Friday, December 26, 2025
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Affordable Housing

Affordable HousingCivicDevelopmentGeorgiaMultifamilySoutheast

Atlanta BeltLine, Invest Atlanta Approve $172M Budget for Affordable Housing and Trail Construction

by John Nelson

ATLANTA — The board of directors of Atlanta BeltLine Inc. and Invest Atlanta have approved the Atlanta BeltLine budget for the 2025 fiscal year. Totaling $172 million and marking a 12 percent increase over the 2024 budget, the funding will be directed toward the goal set in 2005 of developing 5,600 units of affordable housing by 2030, as well as acquiring land for the completion of trail construction on the planned 22-mile corridor by the end of 2030. Funding sources for the budget include $69 million from the tax-allocation district (TAD); $49 million from donations; $32 million from the BeltLine special service district (SSD); and $20 million from federal grants. “This is a historic and exciting time for Atlanta BeltLine as we get closer to completing the trail while meeting important goals,” says Clyde Higgs, president and CEO of Atlanta BeltLine Inc. “Supported by our new budget, we will exceed our goals for affordable housing, accelerate the pace for trail work and invest in more economic opportunities for all.” The new funding will help The BeltLine to develop more affordable housing than originally set out by the 2005 BeltLine Redevelopment Plan, which is notable since development costs have risen significantly …

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges Sale of 96-Unit Affordable Seniors Housing Community in Stillwater, Minnesota

by Kristin Harlow

STILLWATER, MINN. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater. The seven-story building totals 55,800 square feet. Amenities include a game room, library and private garden patio. Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, Standard Communities. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions. C.W. Early, Ken Dayton and Pat McMullen of JLL arranged acquisition financing through Freddie Mac.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB Breaks Ground on 65-Unit Mixed-Income Housing Project on Cape Cod

by Taylor Williams

PROVINCETOWN, MASS. — The Community Builders (TCB) has broken ground on Province Post, a 65-unit mixed-income housing project located in the Cape Cod community of Provincetown. The property’s affordable component will apply to households earning between 30 and 80 percent of the area median income. The unit mix will include 18 studios, 32 one-bedrooms, 10 two-bedrooms and five three-bedrooms. Construction is slated for a spring 2026 completion.

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55-Juniper-Ave-Eaton-CO
Affordable HousingColoradoLoansMultifamilyWestern

Brikwell Receives $5.8M Loan for Benjamin Square Affordable Housing Community in Eaton, Colorado

by Amy Works

EATON, COLO. — Brikwell has received $5.8 million in financing for Benjamin Square, an affordable housing property in Eaton, a small town east of Fort Collins. Located at 55 Juniper Ave., Benjamin Square features 60 one-bedroom apartments spread across 10 single-story buildings. The units are all Section 8 affordable housing. Community amenities include a laundry room, community lounge and a covered gazebo/picnic area. Brock Yaffe and Tony Nargi of JLL Capital Markets Debt Advisory secured the fixed-rate senior loan through Freddie Mac Multifamily. JLL and Freddie Mac were able to craft a structure that provided the borrower time to renew and extend the Project-Based Section 8 HAP contract prior to acquisition and loan closing, preserving affordability at Benjamin Square for 20 years. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan.

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Affordable HousingDevelopmentMultifamilyTexas

Hunt Capital Partners Completes 116-Unit Affordable Housing Project in North Austin

by Jeff Shaw

AUSTIN, TEXAS — Hunt Capital Partners has completed Saison North, a 116-unit affordable housing project located at the site of the former NXNW Brewery in North Austin. The majority (70 percent) of the units are subject to income restrictions, specifically for households earning 30, 50 or 60 percent or less of the area median income. Units come in one-, two- and three-bedroom floor plans, and amenities include a clubhouse with community kitchen, a fitness center and a business center. Hunt Capital Partners developed the property in partnership with O-SDA Industries, Travis County Housing Finance Corp. and Saigebrook Development.

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Affordable HousingLoansMidwestMultifamilyOhio

National Church Residences Receives LIHTC Financing for Two Affordable Housing Projects in Ohio

by Kristin Harlow

COLUMBUS AND MACEDONIA, OHIO — National Church Residences has received two 9 percent Low-Income Housing Tax Credits (LIHTC) awards from the Ohio Housing Finance Agency for two affordable housing projects in Ohio. Divinity Landing is a new 54-unit affordable seniors housing property to be developed in Macedonia, a suburb of Akron. The three-story property will feature a community room, exercise center, multipurpose room, outdoor patio and onsite walking paths. The Commons at Grant, an existing 100-unit permanent supportive housing community in Columbus, was originally constructed in 2002 through the 9 percent LIHTC program. The development provides affordable housing for formerly homeless, veterans and disabled individuals. The planned renovation will include upgrades to apartments and common areas, as well as a new roof and windows. Construction on both projects is slated to begin as early as spring 2025.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Pinnacle, Wendover Housing Deliver 112-Unit Affordable Housing Community in Riviera Beach, Florida

by John Nelson

RIVIERA BEACH, FLA. — Pinnacle and Wendover Housing Partners have opened Berkeley Landing, an affordable housing community located at 3100 Broadway in Riviera Beach, about five miles north of West Palm Beach. Berkeley Landing features 110 income-restricted units and two market-rate units attached to live-work spaces on the ground level. The property features one-, two- and three-bedroom apartments with incomes restricted to households earning 30, 50, 60 and 80 percent of the area median income (AMI). Amenities include a clubhouse, pool and a cabana, fitness center, cyber lounge, covered pavilion, playground and an enclosed dog-walking area. Financing for Berkeley Landing includes funding from the Florida Housing Finance Corp.’s allocation of housing tax credits; a contribution from Riviera Beach Community Redevelopment Agency leveraged by a low-interest loan and impact fee relief from Palm Beach County; equity from The National Equity Fund and Bank of America; construction financing from Bank of America; and permanent financing from Neighborhood Lending Partners. Pinnacle and Wendover Housing Partners will host an official grand opening of Berkeley Landing on Friday, June 14.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Trinity Financial Begins Multifamily Redevelopment Project in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — Trinity Financial, a developer with offices in Boston and New York City, has begun a multifamily redevelopment project in Worcester. The firm, in partnership with the Worcester Housing Authority, is redeveloping The Curtis Apartments, a 372-unit property that was originally built in the 1950s. The first phase of the project consists of 129 units in two buildings, replacing 90 former public housing units and adding 39 additional affordable units that will be reserved for households earning up to 60 and 80 percent of the area median income.

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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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