Affordable Housing

KeyBank Provides $21.6M in Financing for Affordable Housing Redevelopment in Pittsburgh

by Taylor Williams July 19, 2023

PITTSBURGH — KeyBank has provided $21.6 million in financing for a project that will convert a former school in Pittsburgh into a 46-unit affordable housing complex. The sponsor, Beacon Communities, is adaptively reusing the former Letsche School and constructing several new buildings from the ground up on adjacent parcels. The unit mix includes 27 one-bedroom apartments, 12 two-bedroom units, and seven three-bedroom residences that will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a community room, courtyard and picnic area, laundry room and a playground, and the property will have a resident services coordinator who will develop onsite educational, recreational and cultural enhancement programs. Eric Steinberg, Seaver Rickert and Anna Belanger of KeyBank originated the financing, which consisted of a $9.8 million construction loan and $11.8 million in Low-Income Housing Tax Credit equity.

July 19, 2023

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $7M HUD-Insured Loan for Rehabilitation of Minneapolis Affordable Housing Portfolio

by Kristin Harlow July 18, 2023

MINNEAPOLIS — Colliers Mortgage has provided a $7 million HUD 221(d)(4) loan for the rehabilitation of a 57-unit affordable housing portfolio in Minneapolis. The portfolio is comprised of two properties: Talmage Green (26 units), and Oakland Square (31 units). All the units are covered by project-based Section 8 Housing Assistance Payments (HAP) contracts, which have been renewed with 20-year terms. The portfolio is comprised of a variety of walk-up units, townhome units and single-family units. The properties will undergo $8.1 million in renovation work, including dwelling unit and community space upgrades. In addition to the 40-year HUD loan, the project will utilize 4 percent low-income housing tax credits and tax-exempt bonds. David Mullen of Colliers Securities LLC, an affiliate of Colliers Mortgage, underwrote the bonds. Talmage Oakland LP was the borrower. Trellis Management Co. will continue to serve as property manager.

July 18, 2023

Ellis-Street-Commons-New-Britain-Connecticut

Affordable Housing Connecticut Development Multifamily Northeast

WinnDevelopment Breaks Ground on $85M Affordable Housing Redevelopment in New Britain, Connecticut

by Taylor Williams July 18, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on an $85 million redevelopment project in New Britain, located outside of Hartford, that will convert a historic industrial facility into a 154-unit affordable housing complex. The four-building site formerly housed the 115-year-old manufacturing facility for household appliances provider Landers, Frary & Clark. The new community will be known as Ellis Street Commons and will feature 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments. Units will be reserved for renters earning between 30 and 80 percent of the area median income. Amenities will include a fitness center, community room, game room and flexible workspaces. The Connecticut Department of Housing provided $4 million in state funding for the project, and the National Housing Trust Fund made a $3.8 million federal contribution. The Connecticut Housing Finance Authority provided an undisclosed amount of tax credit equity and tax-exempt bonds for the project. The first units are expected to be available for occupancy in mid-2025.

July 18, 2023

Affordable Housing Colorado Development Loans Multifamily Western

KeyBank Arranges $117.7M in Financing for Two Affordable Housing Projects in Metro Denver

by Jeff Shaw July 13, 2023

DENVER AND ARVADA, COLO. — KeyBank Community Development Lending and Investment has arranged $117.7 million in financing for Brinshore Development and Mile High Affordable Housing for the construction of two properties in Colorado. KeyBank arranged $56.9 million for the development of Ralston Gardens Apartments, a 102-unit affordable community in the Denver suburb of Arvada. KeyBank secured a $26.7 construction loan, a $14 million permanent loan through the Fannie Mae MTEB Program and $16.2 million in total tax credit equity to the project. The Colorado Department of Local Affairs also provided a $4.3 million Housing Development Grant loan. Ralston Gardens will be affordable to households earning up to 30, 50, 60 and 70 percent of the area median income (AMI). KeyBank also provided $60.7 million of financing for the construction of Northfield Flats, a 129-unit project in Denver. KeyBank arranged a $28.2 construction loan and a $14.8 million permanent loan through the Fannie Mae MTEB Program, as well as $17.7 million in total tax credit equity. The project received local support with a $3.1 million Housing Trust Fund loan from the Colorado Department of Local Affairs and a $4.5 million loan from Denver’s Department of Housing Stability. Northfield Flats will be …

July 13, 2023

Acquisitions Affordable Housing Multifamily Texas

Elizabeth Property Group Buys 1,444-Unit Affordable Housing Portfolio in Texas

by Taylor Williams July 13, 2023

DALLAS — Dallas-based investment firm Elizabeth Property Group has purchased a portfolio of six affordable housing properties totaling 1,444 units in Texas. The properties are located in Houston, Dallas-Fort Worth, Beaumont, Huntsville, Bryan-College Station and Wichita Falls. Elizabeth Property Group plans to renovate the properties by addressing deferred maintenance, painting and replacing unit floors and undertaking exterior landscape upgrades. Afterschool community programs will also be offered at each property. American South Fund Management provided acquisition financing for the deal. The seller was not disclosed.

July 13, 2023

Acquisitions Affordable Housing Multifamily Texas

Hunt Capital Partners Sells Interest in 248-Unit Affordable Housing Community in San Antonio

by Taylor Williams July 13, 2023

SAN ANTONIO — Hunt Capital Partners has sold its ownership interest in Stonehouse Apartment Homes, a 248-unit affordable housing community in San Antonio, to the Mexican American Unity Council. The property, which is nearing the end of its compliance period, offers one-, two- and three-bedroom units and amenities such as a pool, clubhouse, courtyard and onsite laundry facilities. The percentage of the interest and the sales price it commanded were both undisclosed.

July 13, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

Slate Property Group Acquires 296-Unit Affordable Housing Complex in Queens

by Taylor Williams July 11, 2023

NEW YORK CITY — Locally based investment firm Slate Property Group has acquired Queenswood Apartments, a 296-unit affordable housing complex in the borough’s Corona neighborhood. The two-building complex, which was constructed in 1990, was facing imminent expiration of its affordability mandate. Slate has secured a 40-year extension of that mandate with the NYC Housing Development Corp. and the NYC Department of Housing Preservation & Development. Under the new agreement, 35 units will be reserved for renters earning 30 percent or less of the area median income (AMI); eight residences will be earmarked for households earning 50 percent or less of AMI; 230 units will be restricted for tenants making 80 percent or less of AMI; and 22 apartments will be set aside for those making 100 percent or less of AMI.

July 11, 2023

Affordable Housing Development Multifamily Texas

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

by Taylor Williams July 10, 2023

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.

July 10, 2023

Affordable Housing Development Hawaii Loans Multifamily Western

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

by Jeff Shaw July 10, 2023

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 …

July 10, 2023

Affordable Housing California Company News Multifamily Western

BH Properties Creates $1B Affordable Housing Investment Initiative

by Jeff Shaw July 10, 2023

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.

July 10, 2023

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