Affordable Housing

Greystone Provides $13.9M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Property

by Kristin Harlow April 21, 2023

BATTLE CREEK, MICH. — Greystone has provided a $13.9 million HUD 223(f) loan for the refinancing of Bent Tree Apartments in Battle Creek. Constructed in 1981, the 164-unit Section 8 affordable housing property consists of one mid-rise building and 14 two-story buildings. As part of the refinancing, the owner obtained a new 20-year HAP contract for the property. Lisa Fischman of Greystone originated the loan on behalf of the borrower, The Altman Cos. The fixed-rate loan features a 35-year term and a 35-year amortization schedule. Loan proceeds enable the borrower to make improvements to the property and monetize a portion of equity in the property.

April 21, 2023

Affordable Housing Colorado Development Loans Multifamily Western

BWE Secures $43.1M Construction Loan for Affordable Housing Development in Aurora, Colorado

by John Nelson April 20, 2023

AURORA, COLO. — Bellwether Enterprise (BWE) has secured $43.1 million to fund the new construction of 15 Sable Apartments, an affordable housing community in Aurora. Developed by DBG Properties and Featherstone Development, the community will be a four-story apartment complex situated on a walkable, transit-oriented site. BWE provided tax-exempt and taxable loans through its BWE Private Placement platform. The loan features an 18-year term with 40-year amortization schedule, and interest-only payments for the first six years from closing. Anthea Martin in BWE’s Denver office originated the loan through a private placement on behalf of the borrowers. The project was made possible through the support of the City of Aurora; a property tax abatement partnership with Aurora Housing Authority; a private activity bond allocation from Colorado Housing and Finance Authority; a subordinate loan from Colorado Department of Local Affairs Division of Housing; a tax credit equity investment from Arizona-based Affordable Housing Partners; and a sale of property by the Regional Transportation District.

April 20, 2023

Affordable Housing Development Illinois Midwest Multifamily

McShane Completes 24-Unit Illinois Affordable Housing Community for Adults with Disabilities

by Kristin Harlow April 19, 2023

WAUKEGAN, ILL. — McShane Construction Co. has completed Kirwan Apartments in the Chicago suburb of Waukegan. Over the Rainbow (OTR) was the developer. The 24-unit affordable housing development enables adults with physical disabilities to live independently. The project is named after Leo Kirwan, an OTR resident, board member and advocate for accessible housing. All units feature one bedroom and one bathroom and are barrier free. Tenants have access to a community room and laundry facilities. The three-story building is situated adjacent to OTR’s Gustafson Apartments. Weese Laungley Weese Architects provided architectural services.

April 19, 2023

Affordable Housing Arizona Development Multifamily Western

Blackstone, Dominium Plan 196-Unit Casa Azure Affordable Community in Phoenix

by Jeff Shaw April 19, 2023

PHOENIX — Blackstone and Dominium have expanded their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix. Blackstone will provide $31 million of tax credit equity to support the development. This increases Blackstone’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79 million of investments. Casa Azure will be an age-restricted property available to those earning at or below 60 percent of the area median income.

April 19, 2023

Affordable Housing California Development Multifamily Western

Danco Buys 18 Acres in Moorpark, California for Vendra Gardens Affordable Housing Development

by Jeff Shaw April 19, 2023

MOORPARK, CALIF. — Danco has purchased an 18-acre development site in the Ventura County city of Moorpark, with plans for a 200-unit affordable multifamily project. The proposed development, known as Vendra Gardens, will feature 80 one-bedroom/one-bathroom units, 68 two-bedroom/two-bathroom units, and 52 three-bedroom/two-bathroom units. It will also include a 2,500-square-foot leasing building and a 2,500-square-foot amenity building. Danco received funding for the project through tax credits by the California Debt Limit Allocation Committee and a grading permit has been issued. The units will be available for those who earn 30 to 60 percent of the area median income (AMI), which will account for 65 percent of the total project. Lee & Associates-LA North/Ventura’s Matt Benwitt and J.C. Martin facilitated the land sale on behalf of the buyer. The seller was Essex Property Trust.

April 19, 2023

Cliff McDaniel Lument Affordable Housing

Acquisitions Affordable Housing Content Partner Features Lument Midwest Northeast Southeast Texas Video Western

Higher Interest Rates Cause Affordable Housing Values to Return to Old Norms

by Sarah Daniels April 18, 2023

Rising interest rates dinging commercial real estate and multifamily assets have plunged low-income housing tax credit (LIHTC) properties back into reality, especially those coming to the end of their 15-year compliance periods. “There were some huge profits made in the affordable housing space over the last two or three years,” says Cliff McDaniel, a managing director with Lument, which is representing Harmony Housing in the $1.4 billion sale of its affordable housing portfolio to the Michaels Organization. “We sold a lot of properties for $60,000 a unit or even $120,000 a unit, and the debt was $40,000 a unit. But the mania over that type of profitability is over, and values are going back to where they were before.” Up until about five years ago, the phrase “huge profits” and “affordable housing” would rarely if ever have occurred in the same sentence. Or even in the same story. Prior to that, affordable housing properties typically had very little value at the end of their initial 15-year compliance periods, and limited partners who provided equity to the project by buying tax credits routinely agreed to sell their interest to the general partner for a nominal fee. At that point, the …

April 18, 2023

Affordable Housing Development Multifamily Texas

Partnership Completes 64-Unit Affordable Housing Project in San Antonio

by Taylor Williams April 17, 2023

SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos., Opportunity Home San Antonio and Bank of America has completed Vista at Interpark, a 64-unit affordable housing project in San Antonio. Vista at Interpark is located near San Antonio International Airport on the city’s north side and houses one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a fitness center, business center and onsite laundry facilities. Rents start at $225 per month for a one-bedroom apartment.

April 17, 2023

Affordable Housing California Development Multifamily Western

R.D. Olson Breaks Ground on $17.8M Emporia Housing Affordable Community in Ontario, California

by Jeff Shaw April 17, 2023

ONTARIO, CALIF. — R.D. Olson Construction has broken ground on the Emporia Housing development in the Inland Empire city of Ontario. The 50-unit affordable housing complex is scheduled for completion by mid-summer 2024. Located at 310 W. Emporia St. in a semi-residential neighborhood, the $17.8 million, 60,000-square-foot project will be the second phase of the development, with Phase I already completed. The new buildings are slated to be two and three stories in height. R.D. Olson partnered with Danielian Associates Architects on the project.

April 17, 2023

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 92-Unit Webster Court Affordable Apartments in Kent

by Jeff Shaw April 17, 2023

KENT, WASH. — Preservation Equity Fund Advisors LLC (PEF Advisors) has acquired Webster Court, a 92-unit, four-story affordable seniors housing community in Kent, 20 miles south of Seattle. PEF Advisors has budgeted approximately $1.2 million, or $12,915 per unit, to address deferred maintenance, improve curb appeal, and elevate the quality of housing and competitiveness of the property. The seller and price were not disclosed. Resident parking consists of 38 uncovered spaces. All 92 apartment units are one-bedrooms and average 458 square feet. As of March 2023, the property was 88 percent occupied, with occupancy numbers expected to rise as property improvements are completed. Webster Court primarily serves seniors age 55 and older, as well as people with disabilities. It was originally built in 1994 with tax credits from the Washington State Housing Finance Commission (WSHFC) and is governed by a LIHTC LURA that restricts 24 units at 35 percent of area median income (AMI), and 66 units at 60 percent AMI.

April 17, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Breaks Ground on Final Phase of Mixed-Income Redevelopment in Boston

by Taylor Williams April 17, 2023

BOSTON — A partnership between the Preservation of Affordable Housing (POAH), the Boston Housing Authority (BHA), the City of Boston and Madison Park Development Corp. has broken ground on the third and final phase of a mixed-income redevelopment project in the city’s Lower Roxbury neighborhood. Known as Flat 9 at Whittier, the final phase will deliver 172 affordable housing units and 9,000 square feet of commercial space in a 13-story building to the site of the former Whittier Street Apartments. Phases I and II of the redevelopment, which will ultimately house 300 residences that will be subject to a range of income restrictions, were completed in 2020 and 2021, respectively.

April 17, 2023

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