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Affordable Housing

Embree-Eastside-Garland
Affordable HousingDevelopmentMultifamilyTexas

Palladium USA Nears Completion of 107-Unit Mixed-Income Housing Project in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Palladium USA is nearing completion of Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in the first quarter of next year.

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Affordable HousingCaliforniaDevelopmentMultifamilyTop StoriesWestern

Thrive Living to Transform Industrial Site in Los Angeles into 376-Unit Mixed-Income Apartment Community

by Jeff Shaw

LOS ANGELES — Thrive Living, with the financial support of JPMorgan Chase, has announced plans to redevelop a former industrial storage facility into an affordable and workforce housing community at 1457 N. Main St. north of downtown Los Angeles. Completion is slated for December 2024. The six-story multifamily complex will feature 376 apartments for low- and moderate-income residents earning up to 80 percent of the area median income and individuals utilizing the Housing Choice Voucher program.  On-site community amenities will include a landscaped roof deck, barbecue and dining area with seating, a gym, recreation room, package delivery room and business center. The property is located near public transportation and will offer parking below the building with electric vehicle charging stations. JPMorgan Chase, through its Workforce Housing Solutions group (formerly Capital Solutions), is providing a $68.5 million construction loan to Thrive Living for the project. This is JPMorgan Chase’s first construction loan to a 100 percent rent- and income-restricted multifamily community. Thrive already secured entitlements for the site. The project aligns with Thrive’s mission to acquire and redevelop strategically located sites in urban markets that are experiencing significant housing affordability gaps. Like other Thrive communities, the project is privately financed without the …

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Westview-Heights-Denton
Affordable HousingDevelopmentLoansMultifamilyTexas

BWE Provides $14.4M HUD-Insured Construction Loan for Denton Affordable Housing Project

by Taylor Williams

DENTON, TEXAS — BWE, the commercial mortgage banking firm formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.4 million, HUD-insured construction loan for Westview Heights, a 132-unit affordable housing project in the North Texas city of Denton. Westview Heights will offer one-, two- and three-bedroom units across three buildings that be reserved for households earning between 30 and 60 percent of the area median income, with 22 units being rented at market rates. Amenities will include a pool, fitness center, business center, laundry facilities and outdoor grilling and dining stations. Jon Killough of BWE originated the loan, which is structured with a fixed interest rate and interest-only payments for the duration of construction, through HUD’s 221(d)(4) program. The borrower was Generation Housing Partners. The capital stack also includes Low-Income Housing Tax Credit (LIHTC) equity that was provided by the Texas Department of Housing & Community Affairs.

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AcquisitionsAffordable HousingIllinoisMidwestMultifamilySeniors Housing

Standard Communities Acquires 214-Unit Senior Living Community in Mount Prospect, Illinois

by Kristin Harlow

MOUNT PROSPECT, ILL. — Standard Communities has led a public-private partnership that acquired Huntington Towers in Mount Prospect for an undisclosed price. The transaction preserves affordability for the 214-unit senior living community for the next 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. Located at 551-571 W. Huntington Commons Road, Huntington Towers was built in 1978. Planned renovations include new flooring, kitchen cabinet hardware, countertops, ranges, refrigerators, microwaves and toilets. Light fixtures will be replaced, hallways will be painted and new carpet will be installed. New amenities will include a fitness center and business center. A new rooftop solar system will reduce the property’s carbon footprint by more than 215 tons of carbon dioxide per year. A resident services coordinator will be added to the staff.

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Affordable HousingDevelopmentKentuckyMultifamilySeniors HousingSoutheast

Woda Cooper, Housing Services Alliance Open Affordable Seniors Housing Community in Walton, Kentucky

by John Nelson

WALTON, KY. — Affordable housing developer Woda Cooper Cos. Inc. and Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati. Haven Crossing is a three-story, elevator-served building that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI). Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank. Primary financing for the $13.2 million property was supported through the allocation of Low-Income Housing Tax Credit (LIHTC) equity by Kentucky Housing Corp. Marble Cliff Capital invested in the tax credits to provide equity financing. First Financial Bank invested in the project via MCC, and provided the construction loan. Cedar Rapids Bank & Trust is providing permanent debt for the project. Other partners on the project included Grimm Architecture, Chadan Engineering Inc. and Woda Construction Inc. Woda Management & Real Estate will handle leasing and management.

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Affordable HousingDevelopmentLoansMultifamilyNew MexicoWestern

KeyBank Provides $12.5M Construction Loan for Three Sisters Affordable Housing Development in Las Cruces, New Mexico

by Amy Works

LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.

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Affordable HousingIndianaLoansLumentMidwestMultifamilyOhio

Lument Provides Four Loans Totaling $11.5M for Refinancing of Affordable Housing Properties Across Three States

by Kristin Harlow

OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

NHP Foundation Opens 30-Unit Covent Apartments in Chicago

by Kristin Harlow

CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, a project that involved the redevelopment of Covent Hotel, a single-room occupancy (SRO) property in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property marks NHPF’s second SRO property in Chicago. SRO housing is defined as a residential property that includes multiple single-room dwelling units, according to HUD. Each unit is for occupancy by a single eligible individual. The total development cost was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development Authority Permanent Supportive Housing Funds and $4.9 million from a HUD/FHA loan. The project also received a $698,910 Affordable Housing Program General Fund grant from FHLBank Chicago. The Chicago Housing Authority contributed 30 project-based vouchers for the property. In addition to the 30 units, Covent features onsite laundry facilities, a community room and an outdoor space. The property also includes three retail spaces totaling 4,700 square feet. Linn-Mathes was the general contractor, and Weese, Langley, Weese served as architect. R4 Capital was the tax credit investor and Merchants Capital was the lender.

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AcquisitionsAffordable HousingGeorgiaLoansMultifamilySoutheast

CBRE Provides $27.7M Acquisition Loan for Affordable Housing Community in Savannah

by John Nelson

SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit, garden-style affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Built in 2003 and recently renovated, Canvas at Savannah features one-, two- and three-bedroom units averaging a little more than 1,000 square feet in size. Amenities include a fitness center, coffee bar, package lockers and a resort-style swimming pool.

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Affordable HousingDevelopmentIndianaLoansMidwestMultifamilySeniors Housing

Merchants Capital Provides $17.4M in LIHTC Equity Financing for Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow

FORT WAYNE, IND. — Merchants Capital has provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Reserve on Park Place, an affordable seniors housing community in Fort Wayne. Brown Capital Group, Leo Brown Group and Rogers Development Group are developing the 187-unit property. Restricted to seniors age 55 and older, the three-story community will feature 15 studios, 136 one-bedroom units and 36 two-bedroom units for residents earning up to 80 percent of the area median income. The units are designed to support senior and special needs with features such as handrails, grab bars, intercoms, limited access and video surveillance. Completion is slated for April 2025.

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