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Affordable Housing

Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat Co., P3 Markets Open Phase I of 43 Green Mixed-Income Apartment Project in Chicago

by Kristin Harlow

CHICAGO — The Habitat Co. and P3 Markets have opened Phase I of 43 Green in Chicago’s Bronzeville neighborhood. The 99-unit, mixed-income apartment building is located at 4308 S. Calumet Ave. The project marks the first equitable transit-oriented development (ETOD) on Chicago’s South Side, according to the developers. Since 2013, the City of Chicago has been encouraging transit-oriented development near Chicago Transit Authority and Metra rail stations. In 2020, the city published its ETOD Policy Plan, which aims to drive investment near transit in disinvested communities, preventing displacement in communities facing rising housing costs and promoting affordable housing options near transit in low-affordability communities. Phase I is the largest of three planned buildings within the $100 million 43 Green development. The 10-story building features 5,500 square feet of retail space and amenities such as a fitness center, rooftop terrace, business center, picnic area, community room, laundry facilities and bicycle storage. Half of the units are reserved for households earning up to 60 percent of the area median income, with the remainder leased at market rate. Habitat has also secured construction financing for Phase II, and is expected to break ground on that 80-unit building by the end of June. Completion …

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Affordable HousingDevelopmentIndianaMidwestMultifamily

TWG to Build $9M Affordable Housing Community in West Baden Springs, Indiana

by Kristin Harlow

WEST BADEN SPRINGS, IND. — TWG is building West Baden Lofts, a $9 million affordable housing community in West Baden Springs, a town within French Lick Township in southern Indiana. Located at 942 Main St., the 44-unit development will feature two- and three-bedroom layouts. Units will be reserved for households making 30 to 60 percent of the area median income. Amenities will include a free bikeshare program, free Wi-Fi in common areas and units, a meditation area, fitness center, community room, indoor children’s area, playground and community garden beds. Project funding comes from the Indiana Housing and Community Development Authority, Innovative Veteran Affairs Real Estate, Merchants Capital, Cedar Rapids Bank & Trust and the Town of West Baden Springs. Construction is expected to begin this month and be completed in late 2024.

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AcquisitionsAffordable HousingMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates Partial Sale of Three Affordable Housing Buildings in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the sale of a partial interest in three affordable housing buildings totaling 163 units in Brooklyn’s Williamsburg and Brownsville neighborhoods. The percentage was not disclosed, but the interest fetched a price of $9.3 million. Victor Sozio and Shimon Shkury of Ariel Property Advisors represented the seller, Dunn Development Corp, in the deal. The buyer was a partnership between The Community Preservation Corp., The Community Development Trust, Monadnock Development, Red Stone Equity Partners and the Black Developers Network Triboro.

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Affordable HousingCivicDevelopmentFloridaMixed-UseMultifamilySoutheast

HTG Breaks Ground on $100M Mixed-Use Development in Hollywood, Florida

by John Nelson

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …

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Affordable HousingDevelopmentMixed-UseMultifamilyNorth CarolinaSoutheast

Beechwood Receives Approval for 43-Acre Residential Development in Chapel Hill, North Carolina

by John Nelson

CHAPEL HILL, N.C. — Beechwood Carolinas, a subsidiary of The Beechwood Organization, has received approval from the Town of Chapel Hill to develop a 43-acre residential district on the city’s south side. Known as South Creek by Beechwood, the development will include market-rate and affordable housing apartments and townhomes, for-sale condominiums, 21,000 to 52,000 square feet of commercial and retail space and open gathering areas. Total housing units will total 815 residences, a vast majority of which will be condominiums. The development will be situated along the 15-501 corridor at 4511 S. Columbia St., about two miles south of University of North Carolina-Chapel Hill. Council members unanimously approved the site’s rezoning in early June. Beechwood Carolinas plans to break ground in late 2024 and anticipates first occupancy in 2025. The developer’s project partners include architectural firm FMK Architects and Lee Bowman of Legion Land & Development.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Walker & Dunlop Arranges $46.6M HUD-Insured Loan for Affordable Housing Conversion in Arlington, Virginia

by John Nelson

ARLINGTON, VA. — Walker & Dunlop has arranged a $46.6 million HUD 221(d)(4) loan for the conversion of Park Shirlington, a 294-unit multifamily property in Arlington, from a market-rate community to an affordable housing property. Rents are now restricted at the property to households earning 60 percent of the area median income through at least 2053. The borrower is Standard Communities, a multifamily owner with headquarters offices in Los Angeles and New York City. In addition to HUD and Walker & Dunlop, Standard Communities’ capital partners on the conversion project include Virginia Housing, AEGON USA Realty Advisors LLC and Arlington County’s Affordable Housing Investment Fund. Chris Rumul of Walker & Dunlop led the HUD LIHTC financing transaction, which covers $34 million in renovation costs that include interior and exterior work and the construction of a new community center.

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Affordable HousingLoansMultifamilyNew YorkNortheast

NEF Provides $12.5M Loan for Refinancing of Workforce Housing Portfolio in Brooklyn

by Taylor Williams

NEW YORK CITY — National Equity Fund (NEF), a Chicago-based lender in the affordable housing space, has provided a $12.5 million loan for the refinancing of a portfolio of five workforce housing buildings totaling 56 units in Brooklyn. Known as The Jefferson MacDonough Portfolio, the properties are located in the Bedford Stuyvesant area and house a mix of studio, one-, two- and three-bedroom units. The borrower was Iris Holdings Group, a national owner-operator.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Lupe Development Partners, Wall Cos. to Develop 90-Unit Affordable Housing Community in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Lupe Development Partners and Wall Cos. are moving forward with the development of Snelling Yards, a campus of both senior living and affordable housing. The latest plans call for a 90-unit affordable housing community with mostly three- and four-bedroom units. The project is a joint venture with Ecumen, whose adjacent affordable seniors housing development, The Hillock, is now fully leased. Once the affordable housing building is completed, the two properties will be joined by a green common space and outdoor playground. Lupe and Wall received $900,000 in funding through Hennepin County’s Affordable Housing Incentive Fund. The project site is a former City of Minneapolis Public Works storage area. Construction is expected to begin next year.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Kraus-Anderson Completes 180-Unit Bryk on Broadway Affordable Housing Community in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Kraus-Anderson has completed construction of Bryk on Broadway, a 180-unit affordable housing community in Rochester’s Destination Medical Center (DMC) district. Local developers, led by Dirk Erickson, own the property. Designed by ISG architects, the project features 7,500 square feet of commercial and retail space on the ground floor as well as 140 climate-controlled parking stalls. Of the 180 units, 54 are restricted to those who earn up to 50 percent of the area median income (AMI), 18 are restricted at 60 percent of AMI and 108 are reserved for 80 percent of AMI. The top floor features a speakeasy-inspired lounge with views of the city. Amenities include a fitness center, storage units, bike storage and landscaped areas. In 2021, the Rochester City Council approved $2.2 million in tax-increment financing to help with project costs. The developers also received $2.2 million in DMC infrastructure funds in the form of a forgivable loan.

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Affordable HousingDevelopmentFloridaMultifamilySoutheast

Ability Housing to Develop 92-Unit Affordable Housing Community in St. Augustine, Florida

by John Nelson

ST. AUGUSTINE, FLA. — Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing community to be located at the intersection of North Volusia and Chapin streets in St. Augustine. Upon completion, the development will feature 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments across four buildings. Rental prices will be determined by household income, with 80 percent of units reserved for residents earning 60 percent of area median income (AMI) or less and 10 percent each available for residents earning at or below 33 and 50 percent of AMI thresholds. Amenities at the property will include a community center with a computer lab, library and flexible workspaces and a playground, pavilion, 149 parking spaces and a dedicated walking trail. Construction on the $25 million project is scheduled to begin this summer. Funding has been secured through state, local and private sources including the Florida Housing Corp., the National Equity Fund and Bank of America.

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