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Affordable Housing

Palladium-McKinney
Affordable HousingDevelopmentMultifamilyTexas

Palladium USA Breaks Ground on $48M Affordable Housing Community in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Dallas-based owner-operator Palladium USA has broken ground on a $48 million affordable housing community in McKinney. The four-story complex will house one-, two- and three-bedroom units and amenities such as a pool, children’s play area, clubroom with a communal kitchen, fitness center, dog park and a computer lounge. Cross Architects designed the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $23 million in tax-exempt bonds for the project that were purchased by Cedar Rapids Bank & Trust. PNC Bank also provided over $19 million in equity. Palladium is developing the project in partnership with The McKinney Housing Finance Corp. The first units are set to be delivered in late 2024.

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Affordable HousingDevelopmentHawaiiLoansMultifamilyWestern

Joint Venture Receives Financing for $168.1M Halawa View Affordable Housing Community in Honolulu

by Jeff Shaw

HONOLULU — Hunt Capital Partners (HCP), Pacific Development Group (PDG) and Hunt Development Group (HDG) have received $68.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $24.4 million in State LIHTC equity financing for Halawa View II, a high-rise development in Honolulu.  The building will complement the first phase of Halawa View, which was constructed in 1972 and renovated in 2012.  Hunt Capital Partners facilitated the Federal LIHTCs through its proprietary fund with JPMorgan Chase. The Bank of Hawaii, with participation from American Savings Bank and Central Pacific Bank, provided construction financing in the form of an $80.2 million tax-exempt loan and a $12.3 million taxable loan. The Bank of Hawaii will also provide $24.6 million in permanent, tax-exempt financing.  Additional financing includes a $42.3 million Rental Housing Revolving Fund loan from Hawaii Housing Finance and Development Corp. and a $5 million loan from Honolulu’s Affordable Housing Fund, which will be lent to the partnership through Hawaii Assisted Housing.  Halawa View II will offer 302 studio, one-, two- and four-bedroom apartments. The building will rise 18 stories on a 3.11-acre site. Units will be affordable to households earning at or below 30, 40, 50 and 60 percent of …

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Affordable HousingCaliforniaCompany NewsMultifamilyWestern

BH Properties Creates $1B Affordable Housing Investment Initiative

by Jeff Shaw

LOS ANGELES — BH Properties has started an investment initiation into affordable housing with the goal of building a $1 billion portfolio of assets.  The new platform will focus on Low-Income Housing Tax Credit (LIHTC), Section 8 and age-restricted housing throughout the United States.  William Stoll, who BH Properties hired as a managing director, will lead the initiative. Prior to joining BH Properties, Stoll worked at Steadfast Cos. for 14 years. He joined the firm in 2009 as the manager of a Southern California portfolio of 10 LIHTC properties and eventually rose to the role of executive vice president of acquisitions. Stoll graduated from San Diego State University.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Tishman Speyer to Develop 237-Unit Affordable Housing Complex in Queens

by Taylor Williams

NEW YORK CITY — Locally based real estate giant Tishman Speyer will develop a 237-unit affordable housing complex in the Far Rockaway area of Queens. Units will come in studio, one-, two- and three-bedroom floor plans, with the majority (201) reserved for renters earning between 30 and 80 percent of the area median income. The remaining 36 apartments will provide supportive housing for formerly homeless individuals. The project will also include 8,000 square feet of retail space and 7,500 square feet of community center space. Completion is scheduled for 2025.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Novare Group Opens 286-Unit Multifamily Community in Atlanta

by John Nelson

ATLANTA — Novare Group, in collaboration with BCDC and ELV Associates, has opened Populus Westside, a multifamily community located in the Upper Westside neighborhood of Atlanta. Situated at 1315 Northwest Drive, the property features 286 units and amenities including outdoor grills, a pet park, clubhouse, fitness center and a swimming pool. An initiative by Invest Atlanta, the City of Atlanta’s economic development arm, as part of a property tax incentive program will make 15 percent of the residences available at reduced rents to individuals and families earning between 60 and 80 percent of the area median income (AMI). The community is located along the proposed extension of the Proctor Creek Greenway, which will offer access to Westside Park and the Atlanta BeltLine. RAM Partners will manage the property, which was designed by Dynamik Design.

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Affordable HousingDistrict of ColumbiaFeaturesLoansMultifamilySeniors HousingSoutheastSoutheast Feature ArchiveStudent Housing

Rising Interest Rates Take Toll on Fannie, Freddie Deal Volume

by John Nelson

The multifamily divisions of Fannie Mae and Freddie Mac are off to a slow start this year as the government-sponsored enterprises (GSEs), their network of lending partners and multifamily borrowers contend with rising interest rates. Fannie Mae’s volume of new multifamily business totaled $10.2 billion in the first quarter of 2023, which is a 36 percent decrease from the same period a year earlier when the agency closed $16 billion. Freddie Mac closed $6 billion in new multifamily business in the first quarter, a year-over-year decrease of 60 percent. Seasoned agency lending professionals all point to elevated borrowing costs as the primary reason for the two agencies closing less business thus far in 2023. “The rapid increase in rates across the board has really been a shock to the industry,” says Vic Clark, senior managing director and head of conventional multifamily production at Lument. At its May meeting, the Federal Open Markets Committee raised the federal funds rate to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 …

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

HTG, Broward County Housing Break Ground on 75-Unit Affordable Seniors Housing Project in South Florida

by John Nelson

DEERFIELD BEACH, FLA. — Housing Trust Group (HTG) has formed a joint venture with the Broward County Housing Authority to develop Hillsboro Landing, a 75-unit affordable housing project in Deerfield Beach that will be reserved for renters age 62 and older. The duo broke ground on the $41 million development last month and are aiming for an October 2024 completion date. The project is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007. Located at 3851 N. Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. Apartments will be reserved for income-qualifying seniors who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Amenities will include a multipurpose room, fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. Debt and equity partners on the project include Raymond James, Fifth Third Bank, Grandbridge Real Estate Capital, the State of Florida and Broward Housing Finance Authority. The design-build team includes architect ATL Architecture, general contractor Ferncore Corp., engineer …

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Structured Development Opens Wendelin Park Mixed-Income Housing Project in Chicago

by Kristin Harlow

CHICAGO — Structured Development has opened Wendelin Park, a new mixed-income housing community and park in Chicago’s Lincoln Park neighborhood. Replacing a former industrial site, the Wendelin Park development includes three residential buildings oriented around a new publicly accessible park. The master plan includes The Seng, a 34-unit affordable condominium building and Post Chicago, a co-living community with 431 beds. Foundry, a 27-story, 327-unit apartment tower, is under construction and scheduled to open in the fourth quarter. The new park features a community garden, dog park, children’s climbing and play area and 20-foot sculpture from Chicago artist Ruth Aizuss Migdal. Attending the grand opening celebration were descendants of Wendelin Seng, founder of the Seng Furniture Co., which previously occupied the project site.

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassDevelopment, Reading Cooperative Provide $6.6M Loan for Affordable Housing Conversion Project in Metro Boston

by Taylor Williams

LAWRENCE, MASS. — MassDevelopment and Reading Cooperative Bank have provided a $6.6 million loan for a project that will convert two vacant buildings in Lawrence, located near the Massachusetts-New Hampshire border, into a 24-unit affordable housing complex. The buildings previously housed a mix of office and retail uses, and the residential complex will include a food hall in the remaining retail space. MassDevelopment and Reading Cooperative Bank were equal participants in the loan, and MassDevelopment also enhanced the loan with a guarantee. Construction will begin in July and last about a year. The borrower is The Jowamar Cos.

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Affordable HousingCaliforniaDevelopmentMultifamilyTop StoriesWestern

CIM Group Breaks Ground on 168-Unit Mixed-Income Development on Former West Angeles Church Site

by Kristin Harlow

LOS ANGELES — CIM Group has broken ground on a 168-unit mixed-income multifamily development with 40,000 square feet of ground-floor retail space in Los Angeles. The project at 3045 Crenshaw Blvd. is located on the former north campus of the West Angeles Church of God in Christ. The six-story apartment community will offer 17 affordable housing units. Floor plans will consist of studios, one- and two-bedroom units. Amenities will include a courtyard, pool, fitness center, clubroom and two outdoor sky decks on the fifth level. The development offers convenient access to the Metro E Line light rail station on Crenshaw Boulevard, which connects east to downtown Los Angeles and west to Santa Monica. After 43 years at its north campus location, West Angeles Church has consolidated its facilities and now operates from its south campus location at 3600 Crenshaw Blvd. West Angeles Church’s sale of the property at 3045 Crenshaw Blvd. to CIM Group took place in March and was part of the church’s long-planned property dispositions announced in 2019 to bring new community-serving developments to the neighborhood. The church used the sale proceeds to fund various church programs and initiatives, including the construction of a Family Life Center that …

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