Thursday, November 21, 2024
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Affordable Housing

Affordable HousingDevelopmentFloridaMultifamilySoutheast

HTG Breaks Ground on $25.7M Affordable Housing Community in Holly Hill, Florida

by John Nelson

HOLLY HILL, FLA. — Housing Trust Group (HTG) has broken ground on Fox Pointe, a $25.7 million affordable housing community in Holly Hill, a coastal suburb of Daytona Beach. HTG is partnering with HfH Supportive Housing on the development, which will feature 35 units reserved for housing-insecure individuals and 35 units reserved as affordable and workforce housing. A partments at Fox Pointe will be reserved for residents who earn at or below 22, 30, 60 and 80 percent of the area median income (AMI), with monthly rents ranging from $319 to $1,610. The property will comprise one-, two- and three-bedroom apartments ranging in size from 600 to 975 square feet. Amenities will include a resort-style swimming pool, clubhouse with a lounge area, business center, picnic pavilion, dog park, playground, fitness center and onsite resident services. HTG expects to complete Fox Pointe by fourth-quarter 2025, with leasing to begin next fall. Members of the design-build team include Park and Eleazer Construction, FK Architecture, civil engineer Mark Dowst & Associates Inc., interior designer Builders Design and landscape architect Culliver Design Inc. Funding sources include Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. that was syndicated through Raymond James Equity Investor; …

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

FHFA Expands Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by John Nelson

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The two government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a 4 percent increase from the 2024 caps of $70 billion apiece. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), says that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal funds rate in recent months. “The 4 percent increase in the multifamily loan purchase caps to $73 billion for each GSE is appropriate, given the slightly improved market conditions and lending activity that’s expected next year due to the slow decline in interest rates,” says Broeksmit. The FHFA will continue to exclude multifamily loans that finance workforce housing communities from the 2025 cap and require the GSEs to have at least 50 percent of their multifamily originations finance “mission-driven” affordable housing. The FHFA will continue to monitor the multifamily mortgage market and “maintains the ability to raise the caps further if necessary to support liquidity in the market.” If …

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AcquisitionsAffordable HousingMultifamilyNew YorkNortheast

Ariel Property Advisors Arranges $31.5M Sale of Harlem Affordable Housing Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $31.5 million sale of a 127-unit affordable housing building in Harlem. The building at 34 W. 139th St. was originally constructed in 2007. Victor Sozio, Shimon Shkury, Remi Mandell and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. Information on floor plans and income restrictions, as well as the buyer, was also not disclosed.

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Bridge-at-Estancia-Austin
Affordable HousingDevelopmentMultifamilyTexas

NRP Group Completes 318-Unit Affordable Housing Project in South Austin

by Taylor Williams

AUSTIN, TEXAS — The NRP Group, a multifamily developer based in Cleveland, has completed Bridge at Estancia, a 318-unit affordable housing project in South Austin. Designed by HEDK Architects, the property is located on a 15-acre site within the 600-acre Estancia Hill Country master-planned development. Units come in one-, two-, three- and four-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a pool, fitness center, outdoor grilling and dining areas, business center, activity room and a playground. Financing for the project included a $20 million housing tax credit investment from Hudson Housing Capital, along with construction and permanent financing provided by BWE and Deutsche Bank.

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Affordable HousingDevelopmentMultifamilyTexas

LEDG Capital Completes $12M Renovation of Mixed-Income Community in Lubbock

by Taylor Williams

LUBBOCK, TEXAS — LEDG Capital, an owner-operator of affordable and workforce housing properties, has completed the $12 million renovation of Southstead, a 244-unit mixed-income community in Lubbock. Built in phases in the 1970s, Southstead comprises 11 two-story buildings and 14 single-story buildings on a 20-acre site. Of the 244 units, 100 are rented at market rates. In addition to upgrading kitchens, bathrooms and HVAC systems, LEDG Capital’s rehabilitation delivered new roofs, painting, pathways, parking areas, a playground and trash enclosures. Merchants Capital financed the project, which lasted 11 months and extends Southstead’s affordability for another 30 years.

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Affordable HousingDevelopmentLoansMidwestMultifamilyOhioSeniors Housing

KeyBank Provides $93M in Construction Financing for Affordable Seniors Housing Community in Columbus

by Kristin Harlow

COLUMBUS, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $43.3 million construction loan and $23.8 million in Low-Income Housing Tax Credit financing for construction of The Caravel, a 234-unit affordable seniors housing community in Columbus. KeyBank Commercial Mortgage Group also arranged a $25.9 million Forward Fannie MTEB permanent loan for the project. The Caravel will provide affordable housing for individuals age 55 years or older who earn no more than 70 percent of the area median income. All units will be adaptable to residents with ADA needs, and 25 will be fully accessible. The developer, Kittle Property Group, is partnering with Homeport to provide residents with resources and connect them to services throughout the community. Homeport will provide a service coordinator for residents. Derek Reed and David Lacki of KeyBank CDLI structured the financing. Robbie Lynn of KeyBank Commercial Mortgage Group facilitated the permanent loan placement.

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Standard-Communities-Portfolio
AcquisitionsAffordable HousingCaliforniaMultifamilyNew YorkNortheastSeniors HousingTop StoriesWestern

Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States

by Katie Sloan

LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm.  The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas.  Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership.  An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Merchants Capital Provides $66.3M in Construction Financing for Michigan Workforce Housing Property

by Kristin Harlow

PETOSKEY, MICH. — Merchants Capital has provided $66.3 million in financing for the construction of Maple Block Lofts, a 204-unit workforce housing property in Petoskey, a growing vacation destination in northern Michigan. Merchants Capital provided a $29.6 million Freddie Mac Unfunded Non-LIHTC Forward permanent loan for the development, and its parent company, Merchants Bank, provided a $36.7 million construction loan. Maple Block Lofts is the first project in Michigan to receive the Michigan State Housing Development Authority’s Affordable Housing Tax Increment Financing, which accounts for $6 million of the $14 million in tax-increment financing being granted for the development. More than $12 million was provided in state grants and loans, with strong support from Michigan Economic Development Corp.; the Michigan Department of Environment, Great Lakes and Energy; the City of Petoskey; the Emmet County Brownfield Redevelopment Authority; and numerous local businesses. The project will feature seven garden-style apartment buildings with 18 studios, 72 one-bedroom units and 114 two-bedroom units. Fifty percent of the units will be restricted to residents who earn between 60 percent and 120 percent of the area median income (AMI). Ten percent of the residences will be income- and rent-restricted for those making less than 80 percent …

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Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $22M in Financing for Two Affordable Housing Redevelopments in Salem

by Taylor Williams

SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.

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Monte-Alban-Apts-San-Jose-CA
Affordable HousingCaliforniaLoansMultifamilyWestern

JLL Arranges $30.2M in Refinancing for Monte Alban Apartments in San Jose, California

by Amy Works

SAN JOSE, CALIF. — JLL Capital Markets has arranged $30.2 million in refinancing for Monte Alban Apartments, an affordable housing complex in San Jose. The borrower, The John Stewart Co., received a 35-year, fixed-rate HUD 223(f) cash-out refinancing loan. The refinancing allows for $47,000 per unit in property renovations and upgrades. Located at 1324 Santee Drive, Monte Alban Apartments was built in 1970 and renovated in 2006. The property offers 192 garden-style one-, two-, three- and four-bedroom apartments spread across 12 buildings. Amenities include a community room, laundry facilities, an exercise room, basketball court, two swimming pools and two playgrounds. The community maintains 100 percent occupancy with many long-term tenants and provides rents 40 percent to 60 percent below market rates. Anson Snyder led the JLL Capital Market’s Debt Advisory team in the refinancing.

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