PITTSBURGH — New Jersey-based Tryko Partners has completed Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the property’s 46 one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in financing for Cedarwood Homes, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer, and leasing commenced in February.
AUSTIN, TEXAS — Comunidad Partners, an investment firm that specializes in affordable and workforce housing, has acquired the 358-unit Toscana Apartment Homes in northwest Austin. Built in 2001, the property features one-, two-, and three-bedroom units that are reserved for households earning between 60 and 120 percent of the area median income. Residences are furnished with stainless steel appliances, faux wood flooring, stone countertops and individual washers and dryers. Amenities include a pool, playground and a pet park. Comunidad Partners plans to implement a capital improvement program that elevates common areas and living spaces, including installing a pickleball court and adding private yards. The seller and sales price were not disclosed.
MIAMI — SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the United States within the last decade, according to the developer. The studio, one- and two-bedroom housing units, which are designated for seniors earning at or below an average of 60 percent of the area median income (AMI), sit atop Sawyer’s Walk’s shops and parking garage. Sawyer’s Walk, a $350 million mixed-use development, is underway in the Overtown neighborhood of Miami. Upon full build-out it will total 1.5 million square feet, including the 578 residential units completed that will be home to low-income seniors; 175,000 square feet of retail space committed to tenants including Target (50,000 square feet) and Aldi (25,000 square feet); a 25,000-square-foot public plaza; and 130,000 square feet of office space acquired by MSC Group that will anchor its North American cruise division headquarters. The retail component is slated to open this fall. SG Holdings broke ground on the 3.4-acre, mixed-use development in June 2021. The public-private partnership was made possible through a collaboration with the City of Miami’s Southeast Overtown/Park West Community Redevelopment …
OAK HARBOR, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $17.9 million in federal Low Income Housing Tax Credit equity and a $19.3 million construction loan for the construction of Camas Flats, an affordable residential property in Oak Harbor, located on an island north of Seattle. KeyBank Commercial Mortgage Group also arranged an $8.2 million Fannie Mae MTEB permanent loan for the project. Shelter Resources Inc., a Bellevue-based affordable housing developer, is the borrower. Additionally, Opportunity Council (OC) will service as the nonprofit general partner for the project, providing supportive services and case management to tenants on site. Camas Flats will consist of 10 garden-style, walk-up apartment buildings offering a mix of one-, two- and three-bedroom units, as well as one manager’s unit. Community amenities will include a playground, park and community building. The community will provide 81 affordable housing units for residents earning between 30 percent and 80 percent of area median income. Camas Flats will also include eight units that are specifically Permanent Supportive Housing (PSH) for those experiencing homelessness and two units for veterans. For the PSH units, OC will offer full-time case management services that are focused on wellness, medical health and behavioral health …
DETROIT — The Community Builders has broken ground on Phase I of Preserve on Ash, which will consist of a 69-unit mixed-income housing development in Detroit. The new development marks the first groundbreaking for what will ultimately comprise nearly 600 new and preserved units of affordable housing in the greater Corktown area made possible thanks to a $30 million Choice Neighborhoods grant that the U.S. Department of Housing & Urban Development awarded to the city in 2021. The city had sought the grant anticipating the rising rents that would be coming to Corktown as a result of Ford’s revitalization of Michigan Central Station. Preserve on Ash Phase I will include five buildings and more than 5,800 square feet of retail space. Of the 69 units, 48 will be reserved for those who earn up to 60 percent of the area median income. Phases II and III of Preserve on Ash are expected to begin construction next year.
AURORA, ILL. — McShane Construction Co. has completed Fox Valley Apartments in Aurora on behalf of Housing For All LLC in collaboration with Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services. The project includes one new building and two renovated historic school buildings to offer a total of 47 affordable housing units. McShane remodeled Lincoln Elementary School, a 39,000-square-foot building originally constructed in 1893, to accommodate 14 units. The school closed in 2007 due to low enrollment and remained vacant until construction of the apartments began. Also on that site, McShane constructed a new, two-story building to offer 22 units. Originally an elementary school, Mary A. Todd School was transformed into 11 apartment units and a healthcare clinic for uninsured or underinsured families. The building was originally constructed in the early 1900s and most recently housed West Aurora School District’s early childhood programs until the programs were moved to a new facility in 2019. During the remodeling process, McShane kept historical features of the schools, including trim, flooring, chalkboards, lockers, windows and doors. Cordogan Clark & Associates designed the units, which are offered in one- to three-bedroom floor plans. Amenities include a laundry room, community room, computer …
ATLANTA — The City of Atlanta, through Atlanta Urban Development (AUD), has unveiled plans for three new affordable housing projects, including the redevelopment of the Mall West End. Together, the projects will add nearly 350 affordable housing units for residents earning up to 80 percent of the area median income (AMI). At least one community is scheduled to begin lease-up by the second quarter of 2025, with the others beginning construction this fall and summer 2025. The Mall West End would be the largest of the redevelopments, transforming the 12-acre mall into a 1.7 million-square-foot mixed-use development. BRP Cos. is the developer. Key elements of the Mall West End redevelopment plan include: approximately 120,000 square feet of retail space, including a grocery store, fitness center, food and beverage, and local boutiques; 893 mixed-income rental units; 152 beds of student housing; a 150-key hotel; 12,000 square feet of medical office space; and community amenities. The project site is located steps from four Historically Black Colleges and Universities (HBCUs) that make up the Atlanta University Center — Clark Atlanta University, Morehouse College, Morehouse School of Medicine and Spelman College. According to a news release from the city, the Mall West End redevelopment …
ORANGE, CALIF. — USA Properties Fund and Riverside Charitable Corp. have started construction of The Orion, an affordable seniors housing community in Orange. Located at 1800 E. La Veta Ave., The Orion will offer 166 affordable one- and two-bedroom apartments with energy-efficient appliances, lighting insulations and windows, as well as low-flow faucets, shower and toilets. Additionally, some apartments will include a balcony. Community amenities will include a clubroom, dog park, fitness center, computer workstations, a community garden with some elevated planters, a courtyard and shaded patio, and secured parking. Residents will also have access to LifeSTEPS, a social-services provider. The Orion will be available to seniors age 55 years and older who earn 30 percent to 70 percent of the area median income for Orange County. USA Properties Fund will manage the community. The City of Orange, County of Orange and Orange County Housing Finance Trust provided financial support for the $64 million project. The California Tax Credit Allocation Committee awarded bond funding for the development. Bank of America offered construction and tax credit equity financing, while Citibank served as the permanent lender.
FOXBOROUGH, MASS. — MassDevelopment has provided $22.2 million in tax-exempt bond financing for an 80-unit affordable seniors housing project in the southern Boston suburb of Foxborough. These units represent the first part of a multi-phase project that will add 200 affordable seniors housing units to the local supply. All of the one-bedroom units will be rented to households earning up to 60 percent of the area median income (AMI), though 20 units will also be available for households earning up to 30 percent of AMI. The developer, an entity doing business as Walnut Street Phase One 4 LLC, is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. Citizens Bank purchased the bond.
ATLANTA — Nonprofit organization City of Refuge has broken ground on its Transformation Center, a new 38,000-square-foot facility at 1343 Joseph E. Boone Blvd. on Atlanta’s west side. Scheduled to open in fall 2025, the project marks the most significant initiative within the City of Refuge “Breaking Barriers. Building Momentum.” campaign, according to the organization. Situated on the former American Legion lot near the City of Refuge campus, the $15.2 million center will comprise three stories featuring an Entrepreneurship Hub with a classroom, offices and lab; a market or grocery store; medical and mental health clinic; an onsite credit union providing financial services; and 25 multifamily residential units adjacent to the main building. The residences will include apartments in a mix of two- and three-bedroom layouts, with one four-bedroom unit. Thirteen of the units will be reserved for residents earning at or below 30 percent of the area median income (AMI). Invest Atlanta will provide a $2 million BeltLine Tax Allocation District (TAD) grant to fund the residential component. City of Refuge has also received a $3 million federal New Market Tax Credit (NMTC) through Atlanta Emerging Markets and Capital One. The Community Foundation for Greater Atlanta and TogetherATL are …