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Affordable Housing

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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InterFace Conference Investor Panel
Affordable HousingDevelopmentFeaturesMultifamily

InterFace Panel: Workforce Housing Growth Limited by Lack of Incentives for Developers, Investors

by Jeff Shaw

ATLANTA — Workforce housing is a hot topic in the multifamily sector. The apartments are designed to serve middle-class renters, with no government subsidies such as tax credits and fewer of the bells and whistles associated with luxury projects. The combination of the spike in the cost of living, elevated interest rates and a low housing supply has made it difficult for middle-income households across the nation to buy or rent housing. Theoretically this means there is a large market to serve by building workforce housing communities. However, while some developers, owners and investors see a world of new opportunities in this sector, others are more skeptical that workforce housing projects can be developed on a larger scale without more support from federal, state and local governments. This was the topic of discussion during a panel titled “Who is building, developing and investing in the Southeast?” at the inaugural InterFace Affordable Housing Southeast conference. The event was held on Thursday, May 9 at the Cobb Galleria Center in Atlanta. France Media’s InterFace Conference Group and Southeast Multifamily & Affordable Housing Business magazine hosted the conference, which drew about 170 industry professionals.  Workforce housing targets the missing middle Workforce housing is designed to …

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Koz-Lower-Queen-Anne-Seattle-WA
Affordable HousingDevelopmentLoansMultifamilyWashingtonWestern

Kōz Development Receives $48M Financing for Workforce Housing Development in Seattle

by Amy Works

SEATTLE —  Kōz Development, a Washington-based, women-led development firm, has closed on $48 million in financing for the development of Kōz in Lower Queen Anne, a multifamily property located at the corner of W. Republican St. and 3rd Ave. in Seattle’s Queen Anne neighborhood. The financing includes an equity investment from MSquared, a women-owned real estate development and investment platform, and a construction loan from Goldman Sachs. The project will feature 169 units available to households at a range of income levels. Sixty-nine units will be affordable to households earning up to 80 percent of the area median income (AMI). An additional 17 units will be restricted through the Mandatory Housing Affordability Program for 75 years and will be deeply affordable to households earning between 40 percent and 60 percent of AMI. The remaining units will have rents attainable at workforce levels. Snohomish County-based Kirtley-Cole Associates is serving as general contractor for Kōz in Lower Queen Anne, which will be built to Washington’s Built Green standards, which approximates a LEED Silver level of sustainability. Financing sources include a $26.1 million construction loan from the Urban Investment Group at Goldman Sachs Alternatives and a $9.7 million equity investment by MSquared. Cushman …

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Woda Cooper Opens 53-Unit Affordable Housing Community in Traverse City, Michigan

by Kristin Harlow

TRAVERSE CITY, MICH. — Woda Cooper Cos. Inc. has opened Annika Place, a 53-unit affordable housing community in Traverse City. The $14.7 million project offers 29 one-bedroom units and 24 two-bedroom units for residents who earn 30 to 80 percent of the area median income. Rental rates range from $377 to $1,125 per month, depending on the income restriction and size of unit. The Traverse City Housing Commission will provide rental assistance for eight units to be occupied by formerly homeless residents. The four-story development features amenities such as a community kitchen, fitness center, rooftop terrace, patio, picnic table, grill, park benches and playground. Annika Place is made possible with funding supported by Low-Income Housing Tax Credits allocated by the Michigan State Housing Development Authority. Affordable housing finance syndicator CREA LLC invested in the credits to provide equity financing. Huntington Bank provided a construction loan and permanent financing. The project honors the memory of U.S. Coast Guardsman Douglas Munro, who lost his life at the Guadalcanal on Sept. 27, 1942, because of heroic measures with his Higgins boat that shielded and saved the lives of 500 Marines. He is the only Coast Guard member to receive the Medal of Honor. …

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Affordable HousingFeaturesSoutheast

Prevailing by Planning: Looking Ahead Is Crucial to Affordable Housing Success

by Hayden Spiess

There are a common set of headwinds — such as high construction costs and interest rates — facing the commercial real estate industry at large. But affordable housing development and operations also come with a unique set of challenges all their own. Despite this, panelists at the InterFace Affordable Housing Southeast conference, held May 9 at the Cobb Galleria Centre in Atlanta, expressed an optimistic outlook for the sector.  Closing out the day’s events, speakers on the “Southeast Regional Housing Authorities & Legal Update” panel shared strategies for surviving within the current affordable housing landscape and highlighted the importance of planning ahead to succeed in the sector.  The devil’s in the details Most crucial to navigating the sometimes tumultuous waters of affordable housing is engaging in thorough — even painstaking — preparation, concurred each of the panelists. This is especially true given the current macroeconomic climate and its difficulties.  When asked how her organization confronts these challenges, Yvonda Bean, chief executive officer with Columbia Housing, identified an emphasis on facilitating communication within the project team for planning purposes.  More specifically, Bean reported that Columbia Housing connects the “general contractor with the architect to work on design plans” early on, such that when …

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Related Urban, Tampa Housing Authority Break Ground on 234-Unit Mixed-Income Housing Project

by John Nelson

TAMPA, FLA. — A public-private partnership between Related Urban Development Group, the Tampa Housing Authority and the City of Tampa has broken ground on Gallery at Rome Yards, an 11-story mixed-income housing project located south of Columbus Drive between Rome Avenue and the Hillsborough River. Eighty percent of the property’s 234 units will be reserved as affordable and workforce housing while the remaining 20 percent will be market-rate apartment homes. Additionally, five apartments on the ground level will be designated as live/work units designed with local artists and entrepreneurs in mind, complete with a storefronts and working areas. Amenities will include a fitness center, walking path with distance markers, workspace for students and remote workers, communal club room, dog park with a nearby dog wash area, ground-floor retail space and a workforce training/small business success center. Related Urban expects to complete Gallery at Rome Yards in December 2026. The property represents Phase I of the Rome Yards master plan, which is the redevelopment of a vacant 18-acre maintenance yard into nearly 1,000 apartments and 33,604 square feet of commercial space.

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