MassHousing Provides $205M in Financing for 10 Affordable Seniors Housing Communities

BOSTON — MassHousing has provided $205 million in financing for 10 affordable seniors housing communities totaling 931 units that are located in various parts of Massachusetts. The borrower, Providence Realty Investment LLC, will use the proceeds to refinance existing debt and preserve affordability. Providence Realty Investment previously utilized $125 million from MassHousing to purchase the communities in 2011. At that time, nearly a third of the 931 apartments involved were at risk of …

May 23, 2022Affordable Housing, Loans, Massachusetts, Multifamily, Northeast, Seniors Housing

NMHC and NAA Laud Administration’s Housing Supply Action Plan

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have praised the Biden administration on the release of the Housing Supply Action Plan, which aims to alleviate the housing affordability crisis and lower costs for renters. Under the plan, the administration outlined new measures that would produce more housing supply, including more affordable housing units, over the course of the next five years.The plan includes several concepts …

May 20, 2022Affordable Housing, District of Columbia, Multifamily, Southeast

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities. The pandemic fueled tenants’ desires for more privacy and space without the long-term …

May 19, 2022Affordable Housing, Bohler, Build-For-Rent, Content Partner, Development, Features, Midwest, Multifamily, Northeast, Single-Family Rental, Southeast, Texas, Western

Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois

EVANSTON, ILL. — Evergreen Real Estate Group and Council for Jewish Elderly, doing business as CJE SeniorLife, have completed Ann Rainey Apartments, a $25 million affordable seniors housing community in Evanston. The 60-unit project is located at 1011 Howard St. next to the existing CJE SeniorLife Adult Day Services Center, which provides programming and socialization opportunities for seniors who require supervision.The new community is named for Ann Rainey, who served as alderman of …

May 17, 2022Affordable Housing, Development, Illinois, Midwest, Multifamily, Seniors Housing

MassHousing Provides $41.2M Permanent Loan for Metro Boston Residential Community

SUNDERLAND, MASS. — MassHousing has provided $41.2 million in permanent financing for North 116 Flats, a newly built residential community in Sunderland, located in the northern central part of the state. Of the property’s 150 units, 38 are reserved for households earning 80 percent or less of the area median income. The remaining 112 market-rate units feature 329 beds that serve students at the nearby University of Massachusetts at Amherst. Amenities include a community building with …

May 17, 2022Affordable Housing, Loans, Massachusetts, Multifamily, Northeast, Student Housing

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services.Built …

May 13, 2022Acquisitions, Affordable Housing, Multifamily, Southeast, Virginia

JLL Arranges $19.5M Acquisition Financing for Metro D.C. Affordable Housing Community

LEXINGTON PARK, MD. — JLL Capital Markets has arranged a $19.5 million acquisition loan for River Bay Townhomes, a 173-unit affordable housing community in Lexington Park. JLL arranged the floating-rate loan through Sound Point Capital Management on behalf of the borrower, Linden Property Group. Developed using Low-Income Housing Tax Credits (LIHTC) in 2004 and 2005, River Bay Townhomes consists of three-bedroom, two-bath units an average square footage of 1,291, making them some of the …

May 12, 2022Acquisitions, Affordable Housing, Loans, Maryland, Multifamily, Southeast

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Residences will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for …

May 10, 2022Affordable Housing, Development, Loans, Multifamily, New York, Northeast, Seniors Housing

Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation

The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities.Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions.According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of …

May 10, 2022Affordable Housing, Features, Midwest, Multifamily, Northeast, Seniors Housing, Southeast, Student Housing, Texas, Western

Amazon Commits $10.6M to Create, Preserve 130 Affordable Housing Units in Nashville

NASHVILLE, TENN. — Amazon plans to invest a total of $10.6 million to help build and renovate more than 130 affordable housing units in Nashville. The investment is in partnership with the Metropolitan Development and Housing Agency (MDHA) and supports the social work of the local nonprofit CrossBridge Inc., which provides housing and supportive services to adults overcoming addiction. The investment is part of the Amazon Housing Equity Fund, which has earmarked more than $2 billion to create …

May 6, 2022Affordable Housing, Development, Loans, Multifamily, Southeast, Tennessee

MassHousing Provides $205M in Financing for 10 Affordable Seniors Housing Communities

NMHC and NAA Laud Administration’s Housing Supply Action Plan

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

Evergreen Real Estate Group, CJE SeniorLife Complete $25M Affordable Seniors Housing Community in Evanston, Illinois

MassHousing Provides $41.2M Permanent Loan for Metro Boston Residential Community

Enterprise Community Development Sells Auburn Pointe Apartments in Newport News for $28.7M

JLL Arranges $19.5M Acquisition Financing for Metro D.C. Affordable Housing Community

Partnership Receives $100M in Financing for Affordable Housing Project in The Bronx

Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation

Amazon Commits $10.6M to Create, Preserve 130 Affordable Housing Units in Nashville

Recent Features

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

Student Housing is Growing on Institutional Investors’ Radars, Say InterFace Panelists

Retail Real Estate is All About Creating the ‘Place to Be’

SIOR: Minimal Availability, Rising Construction Costs Dampen Industrial Brokers’ Confidence

Investment in Student Housing Remains Robust Despite Volatility in Debt, Equity Markets, Says InterFace Panel

Recent Market Reports

Atlanta Multifamily Sales Market Downshifts from ‘White Hot’ to ‘Hot’

Mixed-Use Owners in Northeast Face Retail Tenancy Dilemma

Office Designs, Layouts Look Different in Post-Pandemic Marketplace

Rio Grande Valley Retail Market Sees No Shortage of Demand from National Brands

LA Office Market Struggles, but Tenants, Investors See Opportunity

Finance Insight 2022

Factors Compressing Affordable Housing Pipeline in 2021 Likely to Resolve in 2022

Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations

Multifamily Investment to Expand into Secondary, Tertiary Markets in 2022

Multifamily Financing Outlook Positive Despite Volatility, Interest Rates

Growth of Affordable Housing Delayed by Approval Process Slowdowns, Supply Chain

Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions

Investment, Financing in Seniors Housing Driven by Property Performance

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