COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Juniper Crossing, an affordable seniors housing community that will be built in two phases in Columbus. Phase I will provide 44 units for residents who earn between 30 and 70 percent of the area median income (AMI), while Phase II will offer 37 units for those who earn up to 60 percent AMI. Amenities will include a multipurpose community room, fitness center, parcel room, laundry facility, lounge room, activity room and picnic area. The property is expected to be certified LEED Silver. The Ohio Housing Finance Agency (OHFA) allocated federal housing tax credits for both phases of the project, and new state credits for Phase II. OHFA also provided the first mortgage for Phase I. Merchants Capital invested in the federal and state tax credits for both phases in exchange for equity financing. Its affiliate, Merchants Bank of Indiana, is the construction lender. Cedar Rapids Bank & Trust provided a permanent first mortgage for Phase II. The City of Columbus approved a 15-year tax abatement on 100 percent of the value for both phases. The city also provided gap financing toward permanent debt, including a HOME loan for soft …
HAMPTON AND NEWPORT NEWS, VA. — Berkadia has arranged the sale of three multifamily properties located in Virginia’s Hampton Roads region — Abbington at Hampton Center and Abbington at Northampton in Hampton and Abbington Landing in Newport News. Together, the properties total 1,461 units. A majority of the units at the properties are designated for residents earning up to 80 percent of the area median income (AMI). Richmond-based Weinstein Properties sold the communities for an undisclosed price. Drew White, Carter Wood and Cole Carns of Berkadia represented Weinstein in the transaction. Richord Levine of Berkadia secured Freddie Mac acquisition financing on behalf of the buyer, Bethesda, Md.-based Acento Real Estate Partners.
AUSTIN, TEXAS — Merchants Capital has provided debt and equity financing for Travis Park Apartments, a 199-unit affordable housing complex in south-central Austin. The sponsor, Sena Affordable Communities, will use the proceeds to acquire and rehabilitate the property, which comprises 22 buildings. Merchants provided a $69.1 million Freddie Mac 4 Percent Low-Income Housing Tax Credit (LIHTC) Immediate TEL loan and $37.6 million in LIHTC equity as the syndicator, as well as a $29 million equity bridge loan for the rehabilitation period. Renovations are expected to take about 18 months to complete and will include the addition of new outdoor recreation areas and playgrounds; accessibility upgrades; window replacement; new boiler and cooling towers; kitchen and bathroom improvements; new energy star appliances; replacement of original fan coil units for heating and cooling; building envelope upgrades; and roof replacement and new signage. Michael Milazzo led the transaction for Merchants Capital.
SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on a $79 million, 321-unit mixed-income multifamily project in San Antonio. Palladium Old FM 471 will be located on an 11-acre site on the city’s west side and will offer one-, two- and three-bedroom units that will be reserved for households earning between 30 and 80 percent of the area median income. Amenities will include a pool, fitness center, conference room, dog park, business center and a children’s playroom. Cross Architects is designing the project, and Brownstone Group is serving as the general contractor. HPA Design Group is handling interior design. Palladium is developing the project in partnership with the Bexar Management Development Corp. PNC Bank provided $32 million of equity and more than $35 million in long-term debt to the development team, and Texas Department of Housing and Community Affairs issued $36 million in tax-exempt bonds to finance the project. Preleasing is scheduled to begin next fall
ANN ARBOR, MICH. — The Annex Group has unveiled plans to build Union at A2, an $82 million affordable housing community in Ann Arbor. The 250-unit development will include one-, two- and three-bedroom floor plans for residents who earn at or below 70 percent of the area median income. Amenities will include a community center, bike storage, fitness center, outdoor picnic area and playground. Partners on the project include BKV Group, Midwestern Consulting and the City of Ann Arbor. Michigan State Housing Development Authority provided $35 million in permanent mortgage dollars and $15 million of soft debt, Grow America provided $22.5 million in Low-Income Housing Tax Credits equity and Ann Arbor Housing Commission provided $3 million of soft debt. An official groundbreaking will be announced in the coming days. Completion is slated for fall 2026. The project marks Annex Group’s third community in Michigan.
RIFLE, COLO. — Chicago-based Evergreen Real Estate Group has commenced construction on Rifle Apartments, an income-restricted apartment community in Rifle, a city in western Colorado along I-70. Filling a vacant 4.7-acre site at 115, 123 and 131 Park Ave., Rifle Apartments will be the first family-oriented Low-Income Housing Tax Credit (LIHTC) project built in Rifle over the past 20 years. Slated for completion for fall 2025, Rifle Apartments will offer 30 one-bedroom units, 20 two-bedroom units and 10 three-bedroom units spread across three three-story buildings. The apartments are reserved for households earning between 30 percent and 80 percent of the area median income (AMI). Of the 60 total apartments, 14 will be set aside as project-based voucher units for families who are at or below 30 percent AMI. Homes will feature open layouts with market-comparable finishes, including vinyl plank flooring, LED lighting, full kitchens with Energy Star-rate appliances, baths with step-in showers and low-flow plumbing fixtures and in-unit laundry. Onsite amenities will include a community room, fitness room, storage lockers and abundant green space that includes a playground. Additionally, the property will offer 115 free parking spaces, including electric vehicle charging stations. Designed by ej architecture, Rifle Apartments will be …
NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has completed Parkchester Gardens, a 221-unit affordable senior living project in The Bronx. Units are reserved for renters earning 50 percent or less of the area median income. Wells Fargo financed the project in conjunction with the New York City Housing Development Corp. and the Department of Housing Preservation & Development. Construction began in spring 2021.
FORKED RIVER, N.J. — New Jersey-based developer Walters has broken ground on a 70-unit multifamily project in Forked River, located along the Jersey Shore. The nine-building project represents the third and final phase of Cornerstone at Lacey, the first two phases of which delivered 118 units in one-, two- and three-bedroom formats across 15 buildings. Phase III, which also includes the construction of a new clubhouse, is slated for a late 2025 completion.
CHICAGO — Chicago-based multifamily developer and property manager Habitat has broken ground on OC Living Phase A2, the second multifamily building at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Scheduled to open in late 2025, the building will feature 75 units, 82 percent of which will be affordable. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 units will have market-rate rents. The City of Chicago invested $9 million for Phase A2, and 23 percent of the project’s total development costs are being covered by Chicago tax-increment financing funds. The three-story building will feature a mix of studios, one- and two-bedroom units. A planned third phase will consist of townhomes and multi-flat units with larger floor plans designed for families. Simultaneous with the groundbreaking, Habitat hosted the grand opening of the first residential building, OC Living. The four-story property features 23 studios, 60 one-bedroom units and nine two-bedroom apartments. A 45,000-square-foot commercial building completed in 2021 marked Phase I of the 10-acre development. The three-story building is home to Sinai Chicago’s One Lawndale Community Care and Surgery Center, a Wintrust Bank branch, La Catedral Café & Restaurant and Momentum Coffee. Developed …
MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The City of Minneapolis and Minnesota Housing each awarded the development Low-Income Housing Tax Credits (LIHTCs) to support primary financing. All of the units are reserved for households earning 30 to 80 percent of the area median income. Shelby Commons marks the first development in Minnesota for Ohio-based Woda Cooper. The four-story building features one-, two- and three-bedroom units along with a community room, central laundry and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available onsite. The property will feature two large murals now underway by local artist Jordan Hamilton in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture. PPL will provide optional supportive services for residents in the 12 units that are reserved for those who have faced housing insecurity and need assistance. Merchants Capital purchased the LIHTCs in exchange for equity financing. Security Bank and Trust provided a permanent first mortgage, and Huntington Bank provided a construction loan. CRW Architecture & Design Group and BKV Group were …
Newer Posts