Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has opened Holley Pointe, an affordable housing community located at 622 Effingham St. in downtown Portsmouth. The property features 50 two- and three-bedroom apartments reserved for residents earning up to 30 to 80 percent of area median income. Rents are $350 to $1,135 per month depending on the unit size and income restriction. Designed by Hooker DeJoung Architecture, community spaces at Holley Pointe include a community room with a kitchen, …

August 12, 2022Affordable Housing, Development, Southeast, Virginia

CBRE Brokers $48.6M Sale of Apartment Community in West Covina, California

WEST COVINA, CALIF. — CBRE has arranged the sale of Atrium at West Covina, a 138-unit multifamily property located at 1829-1841 E. Workman Ave. in West Covina. Langdon Park Capital acquired the asset from an affiliate of Abacus Capital Group for $48.6 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Built in 1962 and 1963, Atrium at West Covina features swimming pools, a fitness center and social areas. The community offers mostly two- and …

August 12, 2022Acquisitions, Affordable Housing, California, Multifamily

Colliers Mortgage Provides $7.3M Construction Loan for Fort Worth Affordable Housing Project

FORT WORTH, TEXAS — Colliers Mortgage has provided a $7.3 million HUD-insured construction loan for Avenue at Sycamore Park, a multifamily project in Fort Worth that will add 91 affordable housing units and 17 market-rate residences to the local supply. The project’s affordable component will include units for renters earning 30, 50 or 60 percent or less of the area median income. Jeff Rogers of Colliers Mortgage originated the financing through HUD’s 221(d)(4) program on behalf of the …

August 11, 2022Affordable Housing, Development, Loans, Multifamily, Texas

Colliers Mortgage Provides $12.5M HUD-Insured Construction Loan for Minneapolis Affordable Housing Project

MINNEAPOLIS — Colliers Mortgage has provided a $12.5 million HUD 221(d)(4) loan for the construction of Greenway Apartments in Minneapolis. The 86-unit affordable housing community will rise five stories at the intersection of 11th and 12th avenues, directly adjacent to the north side of the Midtown Greenway in the Midtown Phillips neighborhood. In addition to underground parking, the property will feature tow lobbies, common area laundry, a roof deck, fitness room, bike repair area, …

August 11, 2022Affordable Housing, Loans, Midwest, Minnesota, Multifamily

Colliers Mortgage Provides $11.2M Construction Loan for Minnesota Affordable Housing Complex

COLUMBIA HEIGHTS, MINN. — Colliers Mortgage has provided an $11.2 million HUD 221(d)(4) loan for the construction of 42nd & Central in Columbia Heights, a northern suburb of Minneapolis. The project will consist of 62 affordable housing units, all of which will be restricted to residents who earn 60 percent or less of the area median income. Amenities will include a clubroom, fitness room, playground, bike station, dog run, storage lockers and package room. The loan features a 40-year …

August 9, 2022Affordable Housing, Loans, Midwest, Minnesota, Multifamily

Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk …

August 8, 2022Acquisitions, Affordable Housing, California, Multifamily, Seniors Housing, Western

Partnership Breaks Ground on 186-Unit Affordable Housing Project in New Rochelle, New York

NEW ROCHELLE, N.Y. — A partnership between two locally based firms, Simone Development Cos. and Stagg Group, has broken ground on West View Apartments, a 186-unit affordable housing project that will be located north of Manhattan in New Rochelle. The project represents the second phase of a larger mixed-use development, the first phase of which added 35,000 square feet of civic and office space to the local supply last summer. The studio, one- and two-bedroom units that will be housed within …

August 8, 2022Affordable Housing, Development, Multifamily, New York, Northeast

Apollo Global Management Receives $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

NEW YORK CITY — Walker & Dunlop Inc.'s New York capital markets team has arranged $388.4 million in construction financing for the Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, …

August 5, 2022Affordable Housing, Development, Loans, Mixed-Use, Multifamily, New York, Northeast, Retail, Top Stories

Associated Bank Provides $6M Construction Loan for Affordable Seniors Housing Complex in Peru, Illinois

PERU, ILL. — Associated Bank has provided a $6 million loan for the construction of Diamond Senior Apartments of Peru. The 56-unit seniors housing community will be located at 927 Wenzel Road in Peru, which is situated in North Central Illinois. Developed by 3 Diamond Development, the project will comprise 10 single-story buildings. All units will be restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to residents earning less than 30 percent of the area …

August 4, 2022Affordable Housing, Illinois, Loans, Midwest, Multifamily, Seniors Housing

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for …

August 3, 2022Affordable Housing, California, Development, Mixed-Use, Multifamily, Seniors Housing, Western

Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

CBRE Brokers $48.6M Sale of Apartment Community in West Covina, California

Colliers Mortgage Provides $7.3M Construction Loan for Fort Worth Affordable Housing Project

Colliers Mortgage Provides $12.5M HUD-Insured Construction Loan for Minneapolis Affordable Housing Project

Colliers Mortgage Provides $11.2M Construction Loan for Minnesota Affordable Housing Complex

Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

Partnership Breaks Ground on 186-Unit Affordable Housing Project in New Rochelle, New York

Apollo Global Management Receives $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

Associated Bank Provides $6M Construction Loan for Affordable Seniors Housing Complex in Peru, Illinois

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

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