Affordable Housing

USA Properties Starts Construction of $81.2M Mainline North Affordable Multifamily Project in Santa Clara, California

by Amy Works February 21, 2023

SANTA CLARA, CALIF. — USA Properties Fund has broken ground on Mainline North, an affordable multifamily property in Santa Clara. The project is part of a public-private partnership that includes Bank of America, California Housing Finance Agency, the City of Santa Clara, Google, Housing Trust Silicon Valley, Ensemble Real Estate Investments and Related. Mainline North will feature 151 studio, one-, two- and three-bedroom apartments with energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. The $81.2 million, eight-story building’s first three floors will contain the parking garage, lobby, leasing area, community room, fitness center, flex room and 5,000 square feet of retail space. Additional amenities will include a computer area with free Wi-Fi and a rooftop courtyard with outdoor seating, barbecue areas and a pet wash station. Completion is slated for early 2025. Rents will start around $850 per month for a studio to $1,080 per month for a two-bedroom apartment for households that earn up to 30 percent of the area median income.

February 21, 2023

Affordable Housing Loans Multifamily New York Northeast

Partnership Receives $100M Loan for Refinancing of Brooklyn Affordable Housing Complex

by Taylor Williams February 17, 2023

NEW YORK CITY — A partnership between The Community Preservation Corp. and Proto Property Services has received a $100 million loan for the refinancing of Riverdale Osborne Towers, a 525-unit affordable housing complex in Brooklyn. The property comprises four nine-story buildings, a preschool and 10,500 square feet of retail space. The partnership originally acquired the property in 2007 and immediately implemented a $39 million capital improvement program. A portion of the proceeds of this loan, which was originated by Rockport Mortgage Corp. through HUD’s 223(f) program, will also be used to fund renovations of kitchens and bathrooms and preserve the property’s affordability status.

February 17, 2023

Affordable Housing Indiana Midwest Multifamily

Merchants Affordable Housing Corp. Rebrands as RDOOR Housing Corp. in Indianapolis

by Kristin Harlow February 17, 2023

INDIANAPOLIS — Merchants Affordable Housing Corp. has rebranded as RDOOR Housing Corp. The affordable housing developer was founded in connection with Merchants Bank of Indiana in 1981. RDOOR comes from the word “ardor,” meaning passion. “RDOOR embodies our team’s unyielding passion for improving people’s lives by increasing access to quality rental housing opportunities while building or renovating affordable and safe homes,” says Bruce Baird, president and CEO. The current portfolio of RDOOR and its closely aligned affiliates includes more than 3,000 units throughout Marion County and Indiana. As part of the rebrand, RDOOR renovated the former Girls Inc. office at 441 W. Michigan St. as its new headquarters. RDOOR says the downtown Indianapolis location will enable the team to be closer to its clients and co-locate with Partners in Housing.

February 17, 2023

Affordable Housing Development Loans Multifamily New York Northeast

Wells Fargo Provides $288M in Financing for Manhattan Affordable Housing Project

by Taylor Williams February 13, 2023

NEW YORK CITY — Wells Fargo has provided $288 million in financing for North Cove, a 611-unit affordable housing project in Manhattan’s Inwood neighborhood. The financing includes $155 million in debt that backs city-issued, tax-exempt bonds, as well as $133 million in equity that was generated through the purchase of tax credits. The borrower and developer is a partnership between Joy Construction Corp. and Maddd Equities. Units will be restricted to households earning between 27 and 110 percent of the area median income, and roughly 15 percent (94) of the residences will be reserved for formerly homeless residents. The development will include 60,000 square feet of commercial space and offer amenities such as outdoor picnic areas, community recreation rooms and various supportive services. Lastly, as part of the project, the city has donated an adjacent parcel for the construction of a waterfront park.

February 13, 2023

Affordable Housing California Development Multifamily Top Stories Western

ASD Breaks Ground on Four Affordable Housing Projects in Los Angeles

by Amy Works February 10, 2023

LOS ANGELES — Alliant Strategic Development (ASD) has broken ground on four transit-oriented multifamily communities, totaling 727 income-restricted rental units, in the Los Angeles neighborhoods of Canoga Park, Van Nuys and North Hollywood. Upon completion, which is slated to occur in the fourth quarter of 2024 and first quarter of 2025, the portfolio will offer units geared to households throughout the affordable spectrum — on average earning up to 90 percent of the area median income (AMI), with 144 of the units designated for households making 50 percent or less of AMI. The four projects include: Sync on Canoga, featuring 220 one-bedroom units at 7019 Canoga Ave. in Canoga Park. Pendant on Topanga, totaling 149 studio, one- and two-bedroom apartments at 7322 Topanga Canyon Blvd. in Canoga Park. Vose, offering 332 studio, one- and two-bedroom apartments at 7050 Van Nuys Blvd. in Van Nuys. Candence at Noho, featuring 26 one- and two-bedroom units at 5633 Farmdale Ave. in North Hollywood. The interiors of the 727 units will include energy-efficient stainless steel kitchen appliances, in-unit washers/dryers and stone countertops. Community amenities across the portfolio include fitness centers, rooftop decks, electric vehicle charging stations, pools, spas, outdoor lounge areas and dog parks …

February 10, 2023

Acquisitions Affordable Housing Arizona Multifamily Western

Northmarq Brokers Sale of Sahuarita Mission Apartments in Green Valley, Arizona

by Amy Works February 9, 2023

GREEN VALLEY, ARIZ. — Northmarq has arranged the sale of Sahuarita Mission, a multifamily community located at 1091 W. Beta St. in Green Valley. Sahuarita Mission Owner LLC (FSO Capital Partners) sold the asset to Cypress, Calif.-based WNC Apartment Ventures for $8.8 million, or $169,231 per unit. Built in 2000, Sahuarita Mission is an affordable multifamily community with four two- and three-story buildings on 2.9 acres. The fully occupied property features 52 two- and three-bedroom units, ranging in size from 822 square feet to 1,013 square feet, with walk-in closets, balcony or patio, plush carpet and automatic dishwashers. Community amenities include a clubhouse, children’s playground, picnic area with grill, laundry facilities and on-site leasing office. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq Phoenix’s investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Christopher Gitibin, Brad Burns and Tyler Woodard of Northmarq’s debt and equity team secured a $5.9 million loan for the buyer through Northmarq’s relationship with Freddie Mac.

February 9, 2023

Affordable Housing Development Multifamily New Jersey Northeast

Walters Nears Completion of 150-Unit Multifamily Project in Branchburg, New Jersey

by Taylor Williams February 9, 2023

BRANCHBURG, N.J. — Locally based developer Walters is nearing completion of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021. The first move-ins are underway, and full completion is scheduled for the spring.

February 9, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily

AHIB Brokers $21.1M Sale of Affordable Seniors Housing Asset in Rockford, Illinois

by Kristin Harlow February 8, 2023

ROCKFORD, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has brokered the sale of Valkommen Plaza in Rockford for $21.1 million. The 171-unit affordable seniors housing property is fully covered by a Housing Assistance Payments (HAP) contract. The nine-story building features commercial spaces on the first floor and is situated near the site of a new casino development. The property recently received a number of upgrades, including a roof replacement, new elevator machines and central air handles. Some of the unit kitchens and baths have also been upgraded. Kyle Shoemaker of AHIB represented the seller, a private investor, and the buyer, Envolve Communities.

February 8, 2023

Affordable Housing Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $10M Permanent Loan for Affordable Housing Complex in Union, New Jersey

by Taylor Williams February 1, 2023

UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox has arranged a $10 million permanent loan for an 88-unit affordable housing complex in the Northern New Jersey community of Union. The two-building complex is situated within the Vermella Union mixed-use development. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, an affiliate of Russo Development. The direct lender was not disclosed.

February 1, 2023

Affordable Housing District of Columbia Market Reports Maryland Multifamily Southeast Southeast Market Reports Virginia

More Affordable Housing Options Needed in Greater D.C. Region, Says Fossi of Enterprise Community Development

by John Nelson February 1, 2023

WASHINGTON, D.C. — In 2019, the Metropolitan Washington Council of Governments issued a report stating that the D.C. region — comprising the city, Northern Virginia and suburban Maryland — needed to add 320,000 more housing units between 2020 and 2030, and that at least 75 percent of this new housing should be affordable to low- and medium-income households. Rob Fossi, senior vice president of real estate development at Enterprise Community Development, says the figure has only climbed in recent years due to macroeconomic and local challenges. “In the three years since that report was issued, this demand has only intensified while supply chain interruptions, interest rate spikes and competing resource challenges precipitated by the COVID-19 pandemic have all been challenges to maintain pace,” says Fossi. Enterprise Community Development, an affiliate of Enterprise Community Partners, is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic with a portfolio spanning about 13,000 apartments that house more than 22,000 residents. The firm is actively developing and preserving affordable housing across the region in order to address the demand, which Fossi says shows no signs of abating anytime soon. “There is little doubt that the demand for quality affordable housing will …

February 1, 2023

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