Affordable Housing

Partnership Opens 192-Unit Affordable Housing Complex in Houston

by Taylor Williams March 24, 2023

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.

March 24, 2023

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

Standard Communities Acquires 65-Unit Affordable Housing Complex in Canton, Massachusetts

by Taylor Williams March 22, 2023

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.

March 22, 2023

Affordable Housing Colorado Development Multifamily Western

Pennrose Breaks Ground on 56-Unit Center for Unhoused Youth in Denver

by Jeff Shaw March 21, 2023

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.

March 21, 2023

Affordable Housing Development Michigan Midwest Multifamily

Lincoln Avenue Capital to Build Two Affordable Housing Communities in Ypsilanti, Michigan

by Kristin Harlow March 17, 2023

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.

March 17, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Tops Off Construction of Bellwood Senior Apartments in Suburban Chicago

by Kristin Harlow March 17, 2023

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.

March 17, 2023

Affordable Housing Civic Development Florida Loans Mixed-Use Multifamily Retail Southeast Walker & Dunlop

Walker & Dunlop Arranges $51M Construction Financing for City Hall, Affordable Housing Project in South Florida

by John Nelson March 16, 2023

OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building, a mixed-use development located in the South Florida city of Oakland Park. The borrower, locally based NRI Investments, previously signed a development agreement, lease agreement and purchase and sale agreement for the 2.1- acre site with the City of Oakland Park. Sky Building will house 136 affordable and workforce units, which are connected by a skybridge to the City of Oakland Park’s new City Hall, alongside roughly 15,000 square feet of ground-floor retail space. The site is within an opportunity zone approximately three miles north of downtown Fort Lauderdale. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop arranged the financing via senior construction lenders and debt and equity funds. The financing was underwritten at 80 percent loan-to-cost and is non-recourse through the capital stack, according to Walker & Dunlop. The construction timeline for Sky Building was not disclosed.

March 16, 2023

Affordable Housing Development Healthcare Michigan Midwest Multifamily

50-Unit Veterans Affairs Clinic, Housing Project Opens in Detroit

by Kristin Harlow March 16, 2023

DETROIT — A 50-unit, 32,248-square-foot Veterans Affairs domiciliary and health clinic has opened in Detroit. Baker Barrios Architects served as the architect for the adaptive reuse project, which involved the conversion of a two-story office building originally completed in 2008. The property once housed the corporate offices of the Michigan Basic Property Insurance Association. In addition to the clinic, the building now houses 50 transitional residential units, a computer lab, clubhouse, therapy rooms, indoor and outdoor multipurpose spaces and administrative offices. The project was designed to support the mission of the John D. Dingell VA Medical Center by offering a safe home with programming to help veterans establish a path to independent living.

March 16, 2023

Affordable Housing California Development Multifamily Western

AHF to Convert Insurance Exchange Building in Downtown LA to Affordable Housing

by Jeff Shaw March 16, 2023

LOS ANGELES — AHF has purchased the historic Insurance Exchange Building in downtown Los Angeles through its Healthy Housing Foundation banner for $21.2 million. The global AIDS organization plans to renovate and convert the 12-story property into housing for the homeless and extremely low-income individuals. The building will be rebranded as Angel Tower. Once renovation is complete, AHF’s total number of affordable rental housing units across Greater Los Angeles will reach 1,666.

March 16, 2023

Affordable Housing Loans Lument Multifamily Texas

Lument Provides $17.4M Agency Loan for Refinancing of Austin Affordable Housing Complex

by Taylor Williams March 15, 2023

AUSTIN, TEXAS — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Riverside Meadows, a 240-unit affordable housing complex in Austin. The 10-building community was constructed on 14.5 acres in 2002. Steve Beltran of Lument originated the financing, which was structured with a 10-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements to the unit interiors, building exteriors and common areas.

March 15, 2023

Affordable Housing Development Midwest Missouri Multifamily

POAH to Redevelop Historic Public Housing Project in St. Louis

by Kristin Harlow March 15, 2023

ST. LOUIS — The St. Louis Housing Authority has selected Preservation of Affordable Housing Inc. (POAH) to lead the redevelopment of the Clinton-Peabody Apartments in St. Louis. Built in 1942, the property includes 358 units across 31 buildings. POAH says that an initial development phase could start by late 2024, but ultimately the site’s full redevelopment will occur in multiple phases over the next several years with at least $100 million in new investment projected. Resident and community engagement work is underway. The goal is to reposition Clinton-Peabody as a mixed-income community that is better connected to surrounding neighborhoods. POAH Communities LLC, POAH’s affiliated property management firm, will manage the new phases. POAH will also implement its Community Impact platform, which provides resident services focused on housing, education, employment, financial stability and health. The project team includes Roanoke Construction and the design team of Trivers and Lamar Johnson Collaborative. Additional members include landscape architect Arbolope Studio, civil engineer David Mason & Associates and MEP engineer Custom Engineering Inc. Support also comes from the Heartland Black Chamber of Commerce and Unicorn Group, the St. Louis Small Business Empowerment Center, Prosperity Connection and Key Strategic Group.

March 15, 2023

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