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Affordable Housing

Juniper-Square_Glendale-Ariz
Affordable HousingArizonaDevelopmentMultifamilySeniors HousingWestern

Dominium to Break Ground on Two Affordable Housing Communities Totaling 605 Units in Glendale, Arizona

by Hayden Spiess

GLENDALE, ARIZ. — Dominium is scheduled to break ground on two affordable housing communities in Glendale, roughly 10 miles northwest of Phoenix. Totaling 605 units, the apartment communities will be reserved for individuals earning 60 percent or less of the area median income (AMI). Juniper Square, a seniors housing community, will comprise 287,468 square feet and 221 apartments in one-, two- and three-bedroom floorplans. Amenities at the property will include a pool, courtyard, fire pits, a clubroom, fitness center, theater and salon. 67 Flats will span 875,141 square feet with 384 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, playground, soccer field, courtyard, clubroom and fitness center. Juniper Square and 67 Flats are scheduled to open in the spring and summer of 2026, respectively. W.D. Construction, a joint venture between Weis Builders and Dominium Construction and Architectural Services, will serve as the general contractor. 

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Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Capital Provides $348M Agency Loan for Rehabilitation of Brooklyn Affordable Housing Complex

by Taylor Williams

NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.

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Affordable HousingLoansMidwestMultifamilyWisconsin

Associated Bank Provides $14.3M in Construction Financing for Affordable Housing Project in Green Bay

by Kristin Harlow

GREEN BAY, WIS. — Associated Bank has provided $14.3 million in construction financing for Bay City Lofts, an affordable housing project in Green Bay. The financing package included a $6.3 million construction loan and $8 million of Low-Income Housing Tax Credit (LIHTC) equity. The bank also sponsored a $600,000 Affordable Housing Project (AHP) grant from the Federal Home Loan Bank of Chicago. Capital partners included federal LIHTC syndicator CREA, permanent lender IFF and the City of Green Bay. Located at 2510 University Ave., Bay City Lofts will feature 48 units, of which 40 will be designated as affordable for families earning 30 to 60 percent of the area median income. Gorman & Co. LLC and Lutheran Social Services of Wisconsin and Upper Michigan are the developers. The four-story building will feature one-, two- and three-bedroom floor plans. Construction is underway, with completion slated for late 2024. Lutheran Social Services will provide supportive services for residents. Gorman is serving as the co-developer, general contractor and property manager. Bryan Schreiter of Associated Bank’s commercial real estate division managed the loan closing. Stefanie Bachrach of Associated Community Development LLC, the bank’s community development corporation, managed the equity investment closing.

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Palladium-Houston-Ella
Affordable HousingDevelopmentMultifamilyTexas

Palladium USA to Develop $35M Affordable Housing Project in Northeast Houston

by Taylor Williams

HOUSTON — Dallas-based multifamily developer Palladium USA will develop a $35 million affordable housing project in northeast Houston. Palladium Houston Ella will be a three-story, 146-unit building that will house one-, two- and three-bedroom units. About 78 percent (115) of the units will be reserved for renters earning between 30 and 60 percent of the area median income, and the remainder will be rented at market rates. Amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid’s play area and a clubroom. Palladium USA is developing the project in partnership with the Harris County Housing Finance Corp. HEDK Architects is designing the property, and Brownstone Construction is serving as the general contractor.

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Affordable HousingDevelopmentMultifamilyTexas

FTK Construction Launches $12.6M Renovation of South Houston Apartment Complex

by Taylor Williams

HOUSTON — FTK Construction Services has launched a $12.6 million renovation of Brookside Gardens Apartments, a 240-unit affordable housing complex in South Houston that was built in 2006. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the three-story building, income restrictions within which were not disclosed. KeyBank provided construction financing.

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210-Clarkson-Brooklyn
Affordable HousingLoansMultifamilyNew YorkNortheast

Dwight Mortgage Trust Provides $75.2M Refinancing for Brooklyn Mixed-Income Complex

by Taylor Williams

NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of locally based lender Dwight Capital, has provided a $75.2 million bridge loan for the refinancing of 210 Clarkson, a 165-unit mixed-income complex in Brooklyn’s Lefferts Gardens area. Built in 2023, the property consists of 115 market-rate units and 50 affordable housing units, an 18,700-square-foot grocery store and a 700-square-foot community facility. Units come in studio, one- and two-bedroom floor plans, and amenities include workspaces, a game room, screening room, pet spa, gym and a rooftop terrace. Meir Kessner and David Eisen at Sevenstone Capital arranged the loan on behalf of the borrower, a New York family office.

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Affordable HousingArizonaDevelopmentLoansMultifamilySeniors HousingWestern

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. In addition, Merchants Bank provided $89 million in equity bridge loans, while Barclays Capital provided $179 million in construction loans. Juniper Square will offer 221 units for residents age 55 or older spread across two four-story residential buildings. Common amenities will include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room and recreation and picnic areas. Consisting of 14 three-story residential buildings, 67 Flats will offer 384 apartments. The community will also feature four non-residential buildings, including a leasing office, clubhouse and fitness center. Community amenities will include onsite management, a swimming pool, sports court, central …

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Affordable HousingDevelopmentLoansMultifamilyTexas

KeyBank Provides $87.8M in Financing for Mixed-Income Project in Metro Austin

by Taylor Williams

MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which  consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.

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Northgate-One-Camden
AcquisitionsAffordable HousingMultifamilyNew JerseyNortheast

Hudson Valley Property Group Buys 321-Unit Affordable Housing Building in Camden, New Jersey

by Taylor Williams

CAMDEN, N.J. — Hudson Valley Property Group has purchased Northgate One, a 321-unit affordable housing building located in the Southern New Jersey city of Camden. The 21-story building was originally constructed in 1963, and the majority of the units are reserved for households earning 60 percent or less of the area median income. The new ownership plans to rehabilitate the property with infrastructural upgrades, mechanical system replacements and in-unit bathroom, kitchen and apartment safety improvements. The project is expected to last about two years and will be funded with a mix of federal and state tax credits as well as private capital, including a $40.7 million FHA loan originated by PGIM Real Estate.

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Affordable HousingLoansMidwestMultifamilyOhio

KeyBank Provides $18.1M in Construction Financing for Affordable Housing Project in Cleveland

by Kristin Harlow

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has invested $10.2 million of 4 percent Low-Income Housing Tax Credit equity and provided a $7.9 million construction loan for the development of Henrietta Homes in Cleveland. The project will consist of 40 lease-to-purchase single-family homes in the city’s Hough neighborhood. Henrietta Homes will target family households with incomes between 30 and 60 percent of the area median income. The development will be partially subsidized, of which eight homes will be supported by 20-year Section 8 project-based vouchers provided through Cuyahoga Metro Housing Authority. Additional soft funding sources include $1.6 million from City of Cleveland Housing Trust Funds, a $450,000 Cuyahoga County HOME loan and a $1.2 million equity bridge loan through Ohio Housing Finance Agency’s Housing Development Loan program. Nonprofit the Famicos Foundation is the project sponsor. The homes will be available to lease during a 15-year period. At year 16, residents will have the opportunity to purchase the home at an affordable price. Famicos will prepare tenants to transition into homeownership by providing financial training and homeownership counseling during the 15-year leasing period. Derek Reed and Kory Clark of KeyBank CDLI structured the tax credit equity and debt financing.

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