NEW YORK CITY — Berkadia has provided a $219 million Fannie Mae permanent loan for the rehabilitation and preservation of Rangel Houses, a 984-unit affordable housing community in Upper Manhattan. Rangel Houses was originally built on 11 acres in 1951 as Colonial Park Houses and was renamed in 1977 in honor of tenant association president Ralph Rangel. Today, the community comprises eight high-rise buildings that are home to roughly 1,800 people. All units are reserved for households earning 80 percent or less of the area median income, with the majority (954 units) designated for “very low-income” residents. Rangel Houses also features playgrounds and open space, commercial space and specialized centers for seniors and children of varying ages. Matthew Baptiste and Heather Olson of Berkadia originated the financing in partnership with the New York City Housing Authority, the New York City Housing Development Corp. and Goldman Sachs on behalf of the owner, Genesis Cos. The loan was structured with a 15-year term, five years of interest-only payments and a 40-year amortization schedule.
ASHTABULA, OHIO — Jonathan Rose Cos. and Community Opportunity Fund (COF) have unveiled plans for a $32.8 million rehabilitation of Ashtabula Towers, a 202-unit affordable seniors housing community in Ashtabula. The property was developed in the 1970s. the renovation will address building systems, resident amenities and in-unit improvements. The project will preserve access to affordable housing for households earning up to 60 percent of the area median income, while existing Section 8 affordability commitments will be extended for an additional 20 years. KeyBank Community Development Lending and Investment is serving as both investor and permanent lender, with additional financing provided through tax-exempt bonds issued by the Ashtabula City Port Authority and tax credits allocated by the Ohio Finance Agency. COF secured a $3.9 million Community Project Funding grant, which will fund upgrades to the building’s heating and cooling systems.
BALTIMORE — McCormack Baron Salazar, an affordable housing developer and operator based in St. Louis, and the Housing Authority of Baltimore City have closed on financing for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes in East Baltimore. Phases 5A and 5B, representing approximately $87 million in development costs, will include 111 income-restricted and 39 market-rate units. The first three phases of Perkins Square included 411 mixed-income units delivered between 2024 and 2025, while the 154-unit fourth phase is under construction with completion slated for 2027. Perkins Square is replacing Perkins Homes, a 629-unit public housing community built in 1942. Demolition began in 2021 as part of Baltimore’s broader Perkins-Somerset-Oldtown Transformation Plan, a 244-acre redevelopment backed by HUD Choice Neighborhoods funding that is replacing the former public housing while adding mixed-income residences, infrastructure, parks and a new school. Phase 5A will include 60 apartments with a total development cost of approximately $41.6 million. Phase 5B, with 90 apartments, carries a cost of approximately $45.7 million. Tenants in 67 of the planned 150 apartments will receive rental assistance through the Housing Choice Voucher Program, formerly known as Section 8, as part of …
RENO, NEV. — Reno-based Metcalf Builders has broken ground on Skyline Flats, an affordable housing development in Reno. Developed in partnership with Dominium, the 570,663-square-foot community will feature 14 residential buildings offering a total of 402 apartments. Residences will offer in-unit laundry and modern finishes. The property will feature sustainable components, including an onsite solar energy system to offset common-area and operational energy demands. Additionally, the community will incorporate modern energy-efficiency, accessibility and life-safety standards throughout. Construction of Skyline Flats is underway, with completion slated for January 2029.
WAUWATOSA, WIS. — Kraus-Anderson has completed Waterfair Apartments in the Wauwatosa Research Park District. Designed by Continuum Architects + Planners, the 124,072-square-foot renovation and adaptive reuse project converted an eight-story, 198-room hotel and convention space (Sonesta Hotel) into 146 affordable residences. The development is near Wauwatosa Milwaukee Regional Medical Center and the Milwaukee Regional Innovation Center. Amenities at the project include a community room, fitness center, media room, coffee lounge, conference and study rooms, a large patio and dedicated commercial office space. Samapa Development was the developer. Construction began in January 2026.
MCKINNEY, TEXAS — April Housing, Blackstone Real Estate’s affordable housing division, is underway on the $19.3 million renovation of Skyway Villas, a 232-unit complex in the northern Dallas suburb of McKinney. The 13-buiding community was constructed in 2003. The renovation is part of a re-syndication that will preserve the property’s affordability status for another 30 years. Upgrades will include new flooring and countertops, fresh exterior painting, new water heaters and HVAC systems, accessibility improvements and enhancements and additions to the residential amenities.
FARGO, N.D. — The Annex Group has unveiled plans to build Central at the Horizon, a 262-unit affordable housing property in Fargo. The units will be designated for households earning up to 60 percent of the area median income. The project will consist of four stories of residential units above a one-story parking garage. Amenities will include a community center, fitness center, business center, play area and picnic area. Partners on the project include BVH Architecture, Summit LIHTC Consulting, MBN Engineering, Braun Intertec and Impact Housing Indiana Corp. The City of Fargo and The State of North Dakota Department of Commerce approved Renaissance Zone tax abatements for the development. The North Dakota Housing Finance Agency (NDHFA) provided $3 million though the state’s Housing Incentive Fund program. WNC provided $38 million in total equity, while Citi Community Capital provided ore than $36 million in permanent debt financing as well as $66 million in construction financing. NDHFA issued 4 percent tax credits and $47.5 million in tax-exempt multifamily housing bonds. The project, slated to open in summer 2028, marks Annex’s first community in North Dakota.
CHICAGO — Habitat and Cabrera Capital, in partnership with the Chicago Housing Authority (CHA), have broken ground on the first residential phase of the redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Replacing a 32-acre site in Chicago’s Garfield Ridge community, the multi-phase project will ultimately include up to 700 residential units, approximately 440,000 square feet of commercial space and publicly accessible open space. The first phase includes two six-story buildings comprising 183 apartments offered in a mix of studio, one-, two- and three-bedroom floor plans. Ninety percent of the homes will be designated as affordable through income and rent restrictions supported by public financing for qualifying low- and moderate-income residents, while the remaining units will be offered at market rate. Funding sources for the $119 million first phase include a $27 million capital loan from CHA, $9.5 million in city multifamily program funds, $5.5 million in tax-increment financing, $33.7 million in Low-Income Housing Tax Credit equity, $1.3 million in Illinois Affordable Housing Tax Credit equity and a $1.2 million deferred developer fee. The financing structure brings together the CHA, the city, Bank of America and other mission-driven investment partners. …
NEW YORK CITY — A partnership between The New York City Housing Authority, Fairstead, BRP Cos., Urbane and the Local Development Corp. of East New York has completed the $636 million rehabilitation of Reid Apartments and Park Rock, two affordable housing communities in Brooklyn. Located on the east side of the borough, Reid Apartments & Park Rock comprise 1,696 affordable housing units across 87 buildings that are home to roughly 3,000 people. Upgrades covered unit interiors and building exteriors, as well as mechanical and utility systems, security measures and resident services. The project also preserves the communities’ affordability status. Specific renovations included upgraded kitchens and bathrooms, new floors, appliances, fixtures and finishes, as well as modernized heating and ventilation systems, restored building facades, enhanced security infrastructure and elevator upgrades. The project also introduced upgraded lobbies and common areas, new storefronts, new community spaces, free community-wide Wi-Fi, fresh landscaping and improvements to outdoor amenity spaces. Lastly, residents now have access to expanded support services such as case management, healthy food programs, workforce development opportunities, youth programming and senior services.
NEW YORK CITY — Merchants Bank has provided $27.5 million in bridge financing for the acquisition and rehabilitation of Restore Housing Apartments, a 138-unit affordable housing complex in Brooklyn. The borrower is local owner-operator Tredway. The property offers one-, two-, three- and four-bedroom apartments that are reserved for households earning 50 percent or less of the area median income. The capital improvements, which are valued at $10 million and will preserve the property’s affordability status for another 99 years, will include new lobbies, kitchens, bathrooms, energy-efficient appliances and a rooftop solar installation. Merchants Capital arranged the financing.
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