Affordable Housing

Skender Breaks Ground on 147-Unit Supportive Living Development in Deerfield, Illinois

by Kristin Harlow January 23, 2025

DEERFIELD, ILL. — Skender has broken ground on Deerfield Supportive Living, a 147-unit supportive living development in the Chicago suburb of Deerfield. Developed by Celadon Partners, the four-story building will offer affordable senior living apartments at 1101 Lake Cook Road. The project will feature dining rooms, space for private dining and events, activity rooms, a library, salon and general store. Slated for completion in mid-2026, the project is pursuing Enterprise Green Communities Building certification, which was developed to align affordable housing investment strategies with environmentally friendly building practices. Deerfield Supportive Living will feature eco-friendly paint, coatings, plumbing fixtures, lighting, heating equipment and appliances. The project team includes Assemble Design Workshop as architect and SAS Architects & Planners as interior designer.

January 23, 2025

Affordable Housing Loans Multifamily New York Northeast Top Stories

Merchants Capital Provides $129.1M Financing for Affordable Housing Renovations in New York City

by Hayden Spiess January 22, 2025

NEW YORK CITY — Merchants Capital has provided $129.1 million in financing for the renovation of three affordable housing developments located on the east side of The Bronx borough in New York City. The renovations will total $419.6 million, according to Merchants Capital. Comprising 952 units across six residential buildings, the properties include Boston Road Plaza, Boston Secor and Middletown Plaza. The New York City Housing Authority (NYCHA), the largest public housing authority in North America, owns and manages the trio of affordable housing communities. Merchants Capital provided a New York Housing Development Corp. (NYHDC) Freddie Mac Risk Share loan under the Permanent Affordability Commitment Together (PACT) program. The properties will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program as part of HUD’s Rental Assistance Demonstration (RAD) conversion platform. The Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Cos. and MBD Community Housing Corp., is leading renovations at the properties in partnership with NYCHA. Renovations will include upgrades to interiors, exteriors and shared spaces; bathroom and kitchen improvements; new doors, flooring and paint; new roofs; modernized elevators; complimentary Wi-Fi; and upgrades to the HVAC and plumbing systems. Repairs are currently underway …

January 22, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $23M in Construction Financing for Affordable Housing Property in Trotwood, Ohio

by Kristin Harlow January 21, 2025

TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing for the construction of Jalen Lofts in Trotwood, a suburb of Dayton. The 66-unit workforce and affordable housing community will be designated for families who earn between 30 and 80 percent of the area median income. The project marks a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corp. Jalen Lofts marks a significant milestone in the community’s efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes, according to KeyBank. The City of Trotwood received a most impacted and distressed (MID) area designation by HUD because of the tornado damage and was allocated $10.5 million in Community Development Block Grant Disaster Recovery funds to help rebuild rental developments. Derek Reed and David Lacki of KeyBank CDLI structured the financing.

January 21, 2025

Affordable Housing Features Heartland Feature Archive Multifamily

Affordable Housing Creativity Born Out of Necessity

by Kristin Harlow January 21, 2025

Housing affordability continues to be a pressing issue across the country. According to the National Low Income Housing Coalition, the U.S. has a shortage of 7.3 million rental homes affordable and available to renters with extremely low incomes. There are 34 affordable and available rental homes for every 100 extremely low-income renter households, which are defined as households either at or below the federal poverty guideline or 30 percent of the area median income (AMI), whichever is higher. “The country is facing a severe shortage of high-quality affordable housing, with demand far exceeding supply in the Midwest and every market we serve across the country,” says Geoff Milz, director of development for Ohio with Pennrose, which maintains eight offices across the U.S. “The housing crisis, compounded further by inflation and the rising cost of living, spans all demographics, geographies and family types.” In short, the need for affordable housing “has never been more critical,” adds Milz. Affordable housing developers are eager to build, but they must get creative to obtain the necessary financing for new projects. Due to the restricted rents, affordable housing properties are unable to generate as much income as market-rate assets. “The primary tool that we use …

January 21, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow January 20, 2025

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

January 20, 2025

Affordable Housing Development Multifamily New York Northeast

Tishman Speyer Breaks Ground on 339-Unit Affordable Housing Project in The Bronx

by Taylor Williams January 20, 2025

NEW YORK CITY — Tishman Speyer has broken ground on a 339-unit affordable housing residential project in The Bronx. The eight-story building will be located at the former site of the Visitation Church and School in the Kingsbridge neighborhood and will house studio, one-, two- and three-bedroom units. The majority (285) of residences will be reserved for renters earning between 40 and 105 percent of the area median income, and the remaining apartments will provide supportive housing for formerly homeless individuals. Amenities will include two recreation rooms, fitness center and a rooftop terrace. Completion is slated for 2027.

January 20, 2025

Affordable Housing Development Seniors Housing Southeast Tennessee

Partnership Breaks Ground on 254-Unit Affordable Seniors Housing Community in Nashville

by John Nelson January 20, 2025

NASHVILLE, TENN. — A partnership between The Clear Blue Co., Urban Campus and Core and Born Again Church has broken ground on the Northview Housing Development, a 254-unit affordable housing project for seniors in Nashville. The 266,000-square-foot complex will be located at 876 W. Trinity Lane on Born Again Church’s campus in the city’s Haynes-Trinity neighborhood. Upon completion, which is slated for December 2026, Northview will feature a mix of one- and two-bedroom units reserved for seniors earning 40 percent to 80 percent of the area median income. Amenities will include a fitness center, rooftop deck, walking trails and recreational spaces. The design-build team includes STG Design, Thomas & Hutton and Bacar Constructors, and capital partners include the Urban League’s R.E.D. Academy, Amazon’s Housing Equity Fund, Regions Bank and Fannie Mae. Civic partners include the Tennessee Housing Development Agency and the Metropolitan Development and Housing Agency.

January 20, 2025

Affordable Housing Colorado Loans Multifamily Western

Cloudland Capital, Blue Hour Housing Receive $5M Loan for Workforce Housing Community in Leadville, Colorado

by Amy Works January 17, 2025

LEADVILLE, COLO. — Cloudland Capital and Blue Hour Housing have received $5 million in financing for Silver King Leadville, a workforce housing community in Leadville. William Haass of JLL Capital Market’s Debt Advisory team secured the five-year, fixed-rate loan through a Colorado-based credit union. Located at 2020 N. Poplar St., Silver King offers 56 apartments. Formerly a 66-key hotel, the property was acquired in June 2024 and underwent a comprehensive renovation to convert the asset into a modern workforce housing community. The renovated property now features 47 studios, eight one-bedroom units and one two-bedroom unit, with an average size of 375 square feet. The renovation included adding kitchenettes to all units, installation and improvement of fire and life safety systems, upgrading common areas, building out communal laundry and gym facilities, adding storage lockers and enhancing outdoor spaces. Silver King is master-leased to Climax Molybdenum Co., a subsidiary of Freeport-McMoRan, providing housing for Climax employees and residents of Colorado’s high-country. Six units have been reserved to Lake County, Colo., to allow employees of Lake County access to this workforce housing community.

January 17, 2025

Acquisitions Affordable Housing Multifamily Texas

Marcus & Millichap Brokers Sale of 224-Unit Addison Park Apartments in Arlington

by Taylor Williams January 14, 2025

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Addison Park, a 224-unit affordable housing complex in Arlington. Built in 2004, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, playground and outdoor grilling and dining stations. Information on income restrictions was not disclosed. Sam Pettigrew, Wes Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Brazos Residential.

January 14, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

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