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Affordable Housing

Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Miami Jewish Health, McDowell Housing Break Ground on $137M Affordable Seniors Housing Project in South Florida

by John Nelson

PEMBROKE PINES, FLA. — Miami Jewish Health (MJH) and McDowell Housing Partners have broken ground on Douglas Gardens Residences, a 410-unit affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs for the project, which will combine healthcare and housing, are estimated at $137 million. Of the total units, 390 will be reserved for age- and income-qualified residents, while the remaining 20 will be market rate. The project team includes general contractor ANF Group; engineer and landscape designer Keith & Associates; REPRTWAR Architecture and Design; interior designer Jewel Toned Interiors; and law firm Nelson Mullins. Douglas Gardens Residences is scheduled for completion in late 2024. Financing for the project includes $77 million in tax-exempt bonds issued by Broward County Housing Finance Authority (HFA) via Citi Community Capital Bank, $50 million syndicated through affordable housing investment company CREA, a $14 million subordinate loan from Broward County’s Housing Trust Fund, $12 million in seller take-back financing from MJH and $12 million in developer equity contributions.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

EAH Housing Begins Construction of 76-Unit Mission Paradise Affordable Community in Hayward, California

by Jeff Shaw

HAYWARD, CALIF. — EAH Housing has broken ground on Mission Paradise, an affordable seniors housing community in the Bay Area city of Hayward. DAHLIN Group designed the property, which J.H. Fitzmaurice Inc. is building.  The two-tower Mission Paradise is an apartment community for seniors with income levels ranging from 20 percent to 80 percent of the area median income (AMI). The property will include a total of 76 apartments, with 15 units specifically reserved for formerly homeless individuals and families, 11 of which are designated ‘No Place Like Home’ units reserved for households with an individual with a severe mental illness.  Financing participants include Chase, City of Hayward, County of Alameda, CA Department of Housing and Community Development – Accelerator, and MHP.

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Affordable HousingLoansMichiganMidwestMultifamily

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

by Kristin Harlow

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.

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Affordable HousingColoradoDevelopmentLoansMultifamilyWestern

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

by John Nelson

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.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

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

by Kristin Harlow

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.

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Affordable HousingArizonaDevelopmentMultifamilyWestern

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

by Jeff Shaw

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.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

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

by Jeff Shaw

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. 

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Cliff McDaniel Lument Affordable Housing
AcquisitionsAffordable HousingContent PartnerFeaturesLumentMidwestNortheastSoutheastTexasVideoWestern

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

by Sarah Daniels

  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 …

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Completes 64-Unit Affordable Housing Project in San Antonio

by Taylor Williams

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.

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Affordable HousingCaliforniaDevelopmentMultifamilyWestern

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

by Jeff Shaw

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.

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