Affordable Housing

KeyBank Provides $36.3M in Financing for Elevate at Aurora Affordable Multifamily Project in Colorado

by Amy Works October 18, 2023

AURORA, COLO. — KeyBank has provided a total of $36.3 million in financing for the construction of Elevate at Aurora, an affordable apartment community in Aurora. Columbia Ventures is the sponsor, with the Housing Authority of the City of Aurora serving as special limited partner. KeyBank Community Development Lending and Investment (CDLI) provided $30 million in Low Income Housing Tax Credit (LIHTC) equity, including $5.5 million of Colorado State tax credit equity and $292,744 of solar tax credit equity. KeyBank CDLI also provided a $6.3 million equity bridge loan. KeyBank Commercial Mortgage Group placed $31.2 million in private activity bonds through one of its capital markets investors, structured as a construction-to-permanent, tax-exempt loan. Elevate at Aurora will feature 137 apartments in a mix of one-, two- and three-bedroom units for households earning between 30 percent and 70 percent of area median income. The project will also include construction of a new community service facility that will primarily serve as the Aurora location for CrossPurpose, a nonprofit provider of workforce development services, and Living Hope Community Church, a bilingual church that provides before- and after-school programming. Kortney Brown and Sara Geis of KeyBank CDLI structured the balance sheet financing. Hector Zuniga of …

October 18, 2023

Affordable Housing California Development Multifamily Seniors Housing Western

Milestone Completes Siesta Senior Apartments in Sonoma, California

by Amy Works October 18, 2023

SONOMA, CALIF. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.

October 18, 2023

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners, Wall Cos. Plan to Demolish Former Minneapolis Public Works Building, Replace it with Affordable Housing

by Kristin Harlow October 18, 2023

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are planning to demolish the former Minneapolis Public Works storage building at 3501 E. 44th St. The developers plan to build a 90-unit affordable housing building in its place. The project is still pending final approval from the Minneapolis City Council, but construction is expected to begin in spring 2024 if the remaining financing is secured. Named Snelling Yards, the community will feature three- and four-bedroom units. Of the total units, 26 will be reserved for residents who earn up to 30 percent of the area median income (AMI) and 39 will be reserved for those who earn up to 50 percent AMI. Additionally, 13 units will be designated for veterans experiencing homelessness. Snelling Yards is a joint venture with Ecumen, which owns the adjacent 100-unit affordable seniors housing development, The Hillock. Lupe and Wall were granted development rights to the property in 2017. The project has received more than $2 million from the City of Minneapolis Affordable Housing Trust Fund and another $1.2 million from Hennepin County’s Affordable Housing Incentives Fund and Environmental Response Fund. The project is currently advancing through the Metropolitan Council’s Livable Communities Demonstration Account grant process.

October 18, 2023

Affordable Housing Development Mixed-Use Multifamily Restaurant Retail Utah Western

Crandall Capital to Break Ground on 320,000 SF Studio Crossing Mixed-Use Project in Park City, Utah

by Amy Works October 16, 2023

PARK CITY, UTAH — Crandall Capital is set to break ground on Studio Crossing, a mixed-use development in Park City, in late October. Spanning 320,000 square feet, Studio Crossing will feature 208 affordable housing units, approximately 100 townhomes and condominiums, retail, dining and open-air public spaces. With the first phase of the development slated for completion in 2025, Studio Crossing will add an entirely new neighborhood to Park City, while also providing eco-conscious solutions throughout its buildout. At full build out, the project will include: The project team includes Steed Construction as general contractor and Modern Out West as lead architect.

October 16, 2023

Affordable Housing Development Midwest Multifamily Nebraska

The Annex Group to Develop $52.7M Affordable Housing Community in Lincoln, Nebraska

by Kristin Harlow October 13, 2023

LINCOLN, NEB. — The Annex Group is developing Union at Antelope Valley, a $52.7 million affordable housing community in Lincoln. The five-story project will feature 187 one-, two- and three-bedroom units that will be reserved for households whose income levels are at or below 60 percent of the area median income. Completion is slated for summer 2025. The community will be situated on 1.7 acres at 1810 K. St. within the eastern portion of downtown Lincoln. Amenities will include a community center, fitness center, dog park, courtyard, private garage and onsite management. Like all of Annex’s affordable housing communities, Union at Antelope Valley will offer a customized Community Impact Plan that will help connect residents with community resources. Partners on the project include BVH Architecture, REGA Engineering Group and Summit LIHTC Consulting. US Bancorp Impact Finance provided more than $21 million in federal Low-Income Housing Tax Credit equity financing, while Cedar Rapids Bank & Trust provided more than $25 million in debt financing. Annex’s construction arm, Annex Construction of Nebraska LLC, is the general contractor.

October 13, 2023

Affordable Housing Development Multifamily Texas

LS Black Breaks Ground on $88M Affordable Housing Project in Metro Austin

by Taylor Williams October 11, 2023

ROUND ROCK, TEXAS — Minneapolis-based LS Black Development has broken ground on Preserve at Mustang Creek, an $88 million affordable housing project in the northern Austin suburb of Round Rock. Designed by Merriman Anderson Architects, Preserve at Mustang Creek will total 252 units that will be reserved for households earning 30 to 60 percent of the area median income (AMI). Units will come in one-, two-, three- and four- bedroom floor plans, and amenities will include a pool, playground, clubroom and outdoor grilling and dining stations. Construction is scheduled for a fall 2025 completion.

October 11, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Pennrose to Develop 93-Unit Affordable Housing Project in Wareham, Massachusetts

by Taylor Williams October 10, 2023

WAREHAM, MASS. — Pennrose will develop a 93-unit affordable housing project in Wareham, located in southern Massachusetts near the base of Cape Cod. The development will consist of a 49-unit complex with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. Units will come in one-, two- and three-bedroom apartments and will be reserved for renters earning between 30 and 100 percent of the area median income. Completion is slated for summer 2024.

October 10, 2023

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Berkadia Arranges $37.8M LIHTC Financing for Affordable Housing Development in D.C.

by John Nelson October 6, 2023

WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.

October 6, 2023

Affordable Housing Indiana Loans Midwest Multifamily

Merchants Capital Completes $303M Securitization of 11 Multifamily Loans Through Freddie Mac

by Kristin Harlow October 6, 2023

CARMEL, IND. — Indiana-based Merchants Capital has completed a $303 million securitization of 11 multifamily loans via its fourth Freddie Mac-sponsored Q-Series transaction. The loans, ranging from $4 million to $62 million, were used for the acquisition or refinancing of multifamily properties spanning eight states. Florida, Indiana, Colorado and New Jersey make up 81 percent of the loan balance. Most of the properties are workforce housing developments, with a significant portion of the units’ composition comprising less than 80 percent of the area median income. According to Freddie Mac, Q transactions are structured pass-through securities backed by multifamily mortgage loans. They are backed by an underlying trust that holds multifamily mortgage loans that were not underwritten by Freddie Mac at the time they were originated, and the loans may not have been purchased by Freddie Mac prior to securitization. Merchants Capital has been the loan seller in four of the last nine Freddie Mac Q transactions. The transaction supports financing of affordable housing in underserved markets, qualifying as social bonds within the social bonds framework published on Freddie Mac’s website. Proceeds from social bonds are used to provide liquidity to social impact financial institutions, including parent company Merchants Bank of …

October 6, 2023

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $65M Affordable Housing Project in San Antonio

by Taylor Williams October 5, 2023

SAN ANTONIO — Palladium USA, in partnership with the San Antonio Housing Trust Public Facility Corp. (PFC), has broken ground on Palladium Crestway, a $65 million affordable housing project in San Antonio. Income restrictions for the community were not disclosed. Palladium Crestway will be a three-story building with 271 units on a 10-acre site. Residences will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, conference center, sports court, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. Preleasing will begin next summer, and full completion is slated for next winter. The San Antonio Housing Trust PFC issued $31 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust. PNC Bank provided a $27 million equity investment. Kim Parker of Dynamic Commercial Real Estate represented Palladium USA in the purchase of the land. Cross Architects designed the Palladium Crestway, and Brownstone Construction is serving as the project’s general contractor.

October 5, 2023

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