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Affordable Housing

Affordable HousingDevelopmentMultifamilySoutheastVirginia

S.L. Nusbaum Breaks Ground on 119-Unit Affordable Housing Development in Williamsburg, Virginia

by John Nelson

WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has broken ground on 2 Rivers Apartment Homes, a two-phase, 119-unit affordable housing community in Williamsburg. Phase I of the development will comprise 59 one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a fitness center, business center with Wi-Fi access, free parking, children’s play area, dog park, multiuse field, cabana and a grilling patio. The design-build team for 2 Rivers includes TS3 Architects PC, Siska Aurand Landscape Architects Inc., Details Interior Design, AES Consulting Engineers and Harkins Builders Inc. S.L. Nusbaum worked with AGM Financial Services and TowneBank to secure construction financing. Overall construction costs will total approximately $26 million, according to S.L. Nusbaum.

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Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

USA Properties Fund Plans $21M Vintage at Marja Acres Affordable Housing Community in Carlsbad, California

by Jeff Shaw

CARLSBAD, CALIF. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55.  The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment.  Construction on the $21 million apartment community is scheduled to start in the late summer, with leasing beginning in fall 2024. The City of Carlsbad, Riverside Charitable Corporation and WNC Inc. are partners in Vintage at Marja Acres. JP Morgan Chase is the construction and permanent lender for the project.  Residents at least 55 years old who earn 30 percent to 60 percent of the area’s median income for San Diego County — about $27,000 to $62,000 per year — are eligible to live in Vintage at Marja Acres. Rents for the one-bedroom apartment community will average about $1,200, depending on the income of residents.  IHP Capital Partners and KB …

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Woda Cooper Opens 60-Unit Affordable Housing Community in Plainfield, Indiana

by Kristin Harlow

PLAINFIELD, IND. — Woda Cooper Cos. has opened Harper’s Crossing, a 60-unit affordable housing community in the Indianapolis suburb of Plainfield. The $13.4 million development is situated in an opportunity zone and received a tax abatement from the city. The Indiana Housing & Community Development Authority awarded housing tax credits used to generate equity financing, enabling rents to be maintained at affordable levels. Six of the units are accessible for those with physical disabilities. Amenities include free Wi-Fi, a community room, laundry room, fitness center, playground and patio. Monthly rents range from $345 to $1,095 depending on the size of the unit and income restriction. The community is reserved for those who earn up to 80 percent of the area median income. Syndicator RBC Community Investments (RBCCI) provided primary financing through an equity investment by Huntington National Bank in a RBCCI-sponsored fund. In addition to the equity investment, Huntington National Bank also provided a construction loan. Cedar Rapids Bank & Trust provided the first mortgage. Indianapolis-based Cripe was the project architect, BWI LLC served as general contractor and Sol Design + Consulting was the sustainability consultant. Woda Cooper’s management division will perform day-to-day property management and leasing.

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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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