BUDA, TEXAS — BWE, the commercial lender formerly known as Bellwether Enterprise Real Estate Capital, has provided a $14.3 million Freddie Mac loan for the refinancing of Tuscany Park Apartment Homes, a 176-unit affordable housing complex located in the southern Austin suburb of Buda. The property consists of 14 buildings, and the majority (142) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, fitness center, playground and a community room. Jon Killough and John Roberts of BWE originated the financing, which was structured with a floating interest rate and five years of interest-only payments, on behalf of the borrower, Alabama-based Envolve Communities.
BOSTON — A partnership between nonprofit owner-operator Beacon Communities and the Chinese Consolidated Benevolent Association of New England Inc. (CCBA) has broken ground on Pok Oi, an 85-unit affordable housing project in Boston’s Chinatown district. The complex will offer one-, two- and three-bedroom units that will be reserved for renters earning 80 percent or less of the area median income. Nine units will be specifically set aside for citizens experiencing homelessness. Citizens Bank provided construction financing for the project, and MassDevelopment issued tax-exempt bonds. Completion is slated for late 2024.
LOS ANGELES — JLL Capital Markets has arranged $11.8 million in permanent financing for Third Thyme, a 104-unit affordable housing community in Los Angeles. Anson Snyder led the team that secured the 15-year, fixed-rate, Freddie Mac loan on behalf of the borrower, West Hollywood Community Housing Corp. JLL Real Estate Capital will service the loan. Third Thyme is located at 1441 W. 3rd St. on a 14,866-square-foot site. The property will utilize 9 percent Low-Income Housing Tax Credits and public funds. Income restrictions were not disclosed.
CHICAGO — The Community Builders has begun development of 4715 N Western, a 63-unit affordable housing building in Chicago’s Lincoln Square neighborhood. The six-story property will feature 25 studios, 29 one-bedroom units and nine two-bedroom residences. The units will be reserved for those who earn no more than 80 percent of the area median income. Amenities will include a lounge, terrace, bike room, package room and resident parking. The development will also feature 5,500 square feet of ground-floor commercial space and 18 public parking spaces. The project is being built with financial support from the City of Chicago, CIBC, Stratford Capital Group, Benefit Chicago, Chicago Housing Authority and ComEd Energy Efficiency Program. Leopardo Cos. is the general contractor and DesignBridge Ltd. is the architect. A timeline for completion was not provided.
NEW YORK CITY — Lument has provided a $31.7 million HUD-insured loan for the refinancing of Lefferts Heights, an 87-unit affordable housing property located in the Clinton Hill neighborhood of Brooklyn. The property was built in 1974, and units range in size from 550 to 970 square feet. Josh Reiss of Lument originated the long-term, fixed-rate financing through HUD’s 223(f) program on behalf of the sponsor, Wavecrest Management. The financing includes proceeds to fund capital improvements.
STARKVILLE, MISS. — BWE has originated a $10.6 million HUD 221(d)(4) loan for the rehabilitation of Brookville Gardens Apartments, a 120-unit affordable housing community in Starkville. All units are reserved for residents earning up to 60 percent of the area median income (AMI) and are covered by Section 8 project-based vouchers. The borrower, Triangle Development Co., plans to use the funds to add dishwashers, garbage disposals, microwaves and vinyl plank flooring to each unit. Jon Killough of BWE’s Alabama office and John Roberts of BWE’s Dallas office originated the HUD-insured loan. Triangle Development’s recapitalization of Brookville Gardens also includes short-term, tax-exempt bonds and new 4 percent Low Income Housing Tax Credits (LIHTC) secured through the Mississippi Home Corp.
KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights
CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …
DALY CITY, CALIF. — BRIDGE Housing has acquired Eaves Daly City, a 195-unit community in Daly City, 10 miles south of San Francisco. The price and seller were not disclosed. Built in 1972, the property offers 11 two- and three-story buildings across 8.2 acres. Units come in studio, one-bedroom and two-bedroom layouts. Amenities include a pool, spa and fitness center. BRIDGE Housing plans to preserve at least half of the units in perpetuity for residents earning up to 80 percent of the area’s median income. Currently, the units have no income restrictions. BRIDGE Housing also plans to spend approximately $23 million on renovations to the apartments and community facilities.
EL DORADO AND SONOMA COUNTY, CALIF. — BWE has provided five Freddie Mac Targeted Affordable Housing loans to refinance four affordable housing developments in El Dorado County and one in Sonoma County. Jon Killough and John Roberts, Vice President in the firm’s originated the loans on behalf of the undisclosed borrower. The five loans include:
MEMPHIS, TENN. — Northmarq has arranged a $10.7 million refinancing loan for two affordable housing properties in Memphis. The communities, Bantam-Airways and Bantam-Springbrook, are situated near each other and total 291 units. The properties were both built in 1973 and renovated in 2022. Mike Padilla and Dan Trebil of Northmarq’s Minneapolis office arranged the Freddie Mac loan, which features five years of interest-only payments followed by a 35-year amortization schedule.