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.
INDIANAPOLIS — The Annex Group has broken ground on Central at Old Southside, a 227-unit affordable housing community just south of downtown Indianapolis. The $71 million project will offer one-, two- and three-bedroom units to households earning between 50 and 60 percent of the area median income. Amenities will include a community center, fitness center, business center, dog park, garden area, playground and picnic area. Annex’s partnership with the McKenzie Center for Innovation and Technology will create hands-on learning and career development opportunities for locals through Annex University, an initiative launched earlier this year. Project partners for Central at Old Southside include BVH Architecture, CEC as civil engineer and Impact Housing Indiana Corp., an organization dedicated to supporting residents of affordable housing communities within Annex’s portfolio. The City of Indianapolis awarded the project with a 15-year PILOT, and Indiana Housing and Community Development Authority (IHCDA) provided $500,000 in soft funding as well as $33.5 million in tax-exempt bonds. Bank of America provided approximately $30 million in total equity as well as $53 million in construction financing, while Merchants Capital provided more than $30.7 million in permanent debt financing.
DES MOINES, IOWA — The Annex Group has completed Union at Rivers Edge, an affordable housing community in Des Moines with 216 units. The one-, two- and three-bedroom units are reserved for households earning at or below 60 percent of the area median income. Amenities at the $62.9 million project include a community center complete with a fitness center, business center and onsite leasing. Outdoor amenities include a playground, community terrace, dog walking area and parking. Residents will receive complimentary transit passes for the Des Moines Area Regional Transit Authority, which will have a bus stop adjacent to the development. Partners on the project include Civil Design Advantage as the civil engineer, ASK Studio as the architect, Summit LIHTC Consulting and Impact Housing Indiana. Affiliates of Annex Group completed construction and will provide property management services for the community. Financing partners include WNC for over $24 million in low-income housing tax credits equity, Cedar Rapids Bank and Trust for tax-exempt bond financing of over $32 million, Iowa Finance Authority for tax-exempt bond allocation and the City of Des Moines for tax-increment financing, tax abatement and $300,000 American Rescue Plan Act funds.
MOUNTAIN VIEW, CALIF. — Alta Housing has broken ground on La Bella, an affordable multifamily property in Mountain View’s Terra Bella neighborhood. Located at 1020 Terra Bella Ave. on a former industrial area, La Bella will feature 108 studio, one-, two- and three-bedroom apartments, each with secure storage space. Completion is slated for second-quarter 2028. Twenty-seven apartments will be reserved for households transitioning out of homelessness through California’s Santa Clara County’s Rapid Rehousing Program. Twenty-three units will include Section 8 Project-based vouchers, providing long-term housing stability for residents, and 10 apartments will be reserved for individuals with developmental disabilities. Income limits for La Bella will range from 30 percent to 60 percent of area median income. The six-story, all-electric building will include a ground-floor lobby and a multipurpose community room that opens onto a landscaped third-floor courtyard. The design incorporates children’s play areas, raised garden beds for community gardening, onsite laundry facilities and offices for property management, resident services and supportive services staff. Additionally, the property will offer 96 car parking spaces and 108 bicycle parking spots. The development team includes Van Meter Williams & Pollak as architect, Nibbi Brothers General Contractors, Alta Housing and Housing Choices Coalition as social services …
NEWPORT NEWS, VA. — Merchants Capital has arranged $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit affordable housing property located in Newport News. Merchants Capital secured a $62.8 million HUD 221(d)(4) loan and $35 million in equity bridge loans provided by Merchants Bank, an affiliate of Merchants Capital. Stuart Gardens’ capital stack also includes low-income housing tax credit (LIHTC) equity, federal and state historic tax credits and Green and Resilient Retrofit Program (GRRP) financing via HUD for energy efficient improvements. The current owner and developer, Vitus Group, is leading the rehabilitation of the property, which will include exterior improvements like a new playground, connections to an adjacent park and walking path, and fresh roofing, siding and exterior doors and windows. In-unit repairs will include the replacement of existing flooring, updated appliances, new kitchen cabinetry and updated bathrooms. Stuart Gardens comprises 109 two-story buildings. All residential units are reserved for families earning 60 percent of the area median income (AMI) under a Section 8 Housing Assistance Payment (HAP) contract. Built in 1941 by the Defense Homes Corp. during World War II, the property has been designated as a historic property by the Virginia Board of Historic Resources. Upon …
ALEXANDRIA, VA. — A public-private partnership between Fairstead, Harkins, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has topped out the $120 million redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. Upon completion, the six-story, 295,000-square-foot mixed-use project will feature 207 affordable housing residences reserved for families earning between 30 and 80 percent of the area median income (AMI). As part of the building initiative, the project includes efforts to record and preserve the stories of current and former residents, with a goal of capturing at least 10 oral histories. Key archaeological findings will be showcased in brochures and interpretive signage across the community. Planned for completion in 2027, the project will feature community gathering spaces, a new neighborhood food hub operated by ALIVE!, as well as other amenities designed to support residents and the broader Alexandria community like a new creative studio for podcast recording, a game room with free high-speed internet access, an interior courtyard and energy- and water-efficient design strategies developed in partnership with the Virginia Center for Housing Research at Virginia Tech.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $45 million sale of Hudson View II and III, a four-building affordable housing portfolio in Upper Manhattan. The building are located at 520 W. 145th St., 528 W. 145th St., 1704 Amsterdam Ave. and 502-504 W. 145th St. and comprise 129 Section 8 residential units and 11 retail spaces. Victor Sozio, Shimon Shkury and Remi Mandell of Ariel represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.
COUNCIL BLUFFS, IOWA — The Annex Group has opened Union at Bluffs Run, a 192-unit affordable housing community in Council Bluffs. The $58.2 million property features one-, two- and three-bedroom units that are restricted to households whose income level is at or below 60 percent of the area median income. Amenities include a community room, fitness center, playground, dog walking area and picnic area. Partners on the project include DCCM, Snyder and Associates and the City of Council Bluffs. Merchants Capital provided more than $22 million in total equity and over $24 million in permanent debt financing. Merchants Bank provided more than $40 million in construction financing. Fannie Mae was also a partner. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds. Impact Housing Indiana is an organization dedicated to supporting residents of affordable housing communities within The Annex Group portfolio.
SALEM, MASS. — Related Cos. is underway on the $38 million renovation of Loring Towers, a 250-unit affordable housing community located north of Boston in Salem that was built in 1974. Interior upgrades will cover floors, kitchen appliances and countertops and bathroom tubs, sinks and vanities. Related will also upgrade the lobby, community room and management office, repave the parking lot and add a carport structure. Lastly, ownership will replace the building’s roof and plumbing systems, enhance the security and HVAC systems, update the windows and elevators and install a basketball court and a new children’s playground. The renovations, which are expected to be complete in 2028, serve to preserve the property’s affordability status through 2056.
LAWRENCE, MASS. — Northmarq has provided a $22.8 million Fannie Mae acquisition loan for Elora Flats & Townhomes, a 104-unit affordable housing complex in Lawrence, a northern suburb of Boston. Built in 2009, Elora Flats & Townhomes comprises six four-story buildings with 48 one-bedroom units, 23 two-bedroom residences and 33 three-bedroom apartments. All units are reserved for households earning 80 percent or less of the area median income. Kevin Sykes, Ed Riekstins and Jeffrey Munoz of Northmarq originated the loan through Fannie Mae’s Delegated Underwriting Service (DUS) program on behalf of the borrower, Arrowpoint Properties.
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