Tuesday, December 2, 2025
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Affordable Housing

Affordable HousingDevelopmentFloridaMultifamilySoutheast

HTG Begins Construction on $58M Affordable Housing Community in Miami’s Overtown Neighborhood

by John Nelson

MIAMI — Housing Trust Group (HTG) has begun construction on Courtside Apartments II, a $58 million affordable housing community project located in the Overtown neighborhood of Miami. Upon completion, the property will total 120 units in one-, two- and three-bedroom layouts. This marks the second and final phase of a two-phase development that began with the opening of Courtside Apartments in 2016. Apartments at Courtside II will be reserved for residents earning at or below 50, 60 and 70 percent of the area median income (AMI), and monthly rents will range from $985 to $3,092. The property will feature a North and South Building, situated at 1698 N.W. 3 Ave. and 1501 N.W. 4 Ave., respectively, with both buildings spanning seven stories. Amenities at the community will include a clubhouse with a media center, fitness center, dog park and bike storage. Completion of construction is scheduled for the first quarter of 2026, with leasing scheduled to begin in fall 2025. The project team includes Corwil Architects, general contractor BDI Construction, civil engineer Kimley-Horn, interior designer Builders Design and landscape architect Witkin Hults + Partners.

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Affordable HousingDevelopmentLoansLumentMidwestMultifamilyNorth Dakota

Lument Structures $21.5M in Construction Financing for Affordable Housing Property in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Lument has structured $21.5 million in tax-exempt and taxable bonds to fund the construction and long-term financing of Lashkowitz Riverfront, a 110-unit affordable housing community in Fargo. BlueLine Development and the Fargo Housing and Redevelopment Authority are developing the project. Thomas Dixon and Kyle Sullivan of Lument structured the financing. Lument parent company ORIX USA purchased the $21.5 million bonds to act as both a $10.3 million permanent mortgage and construction financing. The transaction utilizes both the 4 percent and 9 percent Low-Income Housing Tax Credits program — 83 units will be constructed utilizing 4 percent tax credits and 27 will be built using 9 percent tax credits. All units will be restricted for residents who earn 30 to 50 percent of the area median income. The total term, including construction and permanent financing, is 18 years, with five years of interest-only payments and a 40-year amortization schedule. The portion of bonds used during construction will have a three-year term. Fargo Housing and Redevelopment Authority will manage the property, with BlueLine Property Management facilitating the pre-leasing and lease-up process.

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Affordable HousingIllinoisLoansMidwestMultifamily

Bayshore Properties Receives $61.6M for Refinancing of Multifamily Property in Schaumburg, Illinois

by Kristin Harlow

SCHAUMBURG, ILL. — Bayshore Properties has received $61.6 million for the refinancing of 21 Kristen Apartments in the Chicago suburb of Schaumburg. The 357-unit multifamily property is a condo deconversion that Bayshore acquired in 2022 and has since invested over $2.5 million in capital expenditures. Of the total units, 30 percent are reserved for residents who earn 30 to 80 percent of the area median income. Amenities include a pool, fitness center and library/meeting room. Greystone provided a $55.6 million Freddie Mac loan with a five-year term, and 7Acres provided $6 million in preferred equity funds. Eric Rosenstock and Dan Sacks of Greystone structured the financing.

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AcquisitionsAffordable HousingMidwestMultifamilyNorth Dakota

Marcus & Millichap Arranges Sale of 40-Unit Affordable Housing Community in Grand Forks, North Dakota

by Kristin Harlow

GRAND FORKS, N.D. — Marcus & Millichap has arranged the sale of The Current, a 40-unit affordable housing community in Grand Forks. The sales price was undisclosed. Built in 2007, the Low-Income Housing Tax Credits property features 15 one-bedroom units and 25 two-bedroom units. Matthew Whiteside of Marcus & Millichap represented the seller, MDI Limited Partnership #110, and procured the buyer, Kemo Sabe Properties LLC.

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North-Cove
Affordable HousingMarket ReportsMultifamilyNew YorkNortheastNortheast Market Reports

To Increase Affordable Housing, New York State Must Make Changes

by Taylor Williams

By Jason Penighetti, Esq., and Carol Rizzo, Esq. of Forchelli Deegan Terrana Together with high rent and exorbitant property values, the real property taxes that fund necessary services in New York State make housing affordability a significant concern for low- and middle-income residents. To ensure a sufficient supply of affordable housing, the state must address the ad valorem levy, whereby taxes are derived from a property’s market value.  This article examines the critical interplay between New York’s property tax policies and housing affordability. While some taxing mechanisms hinder the development and availability of affordable housing, adjustments and a few additions to those practices have the potential to promote the affordable sector. Exemptions, Incentives New York’s real property tax system supports a complex framework of entities that rely significantly upon property tax levies to generate revenue and fund their budgets. Property taxes, assessed at the local level, support essential services such as public schools, police departments, libraries, highways, fire districts, open space preservation, out-of-county college tuition and the New York State Metropolitan Transportation Authority, among others.  To encourage the development of affordable housing and ease the burden that real property taxes can impose on developers and owners in the sector, New …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Pennrose Opens Phase I of Thatcher Flats Mixed-Income Housing Community in Cincinnati

by Kristin Harlow

CINCINNATI — Pennrose and Walnut Hills Redevelopment Foundation have opened Phase I of Thatcher Flats, a $27 million redevelopment project to transform a full city block in Cincinnati’s Walnut Hills neighborhood into 86 mixed-income rental units. The development team has also commenced construction on Phase II. The first phase consists of 50 affordable housing units across two buildings utilizing 9 percent Low-Income Housing Tax Credits (LIHTC). The $15.2 million development offers a mix of one-, two- and three-bedroom units for residents who earn 30 to 60 percent of the area median income — roughly $20,070 to $40,140 for a one-person household. Residents of both phases will have access to the community amenities in Phase I, including a community room, laundry facilities, fitness center and parking. The name Thatcher Flats was inspired by the history of the Lincoln Avenue Business district, which in the late-1800s and through the mid-1900s was a thriving African American business district. In 1933, Ernest and Georgia Thatcher, an entrepreneurial African American couple, moved to Cincinnati and created Thatcher’s Fish and Poultry on what is now Thatcher Flats. In addition to the LIHTC financing for Phase I, the project received funding from the City of Cincinnati and …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper Breaks Ground on Two-Phase Affordable Seniors Housing Community in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Juniper Crossing, an affordable seniors housing community that will be built in two phases in Columbus. Phase I will provide 44 units for residents who earn between 30 and 70 percent of the area median income (AMI), while Phase II will offer 37 units for those who earn up to 60 percent AMI. Amenities will include a multipurpose community room, fitness center, parcel room, laundry facility, lounge room, activity room and picnic area. The property is expected to be certified LEED Silver. The Ohio Housing Finance Agency (OHFA) allocated federal housing tax credits for both phases of the project, and new state credits for Phase II. OHFA also provided the first mortgage for Phase I. Merchants Capital invested in the federal and state tax credits for both phases in exchange for equity financing. Its affiliate, Merchants Bank of Indiana, is the construction lender. Cedar Rapids Bank & Trust provided a permanent first mortgage for Phase II. The City of Columbus approved a 15-year tax abatement on 100 percent of the value for both phases. The city also provided gap financing toward permanent debt, including a HOME loan for soft …

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AcquisitionsAffordable HousingMultifamilySoutheastVirginia

Berkadia Arranges Sale of Three Multifamily Properties in Virginia’s Hampton Roads Region

by John Nelson

HAMPTON AND NEWPORT NEWS, VA. — Berkadia has arranged the sale of three multifamily properties located in Virginia’s Hampton Roads region — Abbington at Hampton Center and Abbington at Northampton in Hampton and Abbington Landing in Newport News. Together, the properties total 1,461 units. A majority of the units at the properties are designated for residents earning up to 80 percent of the area median income (AMI). Richmond-based Weinstein Properties sold the communities for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented Weinstein in the transaction. Richord Levine of Berkadia secured Freddie Mac acquisition financing on behalf of the buyer, Bethesda, Md.-based Acento Real Estate Partners.

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Affordable HousingLoansMultifamilyTexas

Merchants Capital Provides Debt, Equity Financing for Austin Affordable Housing Complex

by Taylor Williams

AUSTIN, TEXAS — Merchants Capital has provided debt and equity financing for Travis Park Apartments, a 199-unit affordable housing complex in south-central Austin. The sponsor, Sena Affordable Communities, will use the proceeds to acquire and rehabilitate the property, which comprises 22 buildings. Merchants provided a $69.1 million Freddie Mac 4 Percent Low-Income Housing Tax Credit (LIHTC) Immediate TEL loan and $37.6 million in LIHTC equity as the syndicator, as well as a $29 million equity bridge loan for the rehabilitation period. Renovations are expected to take about 18 months to complete and will include the addition of new outdoor recreation areas and playgrounds; accessibility upgrades; window replacement; new boiler and cooling towers; kitchen and bathroom improvements; new energy star appliances; replacement of original fan coil units for heating and cooling; building envelope upgrades; and roof replacement and new signage. Michael Milazzo led the transaction for Merchants Capital.

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Palladium-Old-FM-471-San-Antonio
Affordable HousingDevelopmentLoansMultifamilyTexas

Palladium USA Breaks Ground on $79M Mixed-Income Multifamily Project in San Antonio

by Taylor Williams

SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall.

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