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Affordable Housing

900-Morrissey-Blvd.-Boston
Affordable HousingDevelopmentHospitalityLoansMassachusettsMultifamilyNortheast

MassHousing Provides Financing for Affordable Housing Redevelopment Project in Boston

by Taylor Williams

BOSTON — MassHousing has provided an undisclosed amount of financing for an affordable housing redevelopment project in Boston. The project will convert the former Pine Street Inn at 900 Morrissey Blvd. in the Dorchester area into a 99-unit apartment complex whose units will be reserved for households earning 30 percent or less of the area median income. The Community Builders is the developer of the project, which will include office and community spaces on the ground floor. Other project partners include BWA Architecture and Commodore Builders. Financing for the project stems in part from a $24 million bond issued by MassHousing that was purchased by Eastern Bank. Completion is slated for mid-summer 2025.

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Mission-Gorge-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentLoansMultifamilyWestern

Impact Housing, Verbena Road Holdings Obtain $112.2M in Financing for Affordable Housing Project in San Diego

by Amy Works

SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.

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Affordable HousingDevelopmentIowaMidwestMultifamily

Annex Group to Build $55.1M Affordable Housing Community in Dubuque, Iowa

by Kristin Harlow

DUBUQUE, IOWA — The Annex Group has unveiled plans to build Union at the Marina, a $55.1 million affordable housing community in Dubuque. The 201-unit property will be designated for households whose income level is at or below 70 percent of the area median income. Union at the Marina will feature two four-story buildings with one-, two- and three-bedroom units. Amenities will include a playground, community center, fitness center, picnic area and dog walking area. Completion is slated for fall 2026. Project partners include ASK Studio; Axiom Consultants; Impact Housing Indiana Corp.; the City of Dubuque, which provided acquisition grants, tax-increment financing and lift station upgrades; WNC, which provided around $21 million in total equity; and Piper Sandler, which provided more than $24 million in permanent debt financing as well as $36 million in construction financing.  

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AcquisitionsAffordable HousingMidwestMinnesotaMultifamilySeniors Housing

Marcus & Millichap Brokers $5.5M Sale of Affordable Senior Living Property in St. Cloud, Minnesota

by Kristin Harlow

ST. CLOUD, MINN. — Marcus & Millichap has brokered the $5.5 million sale of Westwind Apartments, a 60-unit affordable senior living property in St. Cloud, a city in central Minnesota. Located at 765 Savanna Ave. and built in 2004, the community offers a mix of one- and two-bedroom units across 55,686 rentable square feet. Chris Collins, Evan Miller and Eric Wagner of Marcus & Millichap represented the seller, a Minnesota partnership, and procured the buyer, a North Dakota partnership.

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Affordable HousingDevelopmentKentuckyMultifamilySeniors HousingSoutheast

Woda Cooper, Partners Break Ground on 76-Unit Affordable Seniors Housing Project in Louisville

by John Nelson

LOUISVILLE, KY. — Co-developers Woda Cooper Cos., Wellspring Inc. and Smith Solutions have started construction on Bridlewood Crossing, a new, 76-unit affordable housing community in Louisville for residents age 55 and older. Apartments at the property will be reserved for residents at a mix of incomes up to 70 percent of area median income (AMI). The apartment complex, located at 7945 3rd Street Road, will offer a mix of one- and two-bedroom units, where 23 units will be prioritized for seniors who are disabled, homeless or at risk of homelessness. Several more units will offer features for residents with mobility, sight or hearing disabilities. Capital partners involved with this development include the Louisville Metro Government, Louisville Affordable Housing Trust Fund, Kentucky Housing Corp. (KHC), Ohio Capital Corp. for Housing, Stock Yards Bank & Trust and Cedar Rapids Bank & Trust.  The project team consists of Blomquist Design Group (civil engineer), Grimm Architecture and Woda Construction (general contractor). Woda Management & Real Estate will lease and manage Bridlewood Crossing.

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Affordable HousingDevelopmentIowaMidwestMultifamily

Annex Group Breaks Ground on $58.2M Affordable Housing Community in Council Bluffs, Iowa

by Kristin Harlow

COUNCIL BLUFFS, IOWA — The Annex Group has broken ground on Union at Bluffs Run, a $58.2 million affordable housing community in Council Bluffs. The 192-unit property will feature one-, two- and three-bedroom units for households whose income level is at or below 60 percent of the area median income (AMI). Plans call for four three-story buildings and an additional single building that will house a community room, fitness center and leasing office. Additional amenities will include a playground, dog walking area and picnic area. Partners on the project include: RQAW; Snyder and Associates; the City of Council Bluffs; Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing; Merchants Bank, which provided more than $40 million in construction financing; and Fannie Mae. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds. Union at Bluffs Run is expected to open in fall 2026. The project marks the fourth affordable housing community in Iowa for The Annex Group.

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Affordable HousingDevelopmentIndianaMidwestMultifamily

Sullivan Development Breaks Ground on 34-Unit Willow Creek Villas in Winamac, Indiana

by Kristin Harlow

WINAMAC, IND. — Sullivan Development LLC has broken ground on Willow Creek Villas, a 34-unit affordable housing community in Winamac, a city in northwest Indiana. The development site is within walking distance of a shopping plaza and the largest grocery store in the county, Sanders Foods. Completion is slated for late 2025, and the $9.9 million project will include five buildings. The Indiana Housing and Community Development Authority awarded tax credits through the 2024 Rental Housing Tax Credit General Set-Aside. The project is made possible through collaboration with local partners, including Winamac Town Manager Brad Zellers, Nathan Origer of the Pulaski County Community Development Commission, Charles Mellon Jr. of the Pulaski County Board of Commissioners, and service partners Community Foundation of Pulaski County and PEAK Community Services.

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Affordable HousingDevelopmentMidwestMultifamilyNorth Dakota

WNC, BlueLine Break Ground on 110-Unit Affordable Housing Development in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — WNC & Associates and BlueLine Development, along with partner Fargo Housing Redevelopment Authority, have closed a deal to commence construction on Lashkowitz Riverfront Apartments, a 110-unit affordable housing development in Fargo. The new project will replace an older affordable housing community on the same lot. Once the tallest building in Fargo, the previous 22-story property lost its efficiency, was vacated and demolished by implosion in September 2023. The new development will feature four upper levels of affordable housing and a ground floor with commercial space. Amenities will include community rooms, lounges, a rooftop patio, exercise room and free laundry. As a fully Section 8 community, Lashkowitz Riverfront Apartments will serve families earning between 30 and 50 percent of the area median income. The unit breakdown includes 52 one-bedroom units, 36 two-bedroom units and 22 three-bedroom residences. The property will overlook the Red River in the middle of downtown Fargo, bordering the Minnesota state line. The deal was structured with 4 percent and 9 percent Low-Income Housing Tax Credits, with financing from the North Dakota Housing Finance Agency Housing Trust Fund and Fargo Housing Capital Fund. Completion is slated for December 2025.

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58-Vanderbilt-Ave.-Brooklyn
Affordable HousingLoansMultifamilyNew YorkNortheast

Greystone Provides $32M CMBS Loan for Refinancing of Brooklyn Affordable Housing Complex

by Taylor Williams

NEW YORK CITY — Greystone has provided a $32 million CMBS loan for the refinancing of a 90-unit affordable housing complex in the Clinton Hill neighborhood of Brooklyn. The building at 58 Vanderbilt Ave. was completed in 2023 and features studio-, one- and two-bedroom units. Amenities include a rooftop terrace, business center and a recreation room, and the building houses two commercial spaces on the ground floor. Rose Schwartz and Gabby Gutwein of Everest Equity arranged the loan, which was structured with a 51 percent loan-to-value ratio, a five-year term and a 30-year amortization period. The borrower was not disclosed.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

McShane, Ashlaur Complete 76-Unit Affordable Housing Building for Visually Impaired Residents in Chicago

by Kristin Harlow

CHICAGO — A joint venture between McShane Construction Co. and Ashlaur Construction has completed The Foglia Residences in Chicago. Brinshore Development and The Chicago Lighthouse developed the 76-unit affordable housing building for residents who are blind, visually impaired, disabled and veterans. The development marks the first Low-Income Housing Tax Credit building in the nation for the blind community, according to McShane. Situated on a site adjacent to The Chicago Lighthouse’s center in the Illinois Medical District, the podium-style building features nine stories with three levels of parking, six levels of units and first-floor retail space. Units are offered in studio, one- and two-bedroom floor plans. Income restrictions were not provided. Amenities include a fitness center, community room, fourth-floor rooftop terrace, dog run and playground. The common areas offer contrasting colors, lit braille unit signage, handrails, braille wallpaper, braille numbering on mailboxes, contrasting flooring in front of unit doors and elevators with audible signals. LBBA was the architect.

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