Affordable Housing

MassHousing Provides $25.9M in Financing for Affordable Housing Redevelopment in Lawrence, Massachusetts

by Taylor Williams November 10, 2022

LAWRENCE, MASS. — MassHousing has provided $25.9 million in financing for an affordable housing redevelopment project in Lawrence, a northern suburb of Boston. The project will convert a 177-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 will be rented to households earning 30 percent or less of the area median income (AMI); 58 will be reserved for renters earning up to 60 percent of AMI; and the other 17 will be rented at market rates. WinnCos. is the developer of the project. The financing package comprised a $4.6 million tax-exempt permanent loan, a $20.4 million bridge loan and $900,000 from the Capital Magnet Fund, an initiative designed to attract private capital to affordable housing projects in economically distressed areas.

November 10, 2022

Affordable Housing Development Multifamily New Jersey Northeast Seniors Housing

Alpert Group Begins Construction on 40-Unit Affordable Seniors Housing Community in Teaneck, New Jersey

by Taylor Williams November 8, 2022

TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has begun construction on a 40-unit affordable seniors housing community in the Northern New Jersey community of Teaneck. The site of the five-story building, which will primarily offer one-bedroom units for renters over age 62 that meet certain income requirements, currently houses a vacant municipal facility. Completion is slated for late 2023.

November 8, 2022

Acquisitions Affordable Housing Development Florida Hospitality Southeast

One Stop Housing Buys Orlando Hotel for Affordable Housing Conversion

by John Nelson November 7, 2022

ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.

November 7, 2022

Affordable Housing Development Loans Multifamily Texas

Hunt Capital Partners Provides $14.1M in LIHTC Equity for Austin Affordable Housing Project

by Taylor Williams November 4, 2022

AUSTIN, TEXAS — Hunt Capital Partners has provided $14.1 million in Low-Income Housing Tax Credit (LIHTC) equity for Saison North, a 116-unit affordable housing project in Austin. The complex will consist of eight one-bedroom, 44 two-bedroom and 24 three-bedroom units that will be reserved for households earning up to 30, 50 and 60 percent of the area median income, as well as 34 market-rate units. Amenities will include a fitness center, business center, leasing office and a clubhouse. The developer of the project is O-SDA Industries. Bank OZK has provided a $19.5 million construction loan for Saison North, with J.P. Morgan Chase providing a $12.9 million permanent loan. Other pieces of financing were originated by the Austin Housing Finance Corp. ($6.2 million), Travis County ($2.4 million) and the Texas State Affordable Housing Corp. ($375,000). Completion is slated for May 2024.

November 4, 2022

Affordable Housing Development Multifamily North Carolina Southeast

Annex Group to Build 200-Unit Affordable Housing Community in Charlotte

by John Nelson November 3, 2022

CHARLOTTE, N.C. — The Annex Group has plans to develop Union at Tryon, a 200-unit affordable housing community located at 614 Rocco Road in Charlotte. Situated on more than seven acres, the $44 million property will feature studio, one-, two- and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). Amenities will include a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Annex Group’s partners on the project include architect KTGY, civil engineer Tarr Group and LIHTC consultant Shelter Investments Development Corp. Financial partners include Merchants Capital, which directly provided a $31 million construction loan and a $20.8 million Freddie Mac loan; tax credit equity partner Aegon Asset Management, which provided $18 million in equity; and INLIVIAN (Charlotte’s housing authority) that issued $20.8 million in bonds. The Annex Group is providing property management services for Union at Tryon, which is expected to open in spring 2025.

November 3, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

Affordable Housing Development Multifamily Seniors Housing Texas

Palladium Completes 122-Unit Affordable Seniors Housing Project in Garland, Texas

by Taylor Williams November 2, 2022

GARLAND, TEXAS — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. A grand opening ceremony will take place on Nov. 10.

November 2, 2022

Affordable Housing Development Loans Mixed-Use Multifamily New York Northeast Retail Top Stories

Cushman & Wakefield Arranges $142.9M in Construction Financing for Mixed-Use Project in Brooklyn

by Jeff Shaw November 1, 2022

NEW YORK CITY — Cushman & Wakefield has arranged $142.9 million in construction financing for 120 Fifth Avenue, a mixed-use development in the Park Slope neighborhood of Brooklyn. The borrowers, Senlac Ridge Partners and The William Macklowe Company, are redeveloping the two-acre site, currently a one-story vacant grocery store and its parking lot, into a 212,000-square-foot mixed-income housing property and retail plaza. The project will comprise two buildings featuring 180 residential units, 25 percent of which will be affordable. The development will also offer 67,000 square feet of retail space and a 225-space underground parking garage. Lidl Supermarket and CVS Pharmacy recently signed long-term leases for approximately 35,000 square feet of the retail space with the developer. An expected date for project completion was not disclosed. The property is located four blocks from Flatbush Avenue and Barclays Center, the home of the NBA’s Brooklyn Nets, and is within walking distance to the 2, 3, 4, 5, B, D, N, Q and R trains. Cushman & Wakefield’s Equity, Debt & Structured Finance team of Gideon Gil and Lauren Kaufman represented the borrowers in the transaction. Macklowe and Senlac Ridge acquired the development site, the former home to Key Foods, in 2020. …

November 1, 2022

Affordable Housing Development Massachusetts Multifamily Northeast

Urban Edge, MDHCD to Develop 65-Unit Affordable Housing Project in Boston

by Taylor Williams October 31, 2022

BOSTON — Urban Edge, in partnership with the Massachusetts Department of Housing & Community Development (MDHCD), will develop a 65-unit affordable housing project at 1599 Columbus Ave. in Boston. The property will house one-, two- and three-bedroom units that will be reserved for renters earning up to 30 and 60 percent of the area median income, as well as 3,200 square feet of retail space. Utile Inc. is the project architect, and Bald Hill Builders is the general contractor. Completion is slated for spring 2024. MassHousing provided financing for the project.

October 31, 2022

Affordable Housing Development Midwest Multifamily Ohio

Fairfield Homes Opens 34-Unit Supportive Housing Community in Zanesville, Ohio

by Kristin Harlow October 31, 2022

ZANESVILLE, OHIO — Fairfield Homes Inc., in partnership with Muskingum Behavioral Health, has opened Pearl House Zanesville in Zanesville, about 50 miles east of Columbus. The property features 34 units for individuals and families recovering from drug or alcohol addiction. Residents receive support services, treatment and a full-time case worker provided through Muskingum Behavioral Health. Amenities include outdoor recreational spaces and a community room. Rent is based on income. Gorsuch Construction was the general contractor.

October 31, 2022

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