Development

State of New York to Provide $406M in Financing to Build Five Affordable Housing Developments

by John Nelson August 4, 2023

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …

August 4, 2023

Development Georgia Multifamily Southeast

Brook Farm Group to Develop 388-Unit Apartment Community in Metro Atlanta

by John Nelson August 3, 2023

COVINGTON, GA. — Brook Farm Group, along with capital partners Emory Equity and SilverCap Partners, plans to develop The Sinclair at Callaway Farm, a 388-unit apartment community in Covington. The 37-acre property will be situated at the intersection of Alcovy and City Pond roads, which is adjacent to the 180-acre Covington Town Center and about 35 miles east of Atlanta via I-20. First Horizon Bank and TrustMark Bank provided construction financing for the project, and Emory Equity and SilverCap provided equity. Sinclair at Callaway Farm will feature two separate neighborhoods encompassing 11 residential buildings, a 9,000-square-foot clubhouse, resort-style pool, two-story gym, coworking space, dog park and pet spa, electric vehicle charging stations and the first rooftop lounge in the Covington market. Additionally, four of the buildings will have elevators. Brook Farm Group expects to break ground on the project this quarter.

August 3, 2023

Development Industrial Oklahoma Texas

Safe & Green to Develop 1.1 MSF Manufacturing Facility in Durant, Oklahoma

by Taylor Williams August 3, 2023

DURANT OKLA. — Safe & Green Holding Corp. a designer and fabricator of modular structures, will develop a 1.1 million-square-foot manufacturing facility in Durant, located just north of the Oklahoma-Texas border. The site spans 114 acres on McLean Avenue. Approximately 120,000 square feet will be used for manufacturing, while the remaining space will support distribution, cold storage and other similar operations. The project team is currently in the design phase. A target completion date was not disclosed.

August 3, 2023

Willow-Grove-Shopping-Center-Pennsylvania

Development Mixed-Use Northeast Pennsylvania

Federal Realty to Develop 306,448 SF Mixed-Use Project in Willow Grove, Pennsylvania

by Taylor Williams August 3, 2023

WILLOW GROVE, PA. — Federal Realty Investment Trust will develop a 306,448-square-foot mixed-use project in Willow Grove, a northern suburb of Philadelphia. The transit-served project, which will consist of 260 apartments and 20,000 square feet of retail and restaurant space within a six-story building, represents the third phase of the redevelopment of Willow Grove Shopping Center. Construction of Phase III, which will also include a structured parking garage, could commence as early as fall 2024. Phase II of the project, which featured an 18,000-square-foot outparcel retail building and various infrastructural developments, is nearing completion.

August 3, 2023

Development Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $25.2M HUD-Insured Loan for Seniors Housing Conversion on Long Island

by Taylor Williams August 3, 2023

BAY SHORE, N.Y. — Greystone has provided a $25.2 million HUD-insured loan for a project in the Long Island community of Bay Shore that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community. Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted living and memory care community units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment. Meridian Senior Living will operate the community, which will be constructed by Racanelli Construction. Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of the developers, Charles Ferraro and Nicholas Racanelli.

August 3, 2023

Affordable Housing Development Multifamily Northeast Rhode Island

Partnership Breaks Ground on 127-Unit Mixed-Income Project in Providence, Rhode Island

by Taylor Williams August 3, 2023

PROVIDENCE, R.I. — A partnership between developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income residential project in the state capital’s Fox Point neighborhood. Phase I of the project will consist of 66 affordable housing and market-rate units, retail space and a childcare facility. Residences will come in studio, one- and two-bedroom formats. Income-restricted units will be reserved for renters earning between 30 and 120 percent of the area median income. Delivery of Phase I is slated for next September. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt.

August 3, 2023

Development Mixed-Use Nevada Western

Red Ridge Underway on Mixed-Use Project in Downtown Las Vegas

by Amy Works August 3, 2023

LAS VEGAS — Red Ridge Development is underway on Origin at Symphony Park, a 6-acre mixed-use project located in downtown Las Vegas. The development will feature 100,000 square feet of retail space, a 32-story residential tower, mid-rise apartment building, outdoor promenade and office space upon completion, which is scheduled for 2026. The McGarey Group, a division of the Divaris Group, will manage leasing for the retail space at the project in partnership with Paragon Commercial Group.

August 3, 2023

Affordable Housing Colorado Development Multifamily Western

Grovewood Community Breaks Ground on 81-Unit Affordable Apartment Building in Aurora, Colorado

by Amy Works August 3, 2023

AURORA, COLO. — Grovewood Community Development has broken ground on Sapling Grove Apartments, a four-story, mixed-income apartment community in Aurora that is slated for completion in late 2024. Located at 10151 E. Jewell Ave., the first phase of the property will feature 81 units in a mix of one-, two- and three-bedroom floor plans, a rooftop deck and lounge, work pods, an exercise room and an onsite community resource center offering health- and wellness-focused resident programs and services. The property will also feature community spaces for resident gatherings, intergenerational lifelong learning workshops, outdoor recreation via walking trails, a fenced playground, an outdoor exercise stations and gardens. The project is being financed through 22 grant, loan and equity sources provided collectively by the City of Aurora, Arapahoe County, the Colorado Division of Housing, the Colorado Housing and Finance Authority, Impact Development Fund, the Aurora Housing Authority, National Development Council and Sugar Creek Capital. Additional funding includes a four-year grant awarded by The Colorado Health Foundation. BC Builders is serving as the project’s general contractor, and Santulan Architecture is serving as architect.

August 3, 2023

Development Loans Multifamily Seniors Housing South Carolina Southeast Top Stories

Ziegler Arranges $212.9M in Bond Financing for Seniors Housing Project in Coastal South Carolina

by Taylor Williams August 3, 2023

KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina. The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025. Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options. The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms. The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements. “Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s …

August 3, 2023

Affordable Housing Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Low-Income Housing Tax Credit Industry Adjusts to HUD Curveball on Income Limits

by Sarah Daniels August 3, 2023

New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …

August 3, 2023

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