Affordable Housing

NRP Group Delivers 180-Unit Sundale Flats Affordable Housing Community in Charlotte

by John Nelson February 27, 2023

CHARLOTTE, N.C. — The NRP Group has delivered a 180-unit affordable housing community located in northeast Charlotte at 2019 Aberdale Farm Lane. Dubbed Sundale Flats, the community is reserved for residents earning at or below 80 percent of the area median income (AMI) and comprises three four-story buildings with homes in two-, three- and four-bedroom layouts. Amenities include a fitness center, clubhouse and community lounge, business center, playground, outdoor grill and picnic area, onsite laundry room and onsite parking. Residents will also have access to a 16-foot-wide multi-use path that connects to a larger network of trails and will be part of the 26-mile Cross Charlotte Trail (XCLT). The City of Charlotte, The North Carolina Housing Finance Agency, Inlivian (formerly the Charlotte Housing Authority) and Bank of America provided financing for the project. Leasing is currently underway with a waitlist in progress.

February 27, 2023

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $10.6M in Financing for Affordable Housing Complex in Perry, New York

by Taylor Williams February 24, 2023

PERRY, N.Y. — KeyBank has provided $10.6 million in financing for the acquisition and rehabilitation of Silver Lake Meadows, a 52-unit affordable housing complex in Perry, about 50 miles east of Buffalo. Silver Lake Meadows comprises seven buildings that house one- and two-bedroom units that are reserved for renters earning up to 30, 50 and 60 percent of the area median income. John-Paul Vachon and Kate de la Garza of KeyBank originated the financing package, which includes $5.4 million in Low-Income Housing Tax Credit equity and a $5.5 million construction loan. The sponsor is a partnership between locally based nonprofit Wyoming County Community Action Inc. and developer Rochester’s Cornerstone Group.

February 24, 2023

Acquisitions Affordable Housing Multifamily South Carolina Southeast Top Stories

Greystone to Develop Four Affordable Housing Properties in South Carolina

by Jeff Shaw February 24, 2023

GREENVILLE, SPARTANBURG AND COLUMBIA, S.C. — Greystone Affordable Development is serving as development manager four affordable housing properties totaling 855 units in South Carolina. The three properties include: The Park at Sondrio in Greenville, which comprises 271 one- and two-bedroom units. Greystone acquired the property for $38.1 million. The Park at Vietti in Spartanburg, which comprises 204 units. Greystone acquired the property for $26.9 million. According to Apartments.com, the property was originally built in 1986, and offers one- and two-bedroom floor plans. Windsor Shores in Columbia, comprising 176 units, which Greystone acquired for $22.4 million. The Ivy in Greenville, comprising 212 units, was acquired for $30.5 million. For the fourth transaction, Greystone’s Adam Lipkin originated a financing solution through GHI. Greystone Affordable Development will serve as the developer on this renovation project at that property as well. Two nonprofit entities recently acquired the portfolio — Greenville Housing Fund acquired The Ivy and Opportunity South Carolina acquired the other three. The acquisition price was $118 million. Greystone Housing Impact Investors LP (GHI) provided financing for the acquisition and rehabilitation development transactions. Cushman & Wakefield, with which Greystone has a strategic joint venture, provided multifamily investment sales advisement on the transactions. The teams …

February 24, 2023

Affordable Housing Development Michigan Midwest Mixed-Use Multifamily Office Retail Top Stories

Bedrock Plans 1.5 MSF Cadillac Square Mixed-Use Development in Downtown Detroit

by Jeff Shaw February 23, 2023

DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …

February 23, 2023

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

TAT, Beacon Communities Open 55-Unit Affordable Seniors Housing Complex in South Boston

by Taylor Williams February 21, 2023

BOSTON — The Architectural Team (TAT) and Beacon Communities LLC have opened Phase III of The Anne M. Lynch Homes at Old Colony, an affordable seniors housing complex in South Boston. The property rises four stories and totals 51,000 square feet and 55 units. Dimeo Construction served as the general contractor on the project, which was also built using Passive House sustainability standards.

February 21, 2023

Affordable Housing California Development Multifamily Western

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

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