CLEVELAND — The Community Builders (TCB) has completed Woodhill Station East, the third phase of the Buckeye-Woodhill Choice Transformation in Cleveland. The building delivers 54 affordable apartments and 10 market-rate units for residents in the Buckeye-Woodhill neighborhood and is situated immediately to the east of Woodhill Station West. Woodhill Station East is the third phase in the redevelopment of the former Woodhill Homes. A commercial space will host up to three tenants. Residents have access to amenities including a community room, lounges, a fitness center, landscaped greenspace and an outdoor patio. All units are pre-wired for high-speed internet service, including low-cost access provided by Digital-C. TCB will oversee a wide range of resource and programming partners and activities, including a team of TCB Community Life case managers, which will provide onsite supportive service programming. They will connect residents to opportunities in six areas: workforce development, asset building, community engagement, youth development, education and health and wellness. Financial partners included Lument, Ohio Capital Corp. for Housing, Ohio Housing Finance Agency, Citizen’s Bank, HUD Choice Neighborhoods program, TCB, Cuyahoga Metropolitan Housing Authority (CMHA) and the City of Cleveland via ARPA HOME funds. In 2021, HUD awarded a $35 million Choice Neighborhoods Implementation …
NEW YORK CITY — A partnership between Rockefeller Group and Atlas Capital Group has entered into an agreement with the Roman Catholic Church of Holy Name of Jesus and Saint Gregory the Great to buy church-owned land on Manhattan’s Upper West Side, with plans to develop a mixed-income housing project. The agreement, valued at $96 million, involves land at 200 W. 97th St., and the project will involve underutilized portions of the church campus — such as the former school, convent and recreation buildings — while the active church continues its ministry. The number of units was not disclosed, but 25 percent of residences will be subject to income restrictions, and the new building will also have retail space. The deal is expected to close in the coming weeks.
NEW YORK CITY — Ariel Property Advisors has arranged the $79.8 million sale of a portfolio of eight affordable housing buildings totaling 347 units in Brooklyn’s Prospect Park neighborhood. Known as the Prospect Park South Portfolio, the properties collectively offer 33 studios, 154 one-bedroom units, 121 two-bedroom apartments, 56 three-bedroom residences, 14 four-bedroom units and nine five-bedroom units. Victor Sozio, Shimon Shkury, Sean Kelly, Remi Mandell, Lawrence Sarn, Nicole Daniggelis and Erik Moloney of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
PHILADELPHIA — A partnership between LMXD, which is an affiliate of New York City-based developer L+M Development Partners, MSquared and the Philadelphia Housing Authority has broken ground on the first phase of the redevelopment of Westpark Apartments. The 12-acre affordable housing complex is located on the city’s west side. Phase I will include the construction of a new midrise building with 145 units, 58 of which will be reserved for existing residents and 73 of which will be reserved for incoming households earning between 20 and 80 percent of the area median income (AMI). The new building will also have 1,300 square feet of retail space. Phase I will also involve the rehabilitation of an existing, 141-unit building, 39 of which will be earmarked for existing residences and 76 of which will be earmarked for new households earning between 20 and 80 percent of AMI. Lastly, the development team will construct 41 new units at the southern edge of the campus, all of which will be dedicated first to returning Westpark residents and affordable to households earning up to 50 percent of AMI. Phase I is slated for a 2028 completion.
ROCKFORD, ILL. — SVN Chicago Commercial has brokered the $5.1 million sale of Auburn Manor Apartments, a 108-unit workforce housing property in Rockford. The HAP Section 8 community totals 104,956 square feet. Reid Bennett, Cody Doran and Dan Short of SVN represented the seller. The transaction marks the final disposition within the seller’s portfolio, as the firm shifts its focus toward third-party management assignments.
DENTON, TEXAS — The NRP Group, a Cleveland-based multifamily developer, has broken ground on Arbor Ranch, a 297-unit affordable housing project in the North Texas city of Denton. The site at 2820 Roselawn Drive spans 22 acres, and the development will consist of nine three-story buildings that will house one-, two-, three- and four-bedroom units and will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, playground, barbecue and picnic areas, children’s activity room and a community lounge, and residents will also have access to various onsite social services. Younger Partners brokered the sale of the land. Truist Bank provided a $68 million construction loan for the project. The first units are expected to be available for occupancy early next year.
JLL Arranges $100.5M in Construction Financing for Mixed-Income Multifamily Development in Charlotte
CHARLOTTE, N.C. — JLL Capital Markets has arranged a $100.5 million senior construction loan and equity capital for Twelve03 at Centre South, a 329-unit mixed-income multifamily development in Charlotte. Taylor Allison, Alexis Kaiser and Ryan Mueller of JLL secured construction financing through TD Bank and the equity placement from RXR Realty Investments on behalf of the borrower/developer, The Fallon Co. Situated near The Pearl, Charlotte’s first medical Innovation District, Twelve03 is the first phase of Centre South, a 16.7-acre mixed-use development. Twelve03 will comprise 263 market-rate and 66 affordable units. Amenities will include a sky lounge, rooftop saltwater swimming pool, coworking spaces, pet spa and a fitness center. Upon completion of the overall mixed-use development, the project will include 405,000 square feet office space, 36,000 square feet of retail, a 180-room hotel, a 1.5-acre green space and up to 975 apartments, with 20 percent of the Centre South’s residential units reserved as affordable housing.
BROCKTON, MASS. — MassHousing has provided $50 million in financing for an affordable housing redevelopment project in Brockton, a southern suburb of Boston. The financing consists of $28.2 million in permanent debt, $20.7 million in tax credit bridge financing and $1 million in Capital Magnet Fund financing. Santander Bank is financing construction. The property in question is Campello Apartments, a distressed public housing project that was originally built in 1972, and the redevelopment will involve the demolition of a single-story building and two existing Campello high-rise buildings totaling 398 units. The first of the project’s three planned phases will feature a seven-story building with 144 units that will be reserved for households earning between 30 and 60 percent of the area median income. Amenities will include a main lounge on the ground floor, as well as laundry, fitness and social gathering spaces. The Brockton Housing Authority and Cambridge Housing Authority are leading the redevelopment, with BWA Architecture handling design and Shawmut Construction serving as the general contractor. An expected completion date was not announced.
PEMBROKE PINES, FLA. — McDowell Housing Partners and Miami Jewish Health have completed the development of Douglas Gardens Senior Health and Living, a new affordable seniors housing community located in Pembroke Pines, roughly 25 miles northwest of Miami. Now open, the community totals 410 units reserved for residents age 55 and older earning 30, 60 and 100 percent of the area median income. Amenities at the community include a pond with walking paths, theater room, business center and multiple indoor and outdoor gathering spaces. Development costs for the project totaled $139 million. This marks the third project completed in partnership by McDowell Housing and Miami Jewish Health. ANF Group served as the construction manager. The project team also included engineer and landscape designer Keith & Associates, REPRTWAR Architecture and Design and interior designer Jewel Toned Interiors.
By Bert Belanger, PACE Equity Seemingly every week, a commercial real estate publication publishes a story warning that nine out of 10 markets in America need more affordable housing units. Switching to an “all-bills-paid” mindset and utilizing Commercial Property Assessed Clean Energy (C-PACE) financing can help address this quandary. Going Through the PACEs In early 2021, after a 40-year career as a real estate lawyer, consultant and developer focused on affordable housing, I began “selling money.” By this, I mean that I was sourcing capital for PACE Equity, a Milwaukee-based private debt firm focused on providing C-PACE funding. Since C-PACE was new to my home state of Oklahoma, I was initially unfamiliar with its characteristics, but the practice of so-called “green building” was something I had experienced firsthand. I hoped that my mixture of experience might make me a unicorn — a guy who knew how to meld obtuse government subsidized housing tools with C-PACE, all for the greater good. However, I have quickly learned that mixing C-PACE with government-assisted housing financing tools is a non-starter. Why? Because cash flows within government-subsidized financings are thin by design, leaving no room for debt service beyond a small senior loan. Real Deals and Real Savings …