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Affordable Housing

Affordable HousingDevelopmentMichiganMidwestMultifamily

Magnus Capital Partners Begins Development of 202-Unit Workforce Housing Community in West Michigan

by Kristin Harlow

HOLLAND, MICH. — Magnus Capital Partners has begun development of HōM Flats at 24 East, a 202-unit workforce housing development in western Michigan’s Holland. The three-building property will feature more than 13,000 square feet of retail space, including an onsite childcare center and suites reserved for locally owned businesses. Amenities will include a pickleball court, fitness studio, coworking lounge, café, indoor and outdoor play areas, art studio, package delivery area, pet-washing stations, indoor bike storage, rooftop terraces, walking paths and dog parks. Leasing is expected to begin in 2026. HōM Flats is the workforce housing platform of Magnus. Residents have access to monthly event programming like financial literary classes, art programs and career services. Hooker DeJong Inc. is the project architect, and Rhode Construction will serve as general contractor. Merchants Capital arranged more than $81 million in financing for the project, which is financed through private and public funding sources, including a 4 percent Low-Income Housing Tax Credit (LIHTC) allocation from Michigan State Housing Development Authority. Merchants Capital provided $14.2 million in LIHTC equity and a $27.9 million Freddie Mac unfunded forward tax-exempt loan. Merchants Bank provided a $31 million construction loan and $8 million equity bridge loan.  

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AcquisitionsAffordable HousingDevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

NewPoint-Sponsored Fund Provides $13.3M Bond Financing for Affordable Housing Rehab in Southeast D.C.

by John Nelson

WASHINGTON, D.C. — NewPoint Real Estate Capital’s NewPoint Impact Fund I has provided $13.3 million in 501(c)(3) bond financing for Ridgecrest Apartments Phase II, a 128-unit affordable housing community in southeast Washington, D.C.’s Anacostia submarket. The New York-based borrower, The NHP Foundation, will use the funds to acquire, rehabilitate and recapitalize the community. Bryan Dickson of NewPoint arranged and structured the tax-exempt construction-to-permanent phased bond financing. Other capital partners in the development include DC Green Bank, the Office of the Deputy Mayor for Planning and Economic Development, DC Department of Housing and Community Development (DCHD) and the District of Columbia Housing Authority. The new financing will be combined with $29.2 million in soft debt and grants from the DCHD. Ridgecrest Phase II was previously operated as part of the larger Ridgecrest Village, a 1951-built development that NHPF purchased in 2019. After recapitalization, 20 percent of the Phase II units will be restricted at 30 percent of the area median income (AMI) to serve as permanent supportive housing. The remaining 80 percent of units will be restricted at 50, 60 and 80 percent of AMI. The garden-style apartment community features a mix of two- and three-bedroom units ranging in size from …

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Affordable HousingIllinoisLoansMidwestMultifamilySeniors Housing

Berkadia Arranges $17.6M in LIHTC Financing for Affordable Seniors Housing Property in Harvey, Illinois

by Kristin Harlow

HARVEY, ILL. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the preservation of Jesse Jackson Jr. Senior Housing in Harvey, a southern suburb of Chicago. The 120-unit affordable seniors housing property consists of two three-story buildings that were originally constructed in 2007 and 2011. The one-bedroom units are designated for seniors age 62 and above, with 114 of them set aside for those whose income is at or below 50 percent of the area median income. The remaining six units are for persons with disabilities whose income is at or below 30 percent AMI as part of the Illinois Housing Development Authority’s Statewide Referral Network program. The renovation project will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers and new paint. The renovation will also include the installation of solar panels and will receive Renewable Energy Investment Tax Credits under Section 48 of the U.S. Internal Revenue Code. Brian Blanchard and James Grande of Berkadia arranged the financing on behalf of the sponsor, Preservation of Affordable Housing.

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Crestview-Terrace-Ellensburg-WA
AcquisitionsAffordable HousingMultifamilyWashingtonWestern

CPP Acquires 168-Unit Crestview Terrace Affordable Housing Community in Ellensburg, Washington

by Amy Works

ELLENSBURG, WASH. — Community Preservation Partners (CPP) has purchased Crestview Terrace, an affordable housing development in Ellensburg, approximately 110 miles southeast of Seattle. Terms of the transaction were not released. CPP plans to renovate the 168 units at Crestview Terrace, which was built in 1970 and last renovated in 2008. Comprising 76 single-story buildings, the community offers 95 one-bedroom, 36 two-bedroom, 26 three-bedroom and nine four-bedroom units. The property is restricted to residents earning between 40 percent and 50 percent of area median income. Interior upgrades will include the installation of new kitchen cabinets, countertops, flooring, Energy Star refrigerators, dishwashers, ranges, hoods, sinks faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions and path-of-travel improvements, as well as the addition of a dog park and community garden. Construction is scheduled to begin this month, with completion slated for July 2025. Each household will be temporarily relocated for seven to 10 days at no cost to the tenants, after which they will return to a fully renovated apartment. The property’s affordability status was set …

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AcquisitionsAffordable HousingMidwestMultifamilyWisconsin

AHIB Brokers Receivership Sale of 166-Unit Affordable Housing Portfolio in Wisconsin

by Kristin Harlow

MADISON AND MILWAUKEE, WIS. — A court-appointed receiver retained Affordable Housing Investment Brokerage (AHIB) to secure new owners for portions of Heartland Housing’s Wisconsin portfolio, which included 166 affordable housing units across five properties in Madison and Milwaukee. Kyle Shoemaker of AHIB represented all buyers in the transaction. Cinnaire Solutions acquired the two Madison properties — Rethke Terrace and Tree Lane Apartments. Rethke Terrace is a 60-unit community developed in 2016, while Tree Lane Apartments is a 45-unit property completed in 2018. The Milwaukee assets sold to three different private investors. St. Anthony Apartments is a 60-unit property built in 2019, Prairie Apartments is a 24-unit community developed in 2008 and Maskani Apartments is a 37-unit asset built in 2014.

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Kingsley-Apts-Los-Angeles-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Colliers Mortgage Arranges $24.4M Construction Financing for Kingsley Apartments Affordable Project in Los Angeles

by Amy Works

LOS ANGELES — The Los Angeles Colliers Mortgage Structured Finance Group has arranged $24.4 million in construction financing for Kingsley Apartments, an affordable housing development in Los Angeles’ Koreatown submarket. Jonathan Lee, Shahin Yazdi, William Hyatt and Tommy Adelson of Colliers arranged the financing, which features a term of 30 months plus optional extensions. Upon completion, the 72,800-square-foot Kingsley Apartments will offer 136 studio and one-bedroom units restricted to residents earning up to 80 percent of the area median income. The undisclosed borrower plans to break ground on the project in June 2024.

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Affordable HousingDevelopmentMidwestMultifamilyWisconsin

McShane to Build 203-Unit Affordable Housing Community in Brookfield, Wisconsin

by Kristin Harlow

BROOKFIELD, WIS. — McShane Construction Co. will serve as the general contractor for Bishops Woods, a 203-unit affordable housing community in the Milwaukee suburb of Brookfield. Located on nearly four acres at 350 Bishops Way, the development will feature a podium-style building rising four stories atop a two-story, underground parking garage. Units will come in one- to three-bedroom floor plans and will be reserved for residents who earn 40 to 80 percent of the area median income. Eight live-work units will be available for renters who wish to have an office suite or studio with a separate exterior entrance. Amenities will include a clubroom, fitness center, outdoor grill area and playground. The project was designed to meet Wisconsin Green Built Home Standards and will feature a solar array on the rooftop along with high-efficiency electric heat pump systems. Completion is slated for December 2025. Knothe & Bruce Architects is the project architect.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassHousing Provides $41.6M in Financing for Cambridge Affordable Housing Project

by Taylor Williams

CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing project that will be located at 52 New St. in Cambridge. The majority of the financing consists of a $15.4 million permanent loan and $24.7 million in tax credit equity bridge financing. Units will come in one-, two- and three-bedroom formats and will be reserved for households earning 30, 60 and 80 percent of the area median income. The six-story building will also include 3,500 square feet of commercial space. The borrower is social services provider Just A Start.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $21.8M in Bond Financing for Boston Affordable Housing Project

by Taylor Williams

BOSTON — MassDevelopment has provided $21.8 million in tax-exempt bond financing for a 63-unit affordable housing project that will be located in Boston’s Hyde Park neighborhood. The property will consist entirely of one-bedroom units that will be reserved for households earning 30, 50 or 60 percent or less of the area median income. The borrower and developer is an affiliate of B’nai B’rith Housing of New England. Eastern Bank purchased the bond. The Massachusetts Executive Office of Housing & Livable Communities also provided $16.1 million in tax credit equity for the project.

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Affordable HousingDevelopmentFloridaLoansMultifamilySoutheast

Centennial Bank Provides $84.4M Construction Loan for Affordable Housing Project in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan for the construction of The Arcadian, a mixed-use affordable housing project underway in Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila, is the developer and borrower. Located at 640 N.W. 7th Ave., the property will comprise an eight-story tower with 478 residential units, as well as 15,000 square feet of retail space and a 212,000-square-foot parking garage. Amenities will include swimming pools, a central atrium, fitness center, indoor pickleball court, outdoor movie theater, playground, business center, kid’s room, lounge area, pet park, pedestrian paseo and club rooms. Completion is scheduled for early 2026.

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