey development, which consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request. Walters is currently accepting renter applications for a lottery drawing that will take place on May 7. The first move-ins will begin in June.
FORT WORTH, TEXAS — Kansas-based developer Overland Property Group has completed Clifton Riverside, a four-story, 94-unit affordable housing project in the River East neighborhood of Fort Worth. The site spans 2.3 acres at 2406 E. Belknap St. According to Apartments.com, units come in studio, one- and two-bedroom units. Residences are reserved for households earning between 30 and 60 percent of the area median income. Amenities include outdoor courtyards, a fitness center, media center and a clubroom.