LACEY, N.J. — New Jersey-based developer Walters has completed Cornerstone at Lacey III, a 70-unit affordable housing project located near the Jersey Shore. The building is part of the larger development that consists of 23 buildings totaling 188 units in one-, two- and three-bedroom floor plans. Residences are reserved for households earning 60 percent or less of the area median income. Amenities include a clubhouse with computer workstations, fitness center, children’s tot lot, barbecue and picnic area and a basketball half court. Residents also have access to a staffed social services coordinator upon request.
BEAUMONT, TEXAS — FTK Construction Services has begun the renovation of Seville Apartments, a 90-unit affordable housing complex in Beaumont that was built in 1980. The renovation will upgrade flooring, paint, appliances, countertops, cabinets and bathrooms in unit interiors; other updates will apply to roofing, HVAC systems and amenity spaces. The rehabilitation will also ensure the preservation of the property’s affordability status. Benton Design Group is the architect for the project, which is expected to last about 12 months. Denver-based Steele Properties owns Seville Apartments.
CHESAPEAKE, VA. — Fairstead has acquired MacDonald Manor, a 152-unit affordable housing community in Chesapeake, with plans for a $26 million rehabilitation of the property. In partnership with Chesapeake Redevelopment and Housing Authority (CRHA), Virginia Housing and Hudson Housing Capital, Fairstead will finance the acquisition and rehabilitation of MacDonald Manor through a federal program that combines elements of HUD’s Rental Assistance Demonstration (RAD) and Section 18 programs to ensure reinvestment in the community, while preserving affordability for residents. Originally built in 1972, MacDonald Manor features three one-bedroom units, 114 two-bedroom units and 35 three-bedroom units that are reserved for residents earning 60 percent or less of the area median income (AMI). Renovations are set to commence this fall, with completion scheduled for fall 2027. Interior renovations will include modern lighting and plumbing fixtures, stainless steel appliances and new flooring and paint. Exterior improvements will consist of fresh landscaping, the repair of building facades and upgraded roofs and windows. Enhancements will also be made to the leasing office, maintenance and community buildings, mailboxes and the basketball court, as well as with the addition of a new playground. Fairstead recently announced the $10 million revitalization of another public housing community in Chesapeake: the …
NEW YORK CITY — Merchants Capital has provided $25.2 million in financing for Westbeth Artists Housing, a 384-unit affordable housing property located in the West Village area of Lower Manhattan. The historic property, which was originally constructed for Western Electric in 1868, is known as “artist housing,” via its inclusion of 46 affordable artistic workspaces that can be used as rehearsal studios or for arts programming and exhibitions. Financing proceeds will be used to recapitalize the property’s debt structure and fund capital improvements such as new roofs, elevators, windows and radiators, as well as restoration of the historic façade and full renovation of 32 apartments. The borrower was not disclosed.
GAINESVILLE, FLA. — KeyBank Community Development Lending and Investment has provided a $13 million construction loan to National CORE, a nonprofit developer, to finance Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville. KeyBank Commercial Mortgage Group also provided a $6.5 million Freddie Mac permanent loan for the project. National CORE also secured additional funding from Red Stone, which provided Low-Income Housing Tax Credit (LIHTC) equity and bonds from the Florida Housing Finance Corp. The property qualifies for tax abatement, which provides tax exemption for nonprofit-owned properties that commit to using it for providing affordable housing for a minimum of 99 years. Hawthorne Heights will serve seniors age 62 and older, with five units specifically set aside for individuals with special needs. The five-story building will be constructed on a 3-acre site, and, in addition to the special-needs units, will offer three apartments for residents earning no more than 22 percent of the area median income (AMI), nine apartments for households earning up to 40 percent of AMI and 74 apartments for households earning 60 percent or below AMI. Completion of Hawthorne Heights is slated for November 2026, and the lease-up period is expected to begin in August 2026. National …
NORTH LAS VEGAS, NEV. — The NRP Group has broken ground on North & Valley, an affordable housing development in North Las Vegas. Completion is slated for April 2027. The community will offer 105 units reserved for tenants earning between 50 and 60 percent of the area median income. According to the City of North Las Vegas, residents’ average yearly income is $75,459. The development site spans 5 acres and will comprise two four-story buildings with a mix of one-, two- and three-bedroom residences. Amenities will include a resort-style pool, a rooftop terrace lounge on the fourth floor with seating and views, and an outdoor playground. Financing for North & Valley includes tax credit equity from US Bank, a construction-to-permanent loan from Deutsche Bank, funds from the Nevada Housing Division, Clark County HOME and CHF funds, and City of North Las Vegas HOME funds. By the end of this year, The NRP Group will have broken ground on approximately 1,200 units across four developments in the Las Vegas market.
NEW YORK CITY — Douglaston Development is nearing completion of a $320 million multifamily project at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn. The 17-story building will have 456 units, 138 units of which will be reserved as affordable housing, as well as 31,000 square feet of retail space. Units will come in one-, two- and three-bedroom floor plans. Amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck, as well as 31,000 square feet of ground-floor retail space. Construction topped out last February. Leasing will begin in the coming weeks.
STEPHENVILLE, TEXAS — Greysteel has brokered the sale of Riverwalk Townhomes, a 76-unit affordable housing complex in Stephenville, about 80 miles southwest of Fort Worth. Built on 14 acres in 2004, Riverwalk Townhomes offers two-, three- and four-bedroom residences, specific income restrictions of which were not disclosed. Amenities include a pool, playground, fitness room, computer lab and outdoor grilling and dining stations. The developer, Tejas Housing Group, sold the property to an undisclosed, Dallas-based investor.
PORTLAND, ORE. — Portland-based multifamily owner-operator Guardian has acquired a portfolio of 15 multifamily properties totaling 3,050 units in Oregon and New Mexico for $497 million. The deal represents the company’s largest transaction and one of the larger deals in the United States year-to-date, according to Guardian. Each property in the portfolio was built after 2000 using Low Income Housing Tax Credits (LIHTC) but after the end of the program’s 15-year compliance period, thus the properties were at risk of market-rate conversion. Guardian will voluntarily convert a portion of the portfolio’s units to income-restricted housing that is reserved for renters earning 60 percent or less of the area median income (AMI). The seller was not released. “This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” says Tom Brenneke, president of Guardian. The company purchased the portfolio in two tranches. The first was with capital partner AEW for two Portland-area communities spanning 310 units. The second phase comprised the other 13 properties, which span 2,740 units in the metro areas of Portland and Albuquerque, N.M. Guardian partnered with National Equity Fund (NEF) and JPMorgan Chase on the second tranche. “Partnering …
BOSTON — M&T Realty Capital Corp. has provided $44.8 million in financing for 247 Hancock, a 47-unit mixed-income housing project that will be located in the Dorchester area of Boston. The six-story building will offer studio, one-, two- and three-bedroom units. Amenities will include a fitness studio, tenant lounge and rooftop deck. The financing includes a $6.3 million Freddie Mac unfunded forward commitment under the 9 percent Low-Income Housing Tax Credit program, a $19.2 million construction loan and a $19.3 million tax credit equity investment, with the latter two components being executed by M&T Bank. Construction is slated for an early 2027 completion.
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