SALEM, MASS. — MassDevelopment has provided $45 million in tax-exempt bond financing for the redevelopment of Leefort Terrace, an affordable housing complex in Salem, located north of Boston. Leefort Terrace was originally built in 1958 and houses 50 one-bedroom units across eight buildings. The borrower, an affiliate of nonprofit owner-operator Beacon Communities, has entered into a 99-year ground lease with the Salem Housing Authority and demolished the existing buildings. The redeveloped property will feature 124 units in one-, two- and three-bedroom floor plans that will be reserved for renters earning between 30 and 60 percent of the area median income. Delivery is scheduled for summer 2026.
CHICAGO — Skender has broken ground on United Yards, a three-building affordable housing development in Chicago’s Back of the Yards neighborhood. Celadon Partners and Blackwood Group are the developers, and DesignBridge is the architect. The project will consist of a 45-unit, six-story apartment building with a ground-floor business entrepreneur hub and youth programming space at 4703 S. Justine St. as well as two three-flat, modular apartment buildings at 1639 and 1641 W. 47th St. Completion is slated for October 2025. Tandem Ventures is managing regulatory compliance, maximizing community engagement and creating local employment opportunities on the project. Other partners include Virgilio & Associates as structural engineer and Element Energy as mechanical, electrical and plumbing engineer.
RIVERDALE, GA. — General contractor Swinerton has broken ground on Hearthside Riverdale, a $16.4 million multifamily project in Riverdale\. Swinerton is completing the construction on behalf of the developer, OneStreet Residential. Situated on 2.6 acres roughly 15 miles south of Atlanta, the community will feature 70 one- and two-bedroom apartments, with 12 units rented at market rates and 58 units reserved as affordable housing for senior residents earning at or below 60 percent of the area median income (AMI). Amenities at the property will include a community room, laundry room, fitness center, garden bed and pet-friendly features. Completion is scheduled for early 2026.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Rush Creek, a 248-unit affordable housing complex in Arlington. Built on 16 acres in 2004, the property offers two- and three-bedroom units and amenities such as a pool, afterschool children’s classroom, business center and a sports court. Wes Racht, Nick Fluellen, Bard Hoover and Sam Pettigrew of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, locally based real estate private equity company Brazos Residential.
SANTA MONICA, CALIF. — Gortikov Capital has acquired Samo Collection, a portfolio of income- and rent-restricted affordable housing units in Santa Monica, for $120 million. Spanning 11 buildings, the portfolio offers a total of 399 units. Built between 1997 and 2009, Samo Collection features studio, one-, two- and three-bedroom units with stainless steel appliances, hardwood-style flooring and central heating and air conditioning. The name of the seller was not released.
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.
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.
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.
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.
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 …