CLEVELAND — The NRP Group has opened The Davis, a 52-unit affordable housing community in Cleveland’s Glenville neighborhood. NRP partnered with University Hospitals to develop the project, which also includes the UH Community Wellness Center. The project marks NRP’s third “Health and Housing” development. Each of these affordable housing communities was created in partnership with the City of Cleveland. The UH Community Wellness Center offers healthy cooking demonstrations, a Food For Life Market, support for pregnant women and young mothers, programs to combat senior citizen isolation, telehealth services and training in workforce and financial literacy. The Davis is located on the site of the former Harry E. Davis Elementary School, which has sat vacant since 2006. Harry E. Davis was a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission and serving as an Ohio State Senator. The property comprises one-, two- and three-bedroom units along with four-bedroom townhomes. Residents must earn at or below 60 percent of the area median income. Amenities include a community room, fitness center, playground, business center and laundry facilities. RDL Architects served as the architect. Ohio Finance Housing …
ELGIN, ILL. — McShane Construction Co. has completed Hanover Landing, a 40-unit permanent supportive housing community in Elgin. The affordable housing development serves vulnerable populations and individuals with disabilities. UPholdings was the developer. The building rises three stories at 711 E. Chicago St. Units are offered in one-bedroom, one-bathroom floor plans that enable residents to live independently. Amenities include a community lounge, computer room, fitness center, laundry facilities and outdoor space. Services for residents include case management, life skill training and employment assistance. Hanover Township partnered with UPholdings and the Housing Opportunity Development Corp. on the project. Ecker Center for Behavioral Health is the service provider and will operate an onsite clinic. Hooker DeJong served as architect.
KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of Maui and the affordable housing with HHFDC. Development costs are estimated at $193 million for both phases of the project. Financing sources include 4 percent Low Income Housing Tax credits (LIHTC); Hula Mae Multi-Family Tax Exempt Bonds; State of Hawaii Rental Housing Revolving Funds (RHRF); and Dwelling Unit Revolving Funds (DURF). According to EAH Housing, the project is designed to address a critical need for affordable housing on Maui. The National Low Income Housing Coalition reports that nearly one-quarter of rental households in Hawaii report incomes at or below the national poverty guidelines. The state faces a deficit of more than 27,000 affordable housing units. “As we continually work to …
AUSTIN, TEXAS — Hunt Capital Partners has provided $16.5 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the development of Cady Lofts, a 100-unit affordable housing project in Austin. Cady Lofts will house studio apartments for renters earning 30 to 60 percent of the area median income and who are experiencing homelessness or physical/developmental disabilities. Units will feature modern appliances and eco-friendly utility systems, and residents will have access to a communal computer lab, health and wellness center, case management offices and central laundry facilities. The borrower is a partnership between developer SGI Ventures and the Housing Authority of the City of Austin. Three Bar Architects Inc. is designing the project, with Skybeck Construction serving as the primary contractor. Completion is slated for March 2025.
YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan for the refinancing of Monastery Manor, a 147-unit affordable seniors housing property located just north of New York City in Yonkers. Units are designated for persons 62 years and older who earn no more than 50 percent of the area median income (AMI). The borrower, nonprofit owner-operator Finian Sullivan Corp., will use a portion of the proceeds to fund renovations and extend the property’s affordability status. Jim Gillespie and Ilya Weinstein of BWE originated the loan.
PHOENIX — Scottsdale-based Greenlight Communities has broken ground on Cabana North Valley, a 159-unit affordable multifamily community in Phoenix. Located at 33455 N. North Valley Parkway, Cabana North Valley will feature 59 studios, 66 one-bedroom units and 34 two-bedroom units, as well as three courtyards with a wide array of amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by providing housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024.
MOUNT CLEMENS, MICH. — Woda Cooper Cos. Inc. has completed Edison Crossing, a $10.5 million affordable housing community in Mount Clemens, a northern suburb of Detroit. The 30-unit property features 11 units that are designated as Permanent Supportive Housing units with a preference for veterans. The entire development is restricted for residents who earn up to 80 percent of the area median income. The four-story building features amenities such as a multipurpose room, playground, picnic tables, onsite management center and additional space for coordination of supportive services by Macomb Community Action. Financing for the project was supported by the allocation of Low-Income Housing Tax Credits by the Michigan State Housing Development Authority. R4 Capital invested in the tax credits to provide equity financing. Comerica Bank provided a construction loan, and RiverHills Bank provided a permanent mortgage. Additionally, the city approved a Payment in Lieu of Taxes. Hooker DeJong Inc. was the project architect, and Greentech Engineering Inc. was the civil engineer. Woda Construction Inc. served as general contractor. Woda Management & Real Estate is handling leasing and property management.
SCHERTZ, TEXAS — Cleveland-based multifamily developer The NRP Group has broken ground on Aviator 1518, a 300-unit affordable housing project in Schertz, a northeastern suburb of San Antonio. Aviator 1518 will feature one-, two-, three- and four-bedroom floor plans and amenities such as a pool, fitness center, clubhouse and a playground. The NRP Group is developing the project in partnership with the Schertz Housing Authority. Alta Architects designed the project, and Bank of America provided construction financing. Preleasing will begin in 2025, with full completion slated for 2026.
INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.
MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly rents at the property will range from $484 to $1,161. Funding for the project includes $21 million in low-income housing tax credits (LIHTC) syndicated through Raymond James, a $19.3 million construction loan provided by JP Morgan Chase Bank, a permanent $7.5 million Freddie Mac loan secured through Berkadia, a $4.3 million Florida Housing Finance Corp. viability loan and a $2.4 million loan provided by the Miami-Dade County affordable housing surtax program. The project team includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, interior designer B Pila Design Studio and landscape architect Witkin Hults + Partners. Completion of Oasis at Aventura is scheduled for spring 2025.