REBusinessOnline

Palladium Underway on 87-Unit Mixed-Income Multifamily Property in Northwest Dallas

DALLAS — Palladium USA, a locally based affordable housing developer and operator, is underway on construction of an 87-unit mixed-income property at 2440 Southwell Road in northwest Dallas. The affordable component of the project will include units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, dog park, hiking trails, conference room, computer lab, kid’s playroom and a fitness center. HEDK is the project architect, …

Affordable Housing, Development, Multifamily, Texas

JLL Brokers $93.5M Sale of Affordable Housing Community in Bolingbrook, Illinois

BOLINGBROOK, ILL. — JLL Capital Markets has brokered the $93.5 million sale of Riverstone Apartments, a 789-unit affordable housing community in the southwest Chicago suburb of Bolingbrook. The property underwent a significant redevelopment between 2005 and 2007 using low-income housing tax credit equity. Amenities include a clubhouse, two outdoor pools, two fitness centers, volleyball and soccer courts, a media center, playground, business center and dog park. Doug Childers, Marty …

Acquisitions, Affordable Housing, Illinois, Midwest, Multifamily

Montrose Center Opens 112-Unit Law Harrington Senior Living Center in Houston

HOUSTON — The Montrose Center (TMC), a locally based owner-operator that offers health, mental wellness, education and housing services for Houston’s LGBTQ community, has opened Law Harrington Senior Living Center, a 112-unit independent living facility in Houston. The project, valued at $26.5 million, is currently the largest LGBTQ-affirming seniors housing community in the United States and the only one in Texas, according to TMC. Units are available in one- and two-bedroom formats and …

Affordable Housing, Development, Multifamily, Seniors Housing, Texas

WinnCos. Buys Historic Housing Complex in Philadelphia, Plans $23.7M Renovation

PHILADELPHIA — WinnCos., a developer and operator of affordable and market-rate housing, has purchased Carl Mackley Houses, a historic housing complex in Philadelphia, with plans to implement a $23.7 million renovation. The property, which is located on the city’s northeast side and currently houses 184 affordable housing units, originally opened during the Great Depression era. Named for Carl Mackley, a 22-year-old union worker who was shot and killed on March 6, 1930 while supporting a …

Acquisitions, Affordable Housing, Development, Multifamily, Northeast, Pennsylvania

George Smith Partners Secures $58M in Construction Financing for Mixed-Use Project in Culver City, California

CULVER CITY, CALIF. — George Smith Partners has secured $42 million in senior construction debt from a life insurance company capital provider and assisted in obtaining $16 million in preferred equity for a seven-story mixed-use development in Culver City. The borrower is GR Properties USA.The development will feature 139 apartments, including 14 affordable units, in a mix of studio, one- and two-bedroom layouts. Community amenities will include a swimming pool, clubhouse and fitness …

Affordable Housing, California, Loans, Mixed-Use, Multifamily, Retail, Western

KeyBank Provides $18.4M in Financing for Mixed-Income Multifamily Property in Colorado Springs

COLORADO SPRINGS, COLO. — KeyBank Community Development Lending and Investment (CDLI) has provided an $18.4 million bridge loan to TWG for the renovation and update of an apartment community in Colorado Springs.Built in 2003, Rosemont on Shadow Mountain features 144 mixed-income units, with 86 rent-restricted apartments and 58 market-rate units, spread across seven three-story, garden-style buildings. TWG plans to update the units, while preserving the affordability of the property. Once …

Affordable Housing, Colorado, Loans, Multifamily, Western

R.D. Olson Breaks Ground on 64-Unit Affordable Housing Community in South Los Angeles

LOS ANGELES — R.D. Olson Construction has broken ground for West Terrace, a sustainable affordable multifamily property located at 6576 Southwest Blvd. in South Los Angeles. R.D. Olson is partnering with A Community of Friends, a nonprofit developer, and FSY Architects for the project.Totaling 52,300 square feet, West Terrace will offer 14 studio, 29 one-bedroom and 20 two-bedroom units, plus one three-bedroom unit. On-site amenities will include a community room, laundry facilities, …

Affordable Housing, California, Development, Multifamily, Western

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Housing Property in Pomona, California

POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona.Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL.The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing …

Affordable Housing, California, Loans, Multifamily, Seniors Housing, Western

Merchants Capital Provides $18.2M Loan for Affordable Seniors Housing Property in Harlem

NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance …

Affordable Housing, Loans, Multifamily, New York, Northeast, Seniors Housing

Spaxel Acquires Workforce Housing Property in Marietta, Georgia for $45M

MARIETTA, GA. — New York City-based Spaxel has acquired the Hills at East Cobb, a 266-unit workforce housing property in Marietta, for $45 million. The multifamily residential complex is located at 1716 Terrell Mill Road, just 1.5 miles from Truist Park, home to the Atlanta Braves.John Kevill, Wes Boatwright, Dean Sands and Casey Keitchen of Avison Young arranged $16.4 million in limited partner equity from Sound Mark Partners, a Greenwich, Conn.-based commercial real estate investment …

Acquisitions, Affordable Housing, Georgia, Multifamily, Southeast
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