NEW YORK CITY — The Durst Organization has completed the lease-up of SVEN, a 70-story apartment tower in Queens. Designed by Handel Architects, the building is the borough’s second tallest and houses 958 units, including 288 income-restricted residences, as well as 50,000 square feet of amenities. Leasing began in January 2021, and the building’s market-rate residences are now fully occupied. Finback Brewery will also open a microbrewery and taproom at SVEN later this year.
BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …
BATON ROUGE, LA. — Hunt Capital Partners has provided $6.2 million in LIHTC equity for Government Corridor, a 103-year-old affordable housing redevelopment in Baton Rouge. The project will renovate 34 detached single-family and duplex homes that are reserved for families earning up to 30, 50 and 60 percent of the area median income (AMI). Additionally, 30 percent of all homes at Government Corridor will be set aside for special needs households. Originally built in 1920, the campus comprises three clusters that are situated within short distance of the recently overhauled Government Street. Only 15 percent of Government Corridor is occupied, and residents of the occupied units will be relocated until the first phase of the project is complete. The development team for Government Corridor includes general contractor Ethridge Construction; architect Erick Parnell, owner of ArchBoutant; and property manager GHCP Management LLC, an affiliate of nonprofit partner Gulf Coast Housing Partnership (GHCP). Rehabilitation work is underway and scheduled for completion in February 2024. Other capital partners include United Bank, the State of Louisiana Division of Administration Office of Community Development and GCHP.
LAFAYETTE, IND. — JLL Capital Markets has provided an $18.2 million Freddie Mac loan for the acquisition of Cambridge Estates, a 358-unit affordable housing community in Lafayette. About 41 percent of the units are covered by a long-term, project-based Section 8 Housing Assistance Payments contract. Constructed between 1973 and 1977, Cambridge Estates includes 40 buildings and is located at 3605 Brandywine Court. Brock Yaffe, Tony Nargi and Nelson Almond of JLL originated the fixed-rate loan on behalf of the borrower, Brikwell.
INDIANAPOLIS — Local healthcare provider Adult & Child Health, Colliers, healthcare real estate company Innovcare and national development firm TWG have unveiled a master plan for the redevelopment of Meridian Street in Indianapolis. Project costs are estimated at $65 million. Plans call for the redevelopment of six buildings along the North Meridian Corridor. The development team plans to convert the properties into new uses such as primary care services, mental health services and affordable housing. All of the buildings are located within a federal Opportunity Zone and near the IndyGo Red Line. The project is made possible through support from the City of Indianapolis. Innovcare will pay real estate property taxes to further the redevelopment and investment of the Meridian corridor. Adult & Child Health signed a long-term lease to relocate to 1840 N. Meridian St. upon completion of the redevelopment project. The 40,000-square-foot building and parking area, previously owned by Indianapolis Public Schools, has sat vacant for seven years. Colliers assisted Adult & Child Health in its new lease as well as the sale of two existing assets at 603 E. Washington St. and 222 E. Ohio St. Indianapolis-based TWG has acquired four vacant buildings and plans to redevelop …
HOUSTON — A partnership between The Harris County Housing Authority (HCHA) and LDG Development has opened The Hollows, a 192-unit affordable housing complex in Houston’s Channelview neighborhood. The development offers one-, two- and three-bedroom units that are reserved for households earning 80 percent or less of the area median income. In addition, 15 residences are earmarked for families who have been impacted by homelessness. Physical amenities include a pool, playground and outdoor grilling and dining stations, and residents have access to social service programs focused on health, financial stability and education. Citi Community Capital and Hunt Capital Partners provided financing for The Hollows.
CANTON, MASS. — Standard Communities has acquired Canton Estates, a 65-unit, a naturally occurring affordable housing complex located on the southern outskirts of Boston. Built in 1982, the property comprises two three-story buildings that house one- and two-bedroom units. The seller and sales price were not disclosed. Standard Communities plans to invest about $2.4 million in capital improvements to the unit interiors and to address other deferred maintenance costs.
DENVER – Pennrose, Rivet Development Partners and TGTHR have broken ground on 2700 Wewatta, a 56-unit affordable, supportive housing development in Denver’s Five Points neighborhood. The community will serve youth ages 18 to 24 who are experiencing homelessness or transitioning out of Denver’s foster care system. The new community is scheduled to open in April 2024. The one- and two-bedroom apartments will be income restricted for a minimum of 60 years to households earning up to 50 percent of the area median income, or up to $41,000 for a single-occupant household in Denver. The community is part of a larger mixed-use master plan that Golub & Co. and Denver-based Formativ are developing. Rivet was selected to develop the affordable housing component in 2021.
YPSILANTI, MICH. — Lincoln Avenue Capital (LAC) is developing Huron Vista and Residences at Huron, two new affordable housing communities that will provide 156 units for families and individuals and 152 units of seniors housing in Ypsilanti. Financing came from tax-exempt bonds and 4 percent low-income housing tax credits from the Michigan State Housing Development Authority; a PILOT from the City of Ypsilanti; an equity investment from KeyBank Community Development Corp.; a construction loan from KeyBank; and a permanent loan from Freddie Mac, serviced by KeyBank. Construction is scheduled to begin this month, and completion is slated for fall 2024. Both properties will feature outdoor gathering spaces, a pool and fitness center.
BELLWOOD, ILL. — Evergreen Real Estate Group has topped off construction of Bellwood Senior Apartments in Bellwood, a western suburb of Chicago. The 80-unit affordable seniors housing property is slated for completion in August. The $30 million project replaces a former Walgreens property. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will be reserved for residents age 62 or older with incomes at or below 60 percent of the area median income. General contractor F.H. Paschen has completed the concrete block masonry and precast plank structure. The construction crew is currently installing mechanical, electrical, plumbing and fire protection, which will be followed by drywall work, windows and façade finishes. Weese Langley Weese Architects Ltd. is the project architect. Amenities will include laundry rooms on each level, three community rooms, storage rooms and a fitness center. The Illinois Housing Development Authority served as the tax credit issuer and subordinate funds provider. The Village of Bellwood provided tax-increment financing incentives and a loan. Additionally, Bank of America is the investor and construction loan lender, Hudson Housing Capital syndicated the tax credits and Cook County provided HOME funds.