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Affordable Housing

1057-Atlantic-Ave.-Brooklyn
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Douglaston Development Tops Out $320M Multifamily Project in Brooklyn

by Taylor Williams

NEW YORK CITY — Douglaston Development has topped out a $320 million multifamily project located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn. The 17-story building will ultimately house 456 apartments, 137 of which will be reserved as affordable housing. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged financing for the project, which included $185 million in construction financing from Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate also have a preferred equity investment project in the development, which is slated for completion in late 2025.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

JV Receives Construction Financing for $125M Rialto West Affordable Housing Development in Hell’s Kitchen

by Kristin Harlow

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received construction financing for Rialto West, a $125 million affordable housing development in Manhattan’s Hell’s Kitchen neighborhood. Located at 509 W. 48th St., the eight-story building will include 158 units for low- and moderate-income residents. Rialto West will feature a mix of studio, one-, two- and three-bedroom units that will be designated for households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless households. Shared amenity spaces will include a fitness center, laundry room and bicycle storage area. Additionally, the development’s ground floor will include more than 5,500 square feet of cultural space as well as a public restroom facing an approximately 25,000-square-foot public plaza that will be built at 705 Tenth Ave. The NYC Department of Parks and Recreation will operate the public open space, which is to be named after Lorraine Hansberry, the famed playwright and author of “A Raisin in the Sun.” The developers are in discussions with IndieSpace, a provider of affordable workspaces for artists, to lease and operate rehearsal and coworking spaces at the property. The …

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Affordable HousingIllinoisLoansMidwestMultifamily

Merchants Capital Provides $103M in Financing for Rehabilitation of Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Merchants Capital has provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable housing property in Chicago. The building is situated across from the Obama Presidential Center in the city’s Woodlawn neighborhood. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Merchants Capital maximized equity via a structure called “twinning,” which leveraged both 4 percent and 9 percent tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. The 4 percent and 9 percent equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021. Planned renovations for Island Terrace include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with a community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 units. Prior to the recapitalization, only 88 of the community’s units carried affordable restrictions. The new financing structure enabled POAH to expand …

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Tampa Housing Authority, Related Urban Break Ground on 188-Unit Affordable Housing Community

by John Nelson

TAMPA, FLA. — Tampa Housing Authority, in partnership with Related Urban Development Group — the affordable and workforce housing arm of Related Group — has broken ground on the second phase of Canopy at West River, a fully affordable housing community in West Tampa. Phase II will comprise one five-story building and one three-story building, located at 1103 W. Main St. and 1102 W. Chestnut St., respectively. Dubbed Tower 3 and Tower 4, the buildings will total 188 units. Tower 3 will offer 158 units in one-, two- and three-bedroom floor plans, and Tower 4 will feature 30 units in three- and four-bedroom layouts. Amenities at the properties will include a fitness center, business center, community rooms and a courtyard with social spaces. Development funding for the project totals $68.3 million. Sources include the Housing Finance Authority of Hillsborough County, Bank of America, Cedar Rapids Bank and Trust Co. and the Florida Housing Finance Corp.’s SAIL, ELI and NHTF funds. Phase I of Canopy at West River is scheduled to open in the second quarter of this year, with Phase II expected to be completed in November 2025.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Greystone Provides $39M Construction Financing for Affordable Housing Development in Tysons Corner, Virginia

by John Nelson

TYSONS CORNER, VA. — Greystone has provided $39 million in Freddie Mac tax-exempt loan (TEL) unfunded forward financing for the construction of 265 units within a new affordable housing development in Tysons Corner, a city roughly 16 miles west of Washington, D.C. Pharrah Jackson of Greystone originated the financing on behalf of the borrower, Arlington Partnership for Affordable Housing (APAH). Located at 1592 Spring Hill Road, the property is situated within the larger The Exchange at Spring Hill Station development. Upon completion, the community will total 516 units across two, 20-story buildings — Dominion North and Dominion South — and will mark the first multifamily property in Tysons to comprise 100 percent affordable housing units, according to Greystone. In addition to the residential buildings, the project will include a community center condominium owned and managed by Fairfax County. Dominion North, the subject of the financing, will feature 55 one-bedroom units, 146 two-bedroom units and 64 three-bedroom units, with varying affordability restrictions. The Fairfax County Redevelopment and Housing Authority (FCRHA) has also approved and awarded the developer 40 project-based vouchers, which will require that 40 units be leased to residents earning 30 percent or less of the area median income (AMI). …

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Affordable HousingLoansMidwestMissouriMultifamily

BWE Arranges $18.5M in Financing for Three Workforce Housing Properties in St. Louis

by Kristin Harlow

ST. LOUIS — BWE has arranged $18.5 million in permanent financing for One Loop Apartments, Broadway Park Apartments and Park Vue Flats in St. Louis. The three workforce housing communities total 247 units across 23 buildings. Dan Baker of BWE secured three loans on behalf of the borrowers, Affinity Capital LLC and a St. Louis-based housing developer. The loans for Broadway Park and One Loop were originated through Fannie Mae’s Sponsor Dedicated Workforce Housing program, which enabled the borrowers to receive a lower interest rate, according to BWE. All three loans feature fixed interest rates with five-year terms and full-term interest-only payments. Having been financed through the Sponsor Dedicated Workforce Housing program, 50 percent of the units in Broadway Park and One Loop will be restricted to residents earning up to 80 percent of the area median income (AMI), with 20 percent of the units having a 60 percent AMI requirement. The borrowers will use the financing to pay off existing rehabilitation loans, which were used to substantially upgrade the communities.

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Affordable HousingDevelopmentFloridaLoansMultifamilySoutheast

Berkadia Secures $118.5M Construction Financing for Affordable Housing Development in Orlando

by John Nelson

ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, a 300-unit affordable housing development located in Orlando. The financing includes a $73.5 million construction loan and $45 million in Low-Income Housing Tax Credit (LIHTC) equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will feature eight buildings comprising a mix of one-, two-, three- and four-bedroom units reserved for households earning 60 percent of the area median income (AMI). Amenities will include a business center, clubhouse, fitness center, pool, laundry room and a game room. The target delivery date was not disclosed.

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Cedarwood-Homes-Pittsburgh
Affordable HousingDevelopmentMultifamilyNortheastPennsylvania

Tryko Partners Begins Leasing 46-Unit Affordable Housing Project in Pittsburgh

by Taylor Williams

PITTSBURGH — New Jersey-based Tryko Partners has begun leasing Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in project financing, 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.

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Juniper-Square_Glendale-Ariz
Affordable HousingArizonaDevelopmentMultifamilySeniors HousingWestern

Dominium to Break Ground on Two Affordable Housing Communities Totaling 605 Units in Glendale, Arizona

by Hayden Spiess

GLENDALE, ARIZ. — Dominium is scheduled to break ground on two affordable housing communities in Glendale, roughly 10 miles northwest of Phoenix. Totaling 605 units, the apartment communities will be reserved for individuals earning 60 percent or less of the area median income (AMI). Juniper Square, a seniors housing community, will comprise 287,468 square feet and 221 apartments in one-, two- and three-bedroom floorplans. Amenities at the property will include a pool, courtyard, fire pits, a clubroom, fitness center, theater and salon. 67 Flats will span 875,141 square feet with 384 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, playground, soccer field, courtyard, clubroom and fitness center. Juniper Square and 67 Flats are scheduled to open in the spring and summer of 2026, respectively. W.D. Construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services, will serve as the general contractor. 

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Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Capital Provides $348M Agency Loan for Rehabilitation of Brooklyn Affordable Housing Complex

by Taylor Williams

NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.

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