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Affordable Housing

Affordable HousingDevelopmentFloridaMultifamilySoutheast

Pinnacle Opens 215-Unit Affordable Housing Community in South Miami-Dade County

by John Nelson

PRINCETON, FLA. — Miami-based Pinnacle has opened Pinnacle at Tropical Pointe, a new 215-unit affordable housing community located at 25155 S.W. 136th Ave. in Princeton, a city in south Miami-Dade County. The property features a mix of one- to four-bedroom apartments spread across six garden-style buildings, with amenities including a swimming pool, fitness center, business center and a playground. The community is designated for households earning up to 60 percent of the area median income. Pinnacle’s capital partners on the project included Bank of America, the Florida Housing Finance Corp., Miami-Dade County and Citibank.

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Affordable HousingDevelopmentFloridaLoansSeniors HousingSoutheast

Green Mills Breaks Ground on $26M Affordable Seniors Housing Community in Central Florida

by John Nelson

OSCEOLA COUNTY, FLA. — Green Mills Group has broken ground on a $26 million affordable seniors housing community in unincorporated Osceola County. Dubbed Poinciana Parc, the midrise property will comprise 86 units and amenities including a fitness center, business center, club/game room, laundry room and a swimming pool. The Florida Housing Finance Corp. awarded the project a 9 percent tax credit allocation in May 2023. Additional capital partners on Poinciana Parc include TD Bank, Raymond James Affordable Housing Investments and Neighborhood Lending Partners.

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Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

C&C Development, Riverside Charitable Corp. Open Affordable Seniors Housing Community in Lake Forest, California

by Amy Works

LAKE FOREST, CALIF. — C&C Development and Riverside Charitable Corp. have opened The Meadows Senior Apartments in Lake Forest, an affordable housing community for residents 62 years and older. Located within Toll Brothers’ Meadows master-planned community, The Meadows Senior Apartments offers 65 units designed for seniors earning 30 percent to 60 percent of the area median income (AMI). The two-story building offers units ranging in size from 600 square feet to 800 square feet, all of which are ADA-accessible and adaptable. The property offers community space with grassy areas, verandas and pickleball courts and a common amenity space with a kitchen, laundry room, leasing office, supportive services manager office and outdoor verandas with a barbecue pavilion. The property is also located adjacent to a community park and dog park. Residents will receive onsite supportive services from LifeSTEPS. Services will consist of educational classes and health-and-wellness programs. Financing for The Meadows consists of LIHTC (low-income housing tax credit) funding through the California Tax Credit Allocation Committee, California Debt Limit Committee and California Statewide Communities Development Authority. Bank of America also provided a construction and permanent loan. Additional financing was provided by the City of Lake Forest, The County of Orange, Calif., OC …

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AcquisitionsAffordable HousingCaliforniaMultifamilyWestern

CPP Acquires Witmer Manor Affordable Housing Complex in Los Angeles for $48.4M

by Amy Works

LOS ANGELES — Community Preservation Partners (CPP) has purchased Witmer Manor, an affordable housing property in Los Angeles. Located at 1501 Miramar St. in Los Angeles’ Westlake neighborhood, Witmer Manor comprises eight three- and four-story, elevator-served buildings containing 142 studio and 96 one-bedroom units. Common area amenities include a laundry room and an onsite property management office. CPP is partnering with LifeSTEPS to provide onsite adult education, health-and-wellness and skill-building classes and services to residents. Originally built in 1930, the property was most recently renovated in 2005. CPP’s total development investment is approximately $64 million, which includes the purchase price of $48.4 million and estimated renovation costs of approximately $65,000 per unit. Planned renovations include extensive ADA upgrades; exterior upgrades with new roofing, energy-efficient windows, upgraded heat pumps and LED lighting; and interior upgrades with kitchen updates, new vanities, new flooring, LED interior lighting, fresh paint and essential drywall repairs. Additionally, bathrooms will be upgraded with modern fixtures and replacements and new blinds. Renovations are slated for completion in early 2026. Dedicated to serving residents through the Section 8 program, all units will be income-restricted to family households earning between 30 percent to 60 percent of the area median income (AMI). …

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

EAH Housing Starts Construction of 48-Unit Affordable Housing Development in West Hollywood

by Amy Works

WEST HOLLYWOOD, CALIF. — EAH Housing has commenced construction for Lexington Gardens, an affordable housing property in West Hollywood. Located at the corner of Detroit Street and Lexington Avenue, Lexington Gardens offers 47 studio apartments ranging in size from 383 square feet to 447 square feet and one two-bedroom, 869-square-foot manager’s unit, all with energy-efficient appliances, window coverings and walk-in closets. The five-story community will serve families and individuals earning 30 percent and 60 percent of local area median income (AMI). Designed by DE Architects and built by Walton Construction, Lexington Gardens will offer a range of indoor and outdoor amenities, including onsite vehicle and bicycle parking, a community room, shared open spaces, laundry and a dedicated management office. EAH Housing will also provide resident services through an onsite resident services coordinator and collaborate with local organizations to offer specialized programs aimed at enhancing residents’ well-being.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Fairstead Invests $10M for Renovation of Affordable Housing Community in Chesapeake, Virginia

by John Nelson

CHESAPEAKE, VA. — Fairstead has invested nearly $10 million for the renovation of Peaceful Village Apartments, a 65-unit affordable housing community located at 3000 Welcome Road in Chesapeake. Fairstead is partnering with the Chesapeake Redevelopment and Housing Authority, which manages the community, for the renovation through HUD’s Rental Assistance Demonstration (RAD) program. The overhaul will include new energy-efficient appliances, renovated kitchens, new exterior siding and the construction of a new community center. All renovations are expected to be complete by fall 2026. Built in 1995, Peaceful Village offers a mix of three- and four-bedroom townhomes reserved for households earning below $32,000 annually to $63,900 (60 percent of the area median income). Capital partners on the renovation include Berkadia, Freddie Mac, U.S. Bank and Woodforest Bank.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB Breaks Ground on 43-Unit Affordable Housing Project in Truro, Massachusetts

by Taylor Williams

TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located on Cape Cod. The majority (39) of residences will be restricted to households earning between 30 and 100 percent of the area median income, and the other four will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the Town of Truro.

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Ann Atkinson Regions Real Estate Capital Markets quote from article
Affordable HousingContent PartnerFeaturesLoansMidwestMultifamilyNortheastRegions Real Estate Capital MarketsSoutheastTexasWestern

Looking to Finance Your Multifamily Property? Compare Fannie Mae, Freddie Mac Small Balance Loan Options

by Sarah Daniels

By Ann Atkinson, Regions Real Estate Capital Markets Finance options for owner/operators of multifamily properties are consistently available via Fannie Mae and Freddie Mac. Both government-sponsored entities (GSEs), are governed by the Federal Housing Finance Agency (FHFA) and share a clear mission to support the health of the country’s housing market and its existing multifamily supply by providing financing options to borrowers. Loans Accessible for Affordable, Workforce Properties The support provided by both Fannie Mae and Freddie Mac to multifamily housing notably extends beyond market-rate rental properties, with both agencies dedicated to the availability of affordable and workforce housing units to low-income renters. Thus, Fannie Mae and Freddie Mac offer good loan options to consider for owner/operators active in these multifamily subsets. Let’s compare their offerings specific to small balance loans, as these are often the appropriate solutions for this range of multifamily properties. Both Fannie Mae and Freddie Mac programs offer financing for the acquisition or refinance of stabilized multifamily properties. The properties must include five or more residential units and be stabilized. The agencies define stabilized as 90 percent occupancy for 90 days.  In addition, both programs offer the following product features for small loans:     Let’s now …

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RoseMary's-Place-Houston
Affordable HousingDevelopmentMultifamilyTexas

NHP Foundation Opens $45M Supportive Housing Complex in Midtown Houston

by Taylor Williams

HOUSTON — The NHP Foundation has opened RoseMary’s Place, a $45 million supportive housing complex in Midtown Houston. The four-story, 149-unit building is dedicated to supporting individuals or families who are currently or were recently experiencing homelessness. The NHP Foundation has partnered with nonprofit social services provider Magnificat Houses Inc. to operate RoseMary’s Place, which also offers three multipurpose rooms, two gathering areas, a warming kitchen and a 24-hour staffed entry desk. The City of Houston Housing & Community Development Department provided $18.7 million in financing for the project, while the Harris County Community Services Department contributed $10.2 million. Hudson Housing is the tax credit investor whose purchase of those securities generated $13.6 million in equity financing for the project.

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Completes 100-Unit Supportive Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between SGI Ventures and the Austin Affordable Housing Corp. has completed Cady Lofts, a 100-unit supportive housing project in Austin’s Hancock neighborhood. Cady Lofts offers fully furnished studio apartments for renters earning between 40 to 60 percent of the area median income and/or are overcoming homelessness, dealing with physical and developmental disabilities or recovering from addiction. Units feature modern appliances and eco-friendly utility systems, and residents have access to a communal computer lab, health and wellness center, case management offices and central laundry facilities. Three Bar Architecture designed the project, and Skybeck Construction served as the primary contractor. Cady Lofts was financed in part by $18.5 million in Low-Income Housing Tax Credits ($16.5 million in federal and $2 million in state) that were issued by the Texas Department of Community Affairs and syndicated by Hunt Capital Partners.

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