REBusinessOnline

Bellwether Funds $18.5M Loan for Refinancing of Mixed-Income Housing Community in San Antonio

SAN ANTONIO — Bellwether Enterprise Real Estate Capital has funded an $18.5 million Freddie Mac loan for the refinancing of Waters at Elm Creek, a mixed-income housing community located on the north side of San Antonio. The property includes one-, two- and three-bedroom units that are restricted to earners making between 50 and 80 percent of the area median income. Communal amenities include a pool and a 24-hour fitness center. Phil Melton of Bellwether’s Dallas office originated the loan. …

Affordable Housing, Loans, Multifamily, Texas

St. Anton Communities Starts Construction of 196-Unit Affordable Housing Property in Santa Clara

SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years.St. Anton Tasman will …

Affordable Housing, California, Development, Multifamily, Western

Colliers Mortgage Provides $38.5M HUD-Insured Loan for Construction of Affordable Housing Property in Eagan, Minnesota

EAGAN, MINN. — Colliers Mortgage has provided a $38.5 million HUD 221(d)(4) loan for the land acquisition and construction financing of Aster House Apartments, a 204-unit affordable housing property in Eagan. The project is slated to open in summer 2022. All units will be restricted to residents who earn up to 60 percent of the area median income. The loan is fully amortized over 40 years. The borrower was Eagan AH I LLLP.In addition to the HUD-insured first mortgage, the project will …

Affordable Housing, Loans, Midwest, Minnesota, Multifamily

Greysteel Brokers Sale of 150-Unit Affordable Housing Property in El Paso

EL PASO, TEXAS — Greysteel has brokered the sale of Cien Palmas Apartments, a 150-unit Section 8 housing property in El Paso. Built in 1971, the garden-style community is located about eight miles southeast of the downtown area and offers amenities such as a pool, playground, basketball court and onsite laundry facilities. Doug Banerjee and John Marshall Doss of Greysteel represented the seller and the buyer, both of which were private investors that requested anonymity, in the

Acquisitions, Affordable Housing, Multifamily, Texas

Greystone Provides $59M in HUD-Insured Financing for Affordable Housing Portfolio in Harlem

NEW YORK CITY — Greystone has provided $59 million in HUD-insured financing for a portfolio of three affordable housing properties totaling 143 units in Harlem. Proceeds will be used to preserve the affordability of the Section 8 properties and to take out a $45 million bridge loan previously provided by Greystone for the acquisition of the assets. Leor Dimant of Greystone originated the nonrecourse financing, which carries a fixed interest rate, a 35-year term and a 35-year amortization …

Affordable Housing, Loans, Multifamily, New York, Northeast

KeyBank Arranges $47.6M Construction Loan for Affordable Housing Project in Austin

AUSTIN, TEXAS — KeyBank’s Community Development Lending & Investment team has arranged a $47.6 million construction loan for Bridge at Turtle Creek, a 307-unit affordable housing project in south-central Austin. Units will consist of studio, one- and two-bedroom residences that will be reserved for renters earning between 50 and 70 percent of the area median income.The borrower, locally based developer JCI Residential, is developing the property in partnership with an affiliate of …

Affordable Housing, Loans, Multifamily, Texas

The Annex Group to Develop $29M Affordable Housing Community in Indianapolis

INDIANAPOLIS — The Annex Group is developing Union at 16th, a $29 million affordable housing community in Indianapolis. Located at 2215 W. 16th St., the 159-unit property will feature one-, two- and three-bedroom floor plans. Annex has closed on project financing and will begin construction immediately. Completion is slated for winter 2021. Project partners include T&H Investment Properties LLC and the Indiana Housing & Community Development Authority. The City of Indianapolis gave …

Affordable Housing, Development, Indiana, Midwest, Multifamily

NRP Group Breaks Ground on 179-Unit Workforce Housing Project in New Rochelle, New York

NEW ROCHELLE, N.Y. — The NRP Group has broken ground on Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. The project will also includes the construction of a 23,400-square-foot Boys & Girls Club facility that will feature a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group is developing the project in partnership with Guion Renaissance …

Affordable Housing, Development, Multifamily, New York, Northeast

Alta Housing Breaks Ground on $46.3M Wilton Court Affordable Housing Project in Palo Alto

PALO ALTO, CALIF. — Alta Housing (formerly Palo Alto Housing), a nonprofit affordable housing developer, has broken ground on Wilton Court, a 100 percent affordable housing community in Palo Alto.Located at 3705 El Camino Real, the four-story property will feature 59 units offering independent living for a mix of single- and two-person households earning between 30 percent and 60 percent of the area median income. Twenty-one of the units are reserved for adults with intellectual or …

Affordable Housing, California, Development, Multifamily, Western

KeyBank Structures $86.8M in Financing for Acquisition, Renovation of Affordable Housing Property in Columbus

COLUMBUS, OHIO — KeyBank has structured $86.8 million in financing for the acquisition and renovation of Crosswinds Village, a 232-unit affordable housing property in Columbus. Built in 1999, the property spans 21 buildings. Cleveland-based real estate development and construction firm PIRHL acquired the property in conjunction with the Columbus Metropolitan Housing Authority. The buyers plan to renovate the units and community areas as well as preserve the property’s affordable housing …

Affordable Housing, Loans, Midwest, Multifamily, Ohio
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