DALLAS — Locally based affordable housing developer and operator Palladium USA has completed Palladium Dallas Stemmons, an 87-unit mixed-income property located at 2440 Southwell Road on the northwest side of the city. The affordable housing units are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK designed the project.
MURRAY, UTAH — TWG has unveiled plans for Residences at Fireclay, a $13 million affordable seniors housing community in Murray. Construction is slated to begin this year, with the first units available in 2025. Located at 152 W. 4250 South, the four-story building will feature 40 one-bedroom apartments for seniors age 62 and older. The units are also reserved for those earning up to 50 percent of the area median income, with a preference for military veterans. Additionally, the project includes four units reserved for disabled seniors and five units available for seniors who have experienced homelessness. Community amenities will include a fitness room, community-raised garden, community room with kitchen and a computer room. TWG has partnered with First Step House, a Salt Lake City-based nonprofit that addresses addiction, mental health, homelessness and criminal justice, to provide services and referrals for residences. The project was made possible with Low Income Housing Tax Credits from the Utah Housing Corp. Additional key partners include Olene Walker Housing Loan Fund, Raymond James and Horizon Bank.
TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.
JERSEY CITY — The Community Builders (TCB), an affordable housing owner-operator with five offices across the country, has completed Bergenview Apartments, a project IN Jersey City that converted a historic YMCA building into a 111-unit apartment complex for formerly homeless individuals. All units are studios, and residents have access to a gym, game room, demonstration kitchen and a learning center. Kramer+Marks Architects designed the redevelopment, and Pike Construction Co. LLC served as the general contractor. The New Jersey Housing & Mortgage Finance Agency provided Low-Income Housing Tax Credit equity for the project.
CHICAGO — Structured Development and Evergreen Real Estate Group have opened Schiller Place Apartments on Chicago’s Near North Side. The mixed-income apartment complex consists of 48 units across three buildings. Located immediately south of Structured’s NEWCITY development on land that was formerly home to the Isham YMCA, Schiller Place is fully leased. There are six market-rate units, 24 reserved for Chicago Housing Authority (CHA) residents, 13 set aside for households earning up to 60 percent of the area median income (AMI) and five reserved for those who earn up to 30 percent of AMI. Five of the units have been earmarked for veterans and five will house individuals sourced through the Statewide Referral Network, which works with households earning up to 30 percent of AMI with a head of household who has a disability or illness. The project team included GMA Construction and architecture firm Bailey Edward. Funding for Schiller Place included federal 4 percent Low-Income Housing Tax Credits awarded by the Illinois Housing Development Authority (IHDA) and syndicated by Hudson Housing Capital. IHDA also awarded Illinois Affordable Housing Tax Credits that were syndicated by Clocktower Tax Credits and sponsored by Housing and Human Development Corp., which will provide onsite …
CLEVELAND — The NRP Group has opened 5115 at The Rising, an affordable housing community in Cleveland’s Broadway-Slavic Village. The project consists of 78 apartment units and 10 townhome units, all of which are affordable residences that will be reserved for low- to moderate-income renters. Supported by the Ohio Housing Finance Agency’s Housing Tax Credit program, the community currently has a waitlist of potential residents and has received more than 2,200 inquiries. Additional funding came from KeyBank, Ohio Capital Corp. for Housing, City of Cleveland and Third Federal Foundation. University Settlement, which provides community, family, youth and senior programs, is relocating its offices to the building, occupying 20,000 square feet on the first floor. Another 5,000 square feet of commercial space will serve as a food pantry and a Cuyahoga Community College Access Center.
EAST CHICAGO, IND. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7 million low-income housing tax credit investment (LIHTC) for the project. Total development costs are estimated at $51 million. DTM Real Estate is the developer. Completion is slated for February 2024.
TALLAHASSEE, FLA. — Housing Trust Group has completed Lafayette Gardens, a $21 million affordable housing community located in the Woodland Drives neighborhood of Tallahassee. Comprising 5.8 acres, the property features 96 units in single- and multi-bedroom layouts. The project team included architectural firm FK Architecture, general contractor Hennessy Construction Services, interior designer Stiles Interiors and landscape architect Wood + Partners. Community amenities include a clubhouse, pool, playground, media center, fitness center, bike/walk trail and a dog park. Chase Bank provided a $15 million construction loan for the project, Raymond James provided $16.1 million in 9 percent low-income housing tax credit (LIHTC) equity and Walker & Dunlop provided a $4.8 million Freddie Mac loan.
INDIANAPOLIS — Co-developers HVAF of Indiana Inc. and Woda Cooper Cos. Inc. have completed Proctor Place, a $12.6 million affordable housing community in Indianapolis. The 61-unit property is located at 240 N. Warman Ave. and is available for residents who earn 30 to 80 percent of the area median income. The Indiana Housing & Community Development Authority provided housing tax credits for the project, and the City of Indianapolis Department of Metropolitan Development provided a Payment in Lieu of Taxes (PILOT) to support the development. Indianapolis Housing Agency provided project-based vouchers for 15 units to be set aside for homeless veterans. Other financial partners include Fallbrook Opportunity Zone Fund II LLC, Fifth Third Bank and Cedar Rapids Bank & Trust. HVAF will oversee supportive services at the property. Woda Construction Inc. was the general contractor and Woda Cooper’s management arm will oversee day-to-day operations.
LANSING, ILL. — Skender, in conjunction with joint venture partner Ashlaur Construction, has completed construction of Torrence Place in Lansing, a southern suburb of Chicago. Developed by Full Circle Communities, the three-story affordable housing project features 48 accessible and adaptable units mainly intended for veterans and people with disabilities. The building also includes a 3,600-square-foot health clinic and pharmacy that will be operated by Christian Community Health Center. Resident amenities include a community lounge, library, computer lab, onsite laundry, storage lockers, a fitness center and onsite supportive services. The project team also included architect Cordogan Clark & Associates and CAGE Civil Engineering.
