Affordable Housing

Trammell Crow Co. Starts Construction of 280-Unit The Grace Residences at Science Square in Atlanta

by Hayden Spiess September 28, 2023

ATLANTA — High Street Residential (HSR), the housing subsidiary of Trammell Crow Co. (TCC), has started construction of The Grace Residences. The 280-unit apartment tower will be located adjacent to Georgia Institute of Technology within the Science Square mixed-use project in Atlanta. Rule Joy Trammell + Rubio designed the 14-story building, which will offer one-, two- and three-bedroom floorplans, with 28 units designated as affordable housing. Amenities at the community will include a bike room; club room; an outdoor courtyard with fire pits, grilling areas and a pool; a fitness center; pet spa; package room; coworking spaces; and an indoor/outdoor sky lounge. Completion of the building is scheduled for May 2024. Preleasing will begin early next year. The tower will also feature 2,350 square feet of ground-floor retail space. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners will handle retail leasing for the development. Construction on Science Square began in 2022. The first phase includes a 364,740-square-foot lab/office tower that Perkins + Will designed.

September 28, 2023

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Douglaston Development Completes 188-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams September 28, 2023

NEW YORK CITY — Locally based firm Douglaston Development has completed a 188-unit affordable seniors housing project in The Bronx. The 12-story building is adjacent to the New York Botanical Garden (NYBG) and represents Phase I of a larger development. Phase II will consist of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston developed the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group designed the project, and Levine Builders served as the general contractor and construction manager.

September 28, 2023

Acquisitions Affordable Housing Multifamily New Mexico Western

CPP Acquires Two Affordable Housing Communities in Albuquerque for $22.8M

by Amy Works September 27, 2023

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has purchased Mountain View II and III, two affordable multifamily properties in Albuquerque, for $22.8 million. CPP plans to renovate the properties, which share a contiguous block, and operate the assets as one development. The seller was not disclosed. Built in 1967 and 1968 respectively, Mountain View II and III are located at 1515 and 1333 Columbia Drive SE, approximately four miles from downtown Albuquerque. In total, Mountain View Apartments offers 241 studio, one-, two- and three-bedroom layouts spread across multiple two-story, garden-style buildings and townhouses. Community amenities include central laundry facilities, off-street parking, a picnic area, playground and on-site management. CPP’s total development investment is approximately $65.8 million, which includes the purchase price and estimated per-unit renovation cost of $95,078. Along with extensive work to repair a burnt building, the total site renovation will bring modernization, ADC compliancy, energy efficiency and improved security to the community. Renovations are scheduled for completion in December 2024. Project partners include New Mexico Mortgage Finance Authority; KeyBank, which secured construction and debt financing through Freddie Mac; and R4, which will provide equity financing.

September 27, 2023

Affordable Housing Development Georgia Multifamily Southeast

McShane to Build Second Phase of Ashley at Scholars Landing Mixed-Income Apartments in Atlanta

by John Nelson September 25, 2023

ATLANTA — McShane Construction Co. plans to build the second phase of Ashley at Scholars Landing, a mixed-income apartment development located at 680 Atlanta Student Movement Blvd. in Atlanta. The developer is The Integral Group. Phase II will comprise three- and four-story buildings spanning 212 affordable housing and market-rate apartments, as well as a clubroom, fitness center, micro-offices and an activity space. Designed by JHP Architecture, Ashley at Scholars Landing II is set for completion in July 2025. Phase I comprised 135 apartments and opened in 2020.

September 25, 2023

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Opens $40M Affordable Housing Community in Columbus, Ohio

by Kristin Harlow September 22, 2023

COLUMBUS, OHIO — The NRP Group has opened The Sinclair Apartment Homes, a $40 million affordable housing community in Columbus. The 180-unit property is located at 5075 Sinclair Ave. and features units for those who earn 30 to 80 percent of the area median income. The project site was the former home of live music venue Alrosa Villa, which closed in early 2020. The community consists of three four-story buildings with one, two-, three- and four-bedroom units. The Columbus Metropolitan Housing Authority helped fund the development by issuing $27.7 million in tax-exempt and taxable bonds. Tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank also helped fund the transit-oriented project.

September 22, 2023

Affordable Housing California Development Loans Multifamily Western

KeyBank Provides $71.8M in Construction Financing for Affordable Housing Project in Greenfield, California

by Amy Works September 21, 2023

GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of Greenfield Commons Phase I in the Salinas Valley city of Greenfield. EAH Housing Inc. is developing the community, which will feature 99 affordable family units and one manager unit. Twenty-seven units with project-based vouchers will be set aside for families and farmworkers. Nashua, an off-site modular manufacturer in Boise, Idaho, is building the residential units, and Swinerton is serving as general contractor. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap derivative on both loans. EAH also received $51.3 million in California HCD Accelerator funds with an additional $4.6 million in California Accelerator Supplement funds. The California Accelerator funds are from federal COVID relief money in lieu of tax credits. Tax credits and bond allocations were insufficient to fulfill California’s affordable housing development demand, and these funds are California’s solution for priority projects. Other …

September 21, 2023

Affordable Housing Development Multifamily New Jersey Northeast

NJEDA Approves $90M in Tax Credits for Mixed-Income Residential Building in Newark, New Jersey

by Taylor Williams September 18, 2023

NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for the development of a mixed-income residential building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans, and 70 units will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.

September 18, 2023

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Breaks Ground on $12.5M Affordable Seniors Housing Community in Carrollton, Ohio

by Kristin Harlow September 18, 2023

CARROLLTON, OHIO — Woda Cooper Cos. Inc. has broken ground on Hemming Crossing, a $12.5 million affordable seniors housing community in Carrollton, a city in eastern Ohio. The 42-unit property will offer one- and two-bedroom units for residents age 55 and older who earn 30 to 70 percent of the area median income. The three-story building will feature a community room, grandchild playroom, fitness center, patio, picnic tables and grills. The development is made possible with funding supported by Low-Income Housing Tax Credits (LIHTC) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Affordable housing finance syndicator Marble Cliff Capital (MCC) provided the LIHTC investment financing. Consumers National Bank is a primary lender for the project and secondary investor through MCC. PCI Design Group is the architect, Chadan Engineering is the civil engineer and Sol Design + Consulting is the sustainability consultant. Woda Construction Inc. is the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, will oversee leasing and property management. A timeline for completion was not provided.

September 18, 2023

Affordable Housing Development Michigan Midwest Multifamily

Greatwater Opportunity Capital to Develop $14M Affordable Housing Community in Detroit

by Kristin Harlow September 15, 2023

DETROIT — Greatwater Opportunity Capital has unveiled plans to develop a $14 million affordable housing community in Midtown Detroit. The project marks Greatwater’s first-ever new-construction development. For the past 10 years, the firm has been renovating buildings in Detroit to restore housing and preserve affordability. The new development will be located at 3740 2nd Ave. and will feature 33 studios and 24 one-bedroom units along with first-floor commercial space and secure parking. Through the city’s NEZ property tax abatement, 20 percent of the units will be designated for residents earning up to 80 percent of the area median income. Completion is slated for spring 2025. Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union for the project. McIntosh Poris is the architect, and the Monahan Co. is the general contractor.

September 15, 2023

Affordable Housing Development Multifamily New Jersey Northeast

Arc Building Partners, Claremont Complete 60,000 SF Supportive Housing Project in Jersey City

by Taylor Williams September 14, 2023

JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a 60,000-square-foot supportive housing project in Jersey City. The newly expanded campus features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took roughly two years to construct.

September 14, 2023

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