RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.
HOUSTON — The NHP Foundation, a nonprofit real estate corporation based in New York City, has finalized a ground lease with Magnificat Houses Inc. to develop a 149-unit affordable housing project in Houston’s Midtown neighborhood. The property at 3300 Caroline St. will be known as RoseMary’s Place and will be reserved for those currently experiencing homelessness. Life skills training, budgeting, anger management coping skill and interpersonal relationship skills will be among the third-party social services provided at RoseMary’s Place. The City of Houston Housing & Community Development Department provided $18.6 million in financing for the project.
HOUSTON — Nonprofit organization Texas Inter-Faith Housing Corp. will develop Westheimer Garden Villas, an 85-unit affordable seniors housing project in Houston. The majority of the property’s one- and two-bedroom units will be reserved for renters aged 55 and above who earn up to 30, 50, and 60 percent of the area median income. Amenities will include a community room and a fitness center. Total development costs are estimated at $23 million. Hunt Capital Partners provided $13.8 million in Low-Income Housing Tax Credit equity for the project, which is slated for a spring 2024 completion.
NEW YORK CITY — Walker & Dunlop has arranged $120 million in financing for a portfolio of three affordable housing properties totaling 557 units in Harlem. The portfolio’s capital stack now includes agency debt originated by Freddie Mac and historic tax credit equity that was generated by The New York City Housing Authority (NYCHA) and was subsequently purchased by J.P. Morgan Chase. Proceeds will be used to rehabilitate and preserve the affordability status of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, which were built between 1962 and 1985. The owner, a partnership between Dantes Partners and NYCHA, plans to invest about $200,000 per unit in capital improvements. Interior upgrades will include new kitchens, bathrooms, windows, appliances and flooring, and the project team will also modernize the properties’ HVAC systems. Construction is expected to be complete by August 2025. John Gilmore led the Walker & Dunlop team that structured the agency financing.
LA MESA, CALIF. — USA Properties Fund has started construction of 8181 Allison, an affordable multifamily property located at 8181 Allison Ave. in La Mesa. Situated in La Mesa’s Downtown Village, 8181 Allison will be near restaurants, grocery stores and retail options, as well as City Hall and the La Mesa city library. The 147-unit community is part of a public-private partnership that includes the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC. KeyBank Community Development Lending and Investment provided a $42 million construction loan for the $67 million project. 8181 Allison will offer one- and two-bedroom, two-bath apartments for residents that earn 30 percent to 70 percent of the area median income. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Residents will also have access to social services, such as financial planning, job search assistance and stabilization. The four-story apartment building will feature a community room with kitchen, fitness center, computer stations, Wi-Fi area, on-site laundry, outdoor courtyards, a spa and sky deck. The 117-space parking garage will include electric vehicle charging stations. Completion is slated for late 2024.
CHICAGO — Standard Communities led a public-private partnership that acquired two affordable seniors housing properties in metro Chicago. Standard plans to make $46 million in renovations. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including the renovations, fees, reserves and other expenses. The transaction extends and preserves the affordability of the communities for 30 years. The properties include the 145-unit Commonwealth Apartments at 2757 N. Pine Grove Ave. in Chicago’s Lincoln Park neighborhood as well as the 321-unit Greenleaf Apartments at 502 Kildeer Drive in Bolingbrook. Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each property. New amenities will include walking parks, pickleball courts, fitness centers, business rooms and meeting rooms. Greenleaf Apartments will receive solar panels on the roofs. Standard is financing the energy improvements in partnership with Commonwealth Edison’s Multifamily Energy Savings Program. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, utilizing the Low-Income Housing Tax Credit program and long-term Housing Assistance Payments contracts.
CHARLOTTE, N.C. — Urban Atlantic, in partnership with Inlivian and its nonprofit development subsidiary, Horizon Development Properties (HDP), has secured $84 million in debt and public financing for the construction of Trella Uptown, a mixed-income apartment community to be built at 426 North Tryon Street in uptown Charlotte. Inlivian is the City of Charlotte’s housing authority. Totaling 353 units and 330,000 square feet, the community will feature 106 affordable housing units. Of these, 35 will be reserved for residents earning 80 percent of area median income (AMI); two will be for residents earning 60 percent of AMI; 37 will be for residents earning 50 percent of AMI; and 32 will be for residents earning 30 percent or less of AMI. C.O.R.E. Programs Inc. will provide supportive services to residents in the latter category. Chase Bank provided two separate loans, including $50.6 million for the construction of Trella Uptown’s market-rate units and $16.3 million for the construction of the property’s affordable units. HDP will also provide a $7.8 million construction loan. The City of Charlotte is providing $3.2 million from its Housing Trust Fund, and Mecklenburg County is providing $6 million in the form of an affordable housing grant. Other capital …
CHICAGO — Related Midwest has released detailed plans for The Row Fulton Market, a 43-story multifamily development currently underway at 164 N. Peoria St. in Chicago’s Fulton Market district. The community will offer 300 units in one-, two- and three-bedroom configurations upon completion, currently scheduled for this June. Standard units will range in size from 617 to 1,929 square feet. The community is also set to offer six premium penthouse residences, which will range in size from 2,358 to 3,418 square feet in three- and four-bedroom configurations. Shared amenities at the development will include a fitness center and yoga studio; children’s play suite; reservable entertainment suite with an adjacent terrace including an outdoor kitchen with seating; multiple lounge and co-working spaces; a lap pool with lounge seating; three outdoor kitchens with dining and seating areas; green space with hammocks; and two fire pits offering views of the Chicago skyline. The property will offer a 24-hour concierge and door attendant, alongside services such as move-in coordination, housekeeping, package storage, on-site dry cleaning, and walking, grooming and daycare services for pets. The community will also feature 146 parking spaces, including 12 electric vehicle charging stations and complimentary bike storage. The property will …
GLEN BURNIE, MD. — KeyBank Community Development Lending and Investment (CDLI) has provided a $100 million bridge loan for Villages at Marley Station, a 757-unit mixed-income apartment community located in Glen Burnie, a suburb of Baltimore. The borrower, San Diego-based Fairfield, plans to renovate the property and convert 100 percent of the units to be affordable to households earning 60 percent of the area median income (AMI). Matt Haas and Greg Deeks of KeyBank structured the bridge financing, which will be re-syndicated later this year with 4 percent LIHTC equity, bonds and equity bridge loan funding for renovations that will take place over the next three years. Built in 1963 and renovated in 1997 and 2009, Villages at Marley Station consists of 26 elevator-serviced, low-rise buildings housing 35 studios, 428 one-bedroom, 281 two-bedroom and 12 three-bedroom apartments. Fairfield’s renovations to the interiors will include upgrades to HVAC, appliances, flooring, countertops, cabinets, bathtubs, plumbing and vanities. Common area improvements will be made to the property’s central laundry, clubhouse, pool equipment and furniture, fitness center, sport courts and playgrounds.
TAMPA, FLA. — Berkadia has arranged $92 million in debt and preferred equity financing for the construction of Tampa Heights Apartments, a new 321-unit, mixed-income multifamily project in the Tampa Heights neighborhood. U.S. Bank provided the senior debt, and Marble Capital provided the preferred equity. The borrowers, Tampa-based Loci Capital and Pennsylvania-based Maifly Development, plan to begin construction in February and complete the project in late 2024. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia arranged the financing. Humphreys & Partners Architects is serving as the architect for the project. As part of its negotiations with the City of Tampa, Tampa Heights Apartments will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income (AMI). Located on a 2.5-acre site at the northeast corner of North Florida and East 7th avenues, Tampa Heights Apartments will feature one-, two- and three-bedroom units that range from 512 square feet to 1,393 square feet in size. Community amenities will include multiple outdoor lounging and park areas, a resort-style rooftop pool with cabanas, firepits and grilling stations, fitness center, coffee bar, meeting rooms, bike storage, dog park and secure package storage.