Affordable Housing

NRP Group Breaks Ground on 324-Unit Affordable Housing Community in San Antonio

by Taylor Williams March 13, 2023

SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Los Arcos, a 324-unit affordable housing community that will be located within the 600-acre VIDA mixed-use development on San Antonio’s south side. Residences will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, community garden, fitness center, playgrounds, business center, children’s activity room and a clubhouse lounge. The Texas Department of Housing & Community Affairs provided $36 million in Low-Income Housing Tax Credits (LIHTC) for the financing of the project, which is scheduled for a late 2024 completion.

March 13, 2023

Acquisitions Affordable Housing Florida Georgia Multifamily Southeast Top Stories

Standard Communities Acquires 3,200-Unit Affordable Housing Portfolio in Florida, Georgia

by Jeff Shaw March 10, 2023

LOS ANGELES — Standard Communities, an affordable housing developer and investor based in Los Angeles, has acquired controlling interest in an affordable housing portfolio of approximately 3,200 units in Florida and Georgia. The seller and price were not disclosed. This is Standard Communities’ largest acquisition to date. The portfolio includes the firm’s first acquisitions in Florida and first affordable housing acquisitions in Georgia. “Standard is expanding its portfolio in the Southeast to foster more thriving communities in the region,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “High-quality, well-maintained affordable housing is crucial to the well-being and livelihood of so many people.” Standard Properties is partnered with Apartment Life, a Dallas-based nonprofit organization that works to increase renters’ access to education and healthcare, foster community engagement, reduce food insecurity and provide opportunities for economic mobility. The firm plans to invest $25 million in capital improvements across the portfolio. Apartment Management Consultants and Arco Management Corp. will manage the properties. Also in Georgia, Standard Communities recently broke ground on a project in Savannah that will convert a 1920s-era Atlantic Coast Line Railroad office building into a 219-unit market-rate apartment community. — Channing Hamilton

March 10, 2023

Affordable Housing Development Multifamily Texas

Palladium Underway on 240-Unit Mixed-Income Residential Project in Fort Worth

by Taylor Williams March 9, 2023

FORT WORTH, TEXAS — Locally based developer Palladium USA is underway on construction of Palladium Oak Grove, a 240-unit mixed-income residential project in Fort Worth. Residences will come in one, two- and three-bedroom formats, and amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid’s playroom and a resident clubroom. Cross Architects is designing the project, and Treymore Construction is the general contractor. The Texas Department of Housing & Community Affairs issued $25.6 million in tax-exempt bonds that were purchased by Cedar Rapids Bank & Trust to fund the project. PNC Bank also provided over $23 million in equity. Palladium Oak Grove’s first units are expected to be complete in May 2024.

March 9, 2023

Affordable Housing Development Florida Loans Southeast

KeyBank Provides $49M Construction Financing for Affordable Housing Development in Tallahassee

by John Nelson March 9, 2023

TALLAHASSEE, FLA. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital have provided $49 million in construction financing for Magnolia Family II, an affordable housing development in Tallahassee. The community’s 160 units will feature 128 apartments that will be affordable to households earning 33 percent and 60 percent of the area median income (AMI). The remaining 32 units will be rented at market rates. The borrower is Columbia Residential, which is developing Magnolia Family II in partnership with the landowner, Tallahassee Housing Authority. CDLI provided a $33 million construction loan and a $15.9 million Freddie Mac forward commitment permanent loan to Columbia Residential. Reginald Fenn of CDLI and Leslie Meyers of KeyBank originated the financing. Additionally, RBC provided $19.5 million in LIHTC equity, and Tallahassee Housing Authority approved project-based vouchers. Magnolia Family II is the second phase of the redevelopment of a public housing complex operated by the Tallahassee Housing Authority that was originally constructed between 1971 and 1972. Phase I of Magnolia Family is set to open in November.

March 9, 2023

Affordable Housing Loans Midwest Multifamily Wisconsin

NewPoint Provides $20.6M in Construction Financing for Milwaukee Affordable Housing Development

by Kristin Harlow March 9, 2023

MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based Bear Real Estate Group is developing the project, which is slated for completion in spring 2024. Michigan Street Commons is being built on the western border of a larger redevelopment project spearheaded by Bear Real Estate Group and Kacmarcik Enterprises. Plans call for an 11-acre mixed-use sports and entertainment district, known as Iron District MKE, that will include a hotel, event space and a soccer stadium that will serve the USL Championship League and Marquette University. Michigan Street Commons will rise five stories on a development site that currently contains a parking lot. Of the total units, 30 percent will be reserved for residents who earn up to 50 percent of the area median income (AMI), 40 percent will be designated for those who earn up to 60 percent of AMI and the remaining 30 percent will be reserved for those who earn up to 70 percent of AMI. Amenities will include a community room, fitness center, storage units and underground parking. Cesar Diaz of NewPoint originated the loan, which was structured as NewPoint Impact …

March 9, 2023

Affordable Housing Development Florida Seniors Housing Southeast

ANF Group Breaks Ground on 227-Unit Affordable Seniors Housing Community in Cutler Bay, Florida

by John Nelson March 8, 2023

CUTLER BAY, FLA. — General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance Corp., R4 Capital LLC and R4 Capital Funding to finance the development. Sol Vista’s affordability will be preserved for more than 30 years, thanks to a new regulatory agreement on the property. The plans call for a three-story parking garage and an eight-story residential building. The garage will include EV chargers for electric vehicles as they continue to grow in popularity. All apartments will be reserved for those age 62 and older and those earning no more than 60 percent of the area median income (AMI), approximately $40,980 for one-person households or $46,800 for two-person households. The project is scheduled for completion in mid-2024.

March 8, 2023

Affordable Housing California Development Multifamily Western

Meta Housing, The People Concern Complete 82-Unit LAMP Lodge Affordable Apartments in Los Angeles

by Amy Works March 8, 2023

LOS ANGELES — Meta Housing Corp., in partnership with The People Concern, has opened LAMP Lodge, an affordable housing community in downtown Los Angeles’ Skid Row neighborhood. Located at 656-660 Stanford Ave., the 82-unit property will provide affordable and accessible housing to individuals and families who have faced the challenge of homelessness. Meta Housing assembled the capital and managed ground-up construction of the property. The project included the demolition of an existing 50-unit building and the development of the LAMP Lodge, which features a central courtyard, community room, garden boxes, modern security system, laundry facilities and accessible units and features. The People Concern will provide ongoing supportive services to tenants at the property. The redevelopment team included Los Angeles County’s Housing Authority, Department of Mental Health and Department of Health Services; the California Department of Housing and Community Development; and the City of Los Angeles’ Housing Department and Housing Authority. Funding was provided by Federal Home Loan Bank of San Francisco, J.P. Morgan Chase Bank, Boston Financial Investment Management and the California Tax Credit Allocation Committee. KFA Architecture served as architect for the project.

March 8, 2023

Affordable Housing California Loans Multifamily Western

JLL Arranges $10.5M Refinancing for Park Place at Jordan Downs Affordable Community in Los Angeles

by Amy Works March 8, 2023

LOS ANGELES — JLL Capital Markets has arranged a $10.5 million construction takeout refinancing for Park Place at Jordan Downs, an affordable multifamily project in Los Angeles. The borrower is BRIDGE Housing Corp. Anson Snyder led the JLL Capital Markets Debt Advisory team to secure the 17-year, fixed-rate Fannie Mae loan. JLL Real Estate Capital, a Fannie Mae DUS lender, will service the loan. Built in 2022, Park Place features 80 apartments that are both rent- and income-restricted at 30 percent, 40 percent, 50 percent, 60 percent and 80 percent of area median income. The property is part of the Housing Authority of the City of Los Angeles’ multibillion-dollar plan to redevelop the Jordan Downs public housing community. Upon completion, the entire development will have nearly 1,600 affordable and market-rate apartments. The complex will also include more than 150,000 square feet of commercial space, a large community center and several public parks. Park Place at Jordan Downs is located at 2062 E. 99th Place in the Watts neighborhood of southeast Los Angeles.

March 8, 2023

Affordable Housing Development Illinois Midwest Multifamily

Habitat Co. Receives Financing for Phase II of $200M Ogden Commons Mixed-Income Development in Chicago

by Kristin Harlow March 6, 2023

CHICAGO — The Habitat Co. has received financing for Phase II of Ogden Commons, a $200 million mixed-use, mixed-income project in Chicago’s North Lawndale neighborhood. Upon completion, there will be 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units known as OC Living. Construction has commenced on OC Living’s first phase, a 92-unit building. Of the total units, 90 percent will be affordable and 10 percent will be market-rate. Completion is slated for spring 2024. The four-story building is located steps away from the three-story commercial building that marked Phase I of Ogden Commons and was completed in 2021. The 30,000-square-foot property is home to Wintrust Bank, Momentum Coffee and Sinai Health System’s One Lawndale Express Care Clinic. Development partners include Sinai Health System, Alecko Capital and the City of Chicago. Ogden Commons is the city’s largest Opportunity Zone project, according to Habitat. Built over multiple phases, the entire project is slated for completion by 2026. McHugh Construction Co. and Bowa Construction are the general contractors. Bank of America is among the project’s other development partners.

March 6, 2023

Acquisitions Affordable Housing Loans Multifamily Seniors Housing Southeast Tennessee

Bellwether Secures $21M Acquisition Financing for Affordable Seniors Housing Development in Nashville

by John Nelson March 3, 2023

NASHVILLE, TENN. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $21 million bridge loan for the acquisition of Nashville Christian Towers, an affordable seniors housing development in Nashville. Located at 101 Foothill Court, the property comprises 175 units. BWE secured the loan, which carries a 12-month term and an available 12-month extension, on behalf of the borrower, Envolve Communities. Envolve plans to redevelop the property with proceeds from a 4 percent LIHTC execution and tax-exempt bonds.

March 3, 2023

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