NEW YORK CITY — CAMBA Housing Ventures has broken ground on Clarkson Avenue Estates, a 328-unit affordable housing project in Brooklyn. GZA GeoEnvironmental Inc. led the remediation efforts for the site at 329 Clarkson Ave., which most recently housed a parking facility operated by SUNY Downstate Medical Center. The nine-story building will offer one-, two- and three-bedroom units for renters earning up to 30, 40, 50 and 70 percent of the area median income. Half of the units will be reserved as supportive housing for formerly homeless or incarcerated individuals. Amenities will include community rooms, a computer room, basketball gym and onsite laundry facilities. The development will also feature 30,000 square feet for supportive facilities for initiatives such as workforce training, financial literacy, youth education and development and childcare. Delivery is slated for 2026.
CHICAGO — Related Midwest has broken ground on 400 Lake Shore, a two-tower multifamily development located along the Chicago River in the city’s Streeterville neighborhood. Related is building the project on a site left vacant after plans to build the Chicago Spire skyscraper were abandoned nearly two decades ago. Phase I of the project will include the construction of the development’s 72-story North Tower. The 1.1 million-square-foot North Tower will offer 635 multifamily units, 20 percent of which will be affordable housing. The development will also include 4.5 acres of open and green space, including the construction of DuSable Park in partnership with the Chicago Park District. The development will also include an expansion of the Chicago Riverwalk Founder’s Way walking path. Construction on Phase One is scheduled for completion in early 2027. The Chicago Office of Skidmore, Owings & Merrill designed both towers, which include nods to the city’s architectural history and geography. March and White designed the building interiors, with locally based Stantec serving as the architect of record for the project. The development team for Phase I includes LR Contracting and BOWA Construction. A collaboration between The Illinois Housing Development Authority, Wells Fargo and other undisclosed financial institutions …
ROCHESTER, N.Y. — A partnership between locally based owner-operator Conifer Realty and Community Preservation Partners (CPP) will renovate Andrews Terrace, a 526-unit affordable seniors housing complex in the upstate New York city of Rochester. Built in 1975, the waterfront property consists of two buildings that rise 19 and 22 stories and house one- and two-bedroom units for seniors age 62 and above and disabled residents. A partnership between KeyBank Community Development Lending & Investment and Goldman Sachs Asset Management provided $135.6 million in Low-Income Housing Tax Credit equity and $200 million in construction financing to fund renovations and preserve the property’s affordability status. All apartments will receive upgraded countertops, painting, appliances, fixtures and cabinets. Common areas, including the lobby, community room, management office, maintenance shop and parking garage, will be renovated with drywall repairs, painting, new flooring and HVAC upgrades as needed. There will also be several new outdoor additions to the community, including a community garden on the property’s terrace, grandparents’ playground, a seating and grilling area and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed. Lastly, …
ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, a 192-unit affordable housing development that repurposed buildings at the historic Fort Snelling site in St. Paul. Minneapolis-based BKV Group served as the architect. Preference is given to residents who are military members, veterans, first responders and their families. The 42-acre site included 26 buildings, including barracks, an administration building, gymnasium, morgue and hospital, all of which have been transformed into a residential community. Floor plans range from 285 to 2,676 square feet. The individual buildings were in poor condition, as some had stood vacant since the 1970s. But the project team was able to salvage original walls, doors and windows, entryways and staircases in many of them. Buildings requiring a more extensive structural overhaul were rebuilt to historical standards. Getting the project off the ground took years and the combined efforts of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Low-Income Housing Tax Credits contributed $70 million of the project’s $160 million total cost, making the below-market-rate rents …
DES MOINES, IOWA — The Annex Group has unveiled plans to develop Union at River’s Edge, a $62.9 million affordable housing community in Des Moines. The 216-unit development will offer one-, two- and three-bedroom residences to households whose income levels are at or below 60 percent of the area median income. The project will be situated on nearly four acres at 1600 Indianola Ave. Completion is slated for spring 2025. Amenities will include a fitness center, clubhouse, playground, picnic area, parking garage, community room, dog park and onsite leasing office. Residents will receive complimentary transit passes for the Des Moines Area Regional Transit Authority, which will have a bus stop adjacent to the property. Project partners include Civil Design Advantage, ASK Studio and Summit LIHTC Consulting. Affiliates of The Annex Group will complete construction and perform property management services for the community. Financing partners include WNC for more than $24 million in Low-Income Housing Tax Credit equity, Cedar Rapids Bank and Trust for tax-exempt bond financing of over $32 million, Iowa Finance Authority for tax-exempt bond allocation, and the City of Des Moines for tax-increment financing, tax abatement and $300,000 American Rescue Plan Act funds.
NAPERVILLE, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Haven on Long Grove in the Chicago suburb of Naperville for $94 million. The naturally occurring affordable housing community features 416 units. Pensam Capital was the seller. John Jeager of CBRE brokered the off-market transaction, which included the assumption of an existing, fixed-rate Fannie Mae mortgage serviced by M&T Bank. Situated on 34 acres, Haven on Long Grove features 248 one- and two-bedroom apartments and 168 townhomes. The buyer plans to make targeted improvements.
MassHousing Provides $21M in Financing for Mixed-Income Housing Project in Shrewsbury, Massachusetts
SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income housing project in Shrewsbury, located just outside of Worcester. The borrower and developer is WinnCos. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. Of the 93 units, 56 will be reserved for households earning between 30 and 60 percent of the area median income, while 21 will be designated as workforce housing. The remaining 16 apartments will be rented at market rates. Units will come in studio, one-, two- and three-bedroom floor plans. Construction is underway and expected to last about 18 months.
ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the first floor with elevated walkways throughout. Under an existing Housing Assistance Payment contract, 496 of the community’s apartments are reserved for residents earning up to 50 percent of the area median income (AMI), with 30 apartments set aside for those earning 60 percent or less of AMI. Renovations for the 557,602-square-foot community will include kitchen upgrades and bathroom refurbishment in each unit, and renovations to common areas including the lobby, community room, management office, maintenance shop and parking garage. The project will also include the addition of a community garden, seating and grilling area, bocce ball courts, fitness room, game room, reading nook, two community rooms, new mailboxes and a …
WASHINGTON, D.C. — Red Oak Capital Holdings has provided a $5.8 million bridge loan for Hawaii Avenue Apartments, an affordable housing property located at 89 and 93 Hawaii Ave. NE in Washington, D.C.’s Brookland neighborhood. The borrower, an entity doing business as Legacy Lofts II & III, will use the funds to acquire and rehabilitate the property into 22 apartments that will be rented under the D.C. Housing Authority’s Choice Voucher Program. The project involves converting the vacant units at the two buildings into 12 two-bedroom and 10 three-bedroom apartments with projected monthly rents of $2,439 and $3,256, respectively. The rehabilitation is expected to be finished within a year, with full stabilization by late 2025, according to Red Oak Capital. The interest-only loan carries a 12-month term with two six-month extension options and an all-in interest rate of 11 percent. The financing was underwritten based on the property’s forecast stabilized value of $8 million.
SWEETWATER, FLA. — Development firm CREI Holdings has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, a South Florida city just west of Miami. Marc Suarez led the Lument team that provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, Fla., the eight-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, 40 percent cater to low-income seniors, while the remainder is allocated to residents earning up to 120 percent of the area’s median income (AMI). The building is near full occupancy, according to CREI Holdings.