HILLSBORO, ORE. — Evergreen Hospitality Development and Fine Hotel Group have received $11.5 million in construction financing for the 115-key Cambria Hotel Hillsboro. The hotel will be located at 5523 NE Huffman Street in Hillsboro. The fixed-rate loan carries a term of 24 months. The 22,000-square-foot upscale hotel will be constructed on land that is owned by Majestic Realty Co. A joint venture between Palladius Capital Management and Marquee Funding Group originated the loan.
NEW YORK CITY — The Durst Organization has completed a 163-unit affordable housing project at 3-24 27th Ave. in the Astoria neighborhood of Queens. Designed by Dattner Architects, the building rises 14 stories and offers a fitness center, tenant lounge and onsite laundry facilities. Rents start at $665 per month for a one-bedroom unit. According to 6sqft.com, that figure reflects an income restriction level of 40 and 60 percent of the area median income.
NEW YORK CITY — Walker & Dunlop has arranged $81.7 million in financing for the development of three affordable housing projects totaling 179 units in The Bronx. The financing consists of $50.8 million in construction debt that was provided by CIT and $30.9 million in limited partnership equity with CBRE Investment Management. Aaron Appel, Mo Beler, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower, a partnership between Spaxel LLC and Atalaya Capital Management. Information on specific income restrictions and a construction schedule were not disclosed.
MONTVALE, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground. Full completion is slated for August.
SAN MARCOS, CALIF. — Affirmed Housing has started construction of Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will feature 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The community will offer shared laundry facilities; complimentary on-site services such as computer training and resume building resources; a kitchenette; computer room; barbecue area; electric vehicle charging stations; and bicycle parking. Four playgrounds and a recreation area for teenagers will also be on the property.
CHICAGO — McShane Construction Co. and Powers & Sons Construction have completed 23rd Place at Southbridge, a 206-unit mixed-income community located on Chicago’s Near South Side. The Community Builders and McCaffery Interests developed the project, which is situated on the former Harold Ickes Homes site. The two-building development features 15,000 square feet of ground-floor retail space. Approximately 50 percent of the units are affordable to households earning up to 80 percent of the area median income. The project features amenity space on the first and sixth floors, including lounges, terraces and a fitness center. A new public right-of-way, 23rd Place, connects the two buildings and can be closed off to create public gathering space for community activities. The transit-oriented development is located adjacent to the Cermak-McCormick Place Green Line L stop. Nia Architects and Antunovich Associates provided architectural services.
BOSTON — A partnership between nonprofit organization the Preservation for Affordable Housing and Boston-based developer Nuestra Comunidad Development Corp. has completed The Loop at Mattapan Station, a 135-unit community located on the south side of Boston. The complex houses 10,000 square feet of ground-floor retail space, and nonprofit grocery store Daily Table recently opened as the inaugural tenant. The unit mix includes six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units are designated as workforce housing. MassHousing provided a $36 million construction loan the project.
WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has broken ground on 2 Rivers Apartment Homes, a two-phase, 119-unit affordable housing community in Williamsburg. Phase I of the development will comprise 59 one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a fitness center, business center with Wi-Fi access, free parking, children’s play area, dog park, multiuse field, cabana and a grilling patio. The design-build team for 2 Rivers includes TS3 Architects PC, Siska Aurand Landscape Architects Inc., Details Interior Design, AES Consulting Engineers and Harkins Builders Inc. S.L. Nusbaum worked with AGM Financial Services and TowneBank to secure construction financing. Overall construction costs will total approximately $26 million, according to S.L. Nusbaum.
CARLSBAD, CALIF. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55. The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment. Construction on the $21 million apartment community is scheduled to start in the late summer, with leasing beginning in fall 2024. The City of Carlsbad, Riverside Charitable Corporation and WNC Inc. are partners in Vintage at Marja Acres. JP Morgan Chase is the construction and permanent lender for the project. Residents at least 55 years old who earn 30 percent to 60 percent of the area’s median income for San Diego County — about $27,000 to $62,000 per year — are eligible to live in Vintage at Marja Acres. Rents for the one-bedroom apartment community will average about $1,200, depending on the income of residents. IHP Capital Partners and KB …
PLAINFIELD, IND. — Woda Cooper Cos. has opened Harper’s Crossing, a 60-unit affordable housing community in the Indianapolis suburb of Plainfield. The $13.4 million development is situated in an opportunity zone and received a tax abatement from the city. The Indiana Housing & Community Development Authority awarded housing tax credits used to generate equity financing, enabling rents to be maintained at affordable levels. Six of the units are accessible for those with physical disabilities. Amenities include free Wi-Fi, a community room, laundry room, fitness center, playground and patio. Monthly rents range from $345 to $1,095 depending on the size of the unit and income restriction. The community is reserved for those who earn up to 80 percent of the area median income. Syndicator RBC Community Investments (RBCCI) provided primary financing through an equity investment by Huntington National Bank in a RBCCI-sponsored fund. In addition to the equity investment, Huntington National Bank also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe was the project architect, BWI LLC served as general contractor and Sol Design + Consulting was the sustainability consultant. Woda Cooper’s management division will perform day-to-day property management and leasing.