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Affordable Housing

Brooklyn Crossing
Affordable HousingLoansMultifamilyNew YorkNortheastTop Stories

M&T Realty Capital Provides $414.8M Refinancing for Brooklyn Crossing Apartment Tower in New York City 

by Jeff Shaw

NEW YORK CITY — M&T Realty Capital Corp., a wholly owned subsidiary of Buffalo, N.Y.-based M&T Bank (NYSE: MTB), has provided a $414.8 million Freddie Mac conventional loan to refinance Brooklyn Crossing, a 51-story, 858-unit apartment tower in Brooklyn. The borrower is The Brodsky Organization, an owner and developer of luxury apartments, condos and retail properties in New York City. While the majority of the apartments at Brooklyn Crossing are luxury units, 258 are affordable. Located in the posh Prospect Heights neighborhood, the building is immediately adjacent to Barclays Center, home of the NBA’s Brooklyn Nets and WNBA’s New York Liberty.  The property offers studio, one-, two- and three-bedroom apartments. Amenities include a screening room, large fitness center, rooftop terrace and lounge, and outdoor pool. According to the property website, studio apartments rent for approximately $3,500 a month and three-bedroom units rent for approximately $9,000 monthly. Robert Barry, senior vice president in M&T Realty Capital’s New York City office, led the refinancing. Andrea Wagonseller of M&T Bank led the initial construction loan, which this transaction refinanced.  “With its unparalleled amenities and convenient access to multiple subway lines, Brooklyn Crossing has transformed the Prospect Heights neighborhood,” says Michael Edelman, CEO of …

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Villas-Shadow-Oaks-Austin
Affordable HousingFeaturesMultifamily

Why Access to Financial Services Is a Key Amenity for Affordable Housing Residents

by Taylor Williams

By Antonio Marquez, managing partner, Comunidad Partners Amenities are important when it comes to renter appeal. However, what residents want from their apartment complexes is based on different issues, like socioeconomic status.  Indeed, a resort-style pool, yoga rooms and fitness centers are nice. But residents at properties owned by Comunidad Partners, an operator of workforce housing communities across Sun Belt markets, want more than these features in their community. To understand our residents — our customer base — we asked them questions, tried programs and obtained feedback. From this, we determined that our residents’ top three concerns were health, community safety and managing finances. However, expense management didn’t involve debt restructuring or financial literacy. Instead, access to the financial system was the issue. Thanks to this feedback, we’ve developed and are implementing programs at two of our properties in Texas — Villas at Alameda in Fort Worth and the Villas at Shadow Oaks in Austin — to help residents access financial services like high-interest savings accounts. These intangible amenities help build and enrich communities while strengthening resident retention and other operational factors that benefit investors. Sensing Residents’ Priorities In determining the right amenities to support residents, it’s essential to understand …

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AcquisitionsAffordable HousingMultifamilyTexas

GREA Negotiates Sale of 248-Unit Affordable Housing Property in Sherman, Texas

by Taylor Williams

SHERMAN, TEXAS — GREA, a multifamily brokerage firm with a dozen offices around the country, has negotiated the sale of Hilltop Village, a 248-unit affordable housing property in the North Texas city of Sherman. According to Apartments.com, Hilltop Village was built in 1969 and offers one-, two- and three-bedroom units. Residences are reserved for households earning 80 percent or less of the area median income. Amenities include a playground, volleyball court and outdoor grilling and dining stations. Mark Allen led the GREA team that brokered the deal. The seller was not disclosed. The buyer, Brazos Residential, plans to invest about $11 million in capital improvements to the property.

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12475-SE-Powell-Blvd-Portland-OR
Affordable HousingDevelopmentMultifamilyOregonWestern

Public-Private Partnership Opens 169-Unit The Canopy Apartments at Powell in Portland, Oregon

by Amy Works

PORTLAND, ORE. — A public-private partnership between USA Properties Fund, Northwest Housing Alternatives and Oregon Housing and Community Services (OHCS) has opened The Canopy Apartments at Powell, a multifamily property at 12475 S.E. Powell Blvd. in Portland. Situated 12 miles east of downtown Portland, The Canopy Apartments at Powell features 169 one-, two- and three-bedroom apartments for residents earning less than 60 percent of the area median income. Community amenities include elevators, laundry facilities on each floor, on-site parking, bike room, an after-school program for children, a courtyard with a tot lot, a dog wash and a donation pantry. The $63 million development is the first of two apartment communities in Oregon for USA Properties Fund. The public-private partnership, including $15.2 million from OHCS’ Local Innovation and Fast Track (LIFT) housing program, was critical in paving the way for the project, as well as The Portland Housing Bureau’s waiving of millions of dollars of development fees. Additional project partners included WNC & Associates and JP Morgan Chase as financial partners and WALSH Construction Co. as general contractor.

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Atrium-Court-Apts-Seattle-WA
Affordable HousingDevelopmentLoansMultifamilyWashingtonWestern

Amazon Housing Equity Fund Provides $139.6M in Financing for 11 Affordable Housing Communities in Washington

by Amy Works

BELLEVUE, KIRKLAND, SEATAC AND SEATTLE, WASH. — JLL Capital Markets and JLL Public Institutions have arranged $139.6 million in financings from The Amazon Housing Equity Fund over the last six months. The loans are for the development and preservation of 11 affordable housing communities, totaling 1,970 units, spread across the Puget Sound region of Washington State. JLL acted as the credit underwriter for Amazon, which provided long-term, fixed-rate loans for nine separate borrowers. Through Amazon Housing Equity Fund, Seattle-based tech giant Amazon provided low-rate subordinate financing to carry out the acquisition, construction and rehabilitation of the properties and assure that the properties will deliver high-quality housing and 99-year income rent restrictions. The properties included in the financing are: C.W. Early, Mary Davis and David Lott of JLL Capital Markets Debt Advisory worked with Amazon to underwrite and structure the transactions, while Martine Combal and Eileen Tumalad of JLL’s Public Institutions will focus on program management for Amazon.

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Affordable HousingDevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

CREI Holdings Secures $67M Loan for Affordable Housing Development in Metro Miami

by John Nelson

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

The Community Builders Opens $46.4M Affordable Housing Community in East Cleveland

by Kristin Harlow

CLEVELAND — The Community Builders has opened Woodhill Station West, a $46.4 million affordable housing community in East Cleveland’s Buckeye-Woodhill neighborhood. The 120-unit development marks Phase I of the Woodhill Homes transformation. The project converted an empty lot into an affordable housing building with 4,520 square feet of community space. The development includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 million Choice Neighborhoods Implementation Grant to the Cuyahoga Metropolitan Housing Authority (CMHA) and the City of Cleveland to support the Buckeye-Woodhill transformation plan. In 2023, HUD awarded CMHA and the city a Choice Neighborhoods Supplemental Funding Grant for $10 million to further support the development of replacement housing. The redevelopment, which is taking place in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Choice Neighborhoods Implementation Grants assist in the redevelopment of severely distressed HUD-assisted properties into mixed-income communities. The Community Builders is an affordable housing developer with a portfolio of more than 14,000 apartment units nationwide.

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Affordable HousingDevelopmentFeaturesMultifamily

Affordable Housing Crisis Prompts Search for Answers from Local, State and Federal Governments

by Jeff Shaw

One step forward, one step back could easily be the motto for affordable housing development this year. Experts are hopeful a more stable interest rate environment will bolster transaction activity in 2024. At the same time, rising insurance costs, supply-chain hiccups and property staffing issues are forcing developers and investors to proceed with caution in the affordable housing sector. The one-step-forward theme also applies to the legislative arena. The Tax Relief for American Families and Workers Act of 2024 contained Low-Income Housing Tax Credit (LIHTC) provisions that would have incentivized developers to build more housing for extremely low-income renters.  The act passed the U.S. House of Representatives in late January and is headed to the Senate, though the National Low Income Housing Coalition (NLIHC) reports that the major reforms to LIHTC were left out of the bill.  These speedbumps aren’t mere bureaucratic headaches. Some experts say they stand in the way of keeping many Americans safe and secure.  According to NLIHC, the United States is short 7.3 million rental homes that are affordable and available to renters with extremely low incomes, which is defined as either the federal poverty guideline or 30 percent of their area median income (AMI), whichever …

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassDevelopment Provides $17M in Bond Financing for Affordable Housing Complex in New Bedford, Massachusetts

by Taylor Williams

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford, located at the base of Cape Cod. The historic building was originally constructed in the 1870s and consists of 29 buildings that primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income. The borrower, an affiliate of HallKeen Management, will use proceeds to fund capital improvements and preserve the property’s affordability status.

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Pacific-Flats-Phoenix-OR
Affordable HousingDevelopmentMultifamilyOregonWestern

Commonwealth, WNC Plan Pacific Flats Affordable Housing Project in Phoenix, Oregon

by Amy Works

PHOENIX, ORE. — Commonwealth Development Corp. and WNC & Associates have released plans for Pacific Flats, an affordable multifamily community in Phoenix, a small city in the southern portion of the state near the California border. Slated for completion in June 2025, Pacific Flats will feature 72 Low-Income Housing Tax Credit (LIHTC) units spread across five three-story residential buildings. Amenities will include a clubhouse with a fitness center, business center and community room. Eight units will be reserved for families earning up to 30 percent of area median income (AMI), 20 units at 50 percent AMI and 44 units at 60 percent AMI.  The property will include high-efficiency windows and Energy Star-rated appliances and building mechanical equipment. Pacific Flats residents will have access to supportive services, including educational classes and help with access coordination to other non-profit agencies. ACCESS, a local community action organization, will provide the services. WNC’s total investment in the project is $25.1 million. The deal was structured with 4 percent LIHTC Equity, a construction and permanent loan through Legacy Bank, a $13.5 million soft loan using LIFT funds and a $170,000 soft loan using OHCS MEP funds. Commonwealth Development also partnered with Native of One Wind Indigenous …

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