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Affordable Housing

326-Rockaway-Brooklyn
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Partnership Completes 216-Unit Affordable Housing Project in Brooklyn

by Taylor Williams

NEW YORK CITY — A partnership between Slate Property Group, nonprofit organization RiseBoro Community Partnership and Goldman Sachs has completed 326 Rockaway, an affordable housing development located in the Brownsville neighborhood of Brooklyn. Of the property’s 216 units, 130 are supportive housing for tenants who formerly were homeless, and the remaining units are available for households earning 60 percent or less of the area median income. Amenities include an outdoor recreation area with play structures and landscaped areas, a community room, fitness center and children’s playroom. Aufgang Architects designed the project, and SD Builders & Construction served as the general contractor. Construction began in summer 2023.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Pennrose, WRA Open 93-Unit Affordable Housing Complex in Wareham, Massachusetts

by Taylor Williams

WAREHAM, MASS. — A partnership between Pennrose and the Wareham Redevelopment Authority (WRA) has opened Swifts Landing, a 93-unit affordable housing complex located near Cape Cod in the southern part of The Bay State. Swifts Landing comprises a 49-unit building with a mix of workforce and affordable apartments and a 44-unit building for renters aged 62 and older. Units come in one-, two- and three-bedroom floor plans and are subject to a range of income restrictions. Amenities include a clubhouse with an outdoor patio, fitness center, community garden and open green space, a playground and wooded walking paths. MassDevelopment provided $16.3 million in financing for the project.

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Affordable HousingDevelopmentLoansMichiganMidwestMultifamily

Cinnaire Provides $38M to Preserve Affordable Housing at Countryside Townhouses Near Grand Rapids

by Kristin Harlow

KENTWOOD, MICH. — Cinnaire has provided a $12 million Low-Income Housing Tax Credit equity investment as well as a $23.5 million loan with its partners CPC Mortgage Co. to support the preservation and rehabilitation of Countryside Townhomes, a 146-unit affordable housing community in Kentwood near Grand Rapids. The financing package also included a nearly $3 million equity bridge loan. Countryside Townhomes was originally built in 1971 as a Section 8 property. Today, all of the units are restricted to families earning no more than 60 percent of the area median income, and all but five units are covered by a long-term Housing Assistance Payments contract. The property consists of 24 buildings with 18 one-bedroom, 78 two-bedroom and 50 three-bedroom, two-story townhomes — each with a full basement — serving residents of all ages. The community was in significant need of rehabilitation after more than 50 years in service, according to Cinnaire. Vitus, a developer and owner of affordable housing, was the borrower.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Lamar Johnson Collaborative Designs All-Electric Affordable Housing Development in Chicago

by Kristin Harlow

CHICAGO — Lamar Johnson Collaborative (LJC) has designed Humboldt Park Passive Living, a four-story, all-electric building at 750 N. Avers Ave. in Chicago’s West Humboldt Park neighborhood. Developed by 548 Capital, the project will bring 60 affordable housing units and 7,700 square feet of ground-floor retail space to the community, including space planned for a grocery store and café. It is expected to become the largest affordable housing building in Chicago constructed to meet Passive House standards, a performance-driven framework for reducing energy use while improving indoor air quality, according to LJC. The building will feature a ground-level community space, partially covered outdoor plaza and upper-floor terraces that double as communal gathering areas and rainwater collection zones. Apartments will include studio, one-, two- and three-bedroom layouts with 13 units reserved for residents with disabilities. Completion is slated for 2026.

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Rialto-West-Manhattan
Affordable HousingDevelopmentMultifamilyNew YorkNortheast

Douglaston Development Tops Out 158-Unit Affordable Housing Project in Manhattan

by Taylor Williams

NEW YORK CITY — Douglaston Development has topped out Rialto West, a 158-unit affordable housing project in Manhattan’s Hell’s Kitchen neighborhood. The eight-story building will offer studio, one-, two- and three-bedroom units that will be reserved for households earning up to 140 percent of the area median income. In addition, 15 percent of the units will be dedicated to serving formerly homeless households. Rialto West will also feature a fitness center, onsite laundry facilities and a bike storage area. Levine Builders, a Douglaston affiliate, is the general contractor for the project, full completion of which is slated for the fourth quarter of next year.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Oppidan Begins Development of 132-Unit Workforce Housing Project in Northern Minnesota

by Kristin Harlow

GRAND RAPIDS, MINN. — Oppidan Investment Co. has broken ground on Mill + Mass, a new workforce housing project in Grand Rapids, a city in northern Minnesota. The 121,000-square-foot, 132-unit development is the result of a public-private partnership. Located near the Mississippi River and inspired by the region’s paper mill history, Mill + Mass will include one-, two- and three-bedroom units with a fitness center, game room, coffee bar, outdoor patio and walking paths. Mill + Mass was made possible through the support of the City of Grand Rapids, Grand Rapids Economic Development Authority, Iron Range Resources & Rehabilitation Board and the Minnesota Housing Finance Agency through the State’s Workforce Development Program. Completion is slated for March 2027.

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Ocean-Park-Apartments
Affordable HousingLoansMultifamilyNew YorkNortheast

Merchants Bank Funds $60.5M Acquisition Loan for Queens Affordable Housing Property

by Taylor Williams

NEW YORK CITY — Merchants Bank has funded a $60.5 million acquisition loan for Ocean Park Apartments, a 602-unit affordable housing property located in the Far Rockaway area of Queens. Ocean Park Apartments consists of two 26-story buildings that house one-, two- and three-bedroom units, as well as four commercial spaces. Roughly 70 percent (423) of the units are reserved for households earning 60 percent or less of the area median income, and the remaining (179) units are earmarked for renters earning 80 percent or less of the area median income. The borrower, local owner-operator Tredway, will use a portion of the proceeds to fund capital improvements and preserve and extend the property’s affordability status. Michael Milazzo of affiliate Merchants Capital originated the debt.

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The-Becker-Apts-San-Diego-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

Wakeland Housing, MVE + Partners Break Ground on $140M Affordable Housing Complex in San Diego

by Amy Works

SAN DIEGO — Wakeland Housing and MVE + Partners have broken ground on The Becker, a $140 million affordable housing complex in San Diego’s Mission Valley neighborhood. The property is part of the $4 billion Riverwalk development in San Diego — a mixed-use and recreational project master-planned by MVE + Partners that will convert a former golf course into a 195-acre mixed-use, transit-oriented development. The Becker is the first phase of Riverwalk’s affordable component and will be the first housing project to open within the development. Designed by MVE + Partners, The Becker comprises 227,000 square feet spanning three buildings offering a total of 190 units. The four- and five-story buildings are dedicated to tenants making between 30 to 60 percent of the area median income. The property will feature 46 one-bedroom, 89 two-bedroom and 55 three-bedroom units. The property will also include a second-floor courtyard and play area, a community room with a kitchen and computer stations, a central laundry room and onsite leasing office alongside 95 bike spaces and 100 parking spaces, including EV chargers. Slated for completion in 2027, The Becker is located at 6364 Village Drive. Level 10 Construction is serving as general contractor for the project.

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Haven Columbia Pike
Affordable HousingLoansMultifamilySoutheastVirginia

Insight Recapitalizes Affordable Housing Property in Arlington With Equity from LEO Impact Capital

by Abby Cox

ARLINGTON, VA. — LEO Impact Pool, an investment vehicle managed by LEO Impact Capital, has provided a preferred equity investment to Insight Property Group for Haven Columbia Pike, a 118-unit, garden-style apartment community in Arlington. LEO’s investment allows Insight to recapitalize the property, fund significant capital improvements and dedicate all available units to workforce housing for families earning 60 percent or less of the area median income (AMI). Located at 805 S. Florida St. near the Pentagon, Haven Columbia Pike features a mix of one- to three-bedroom apartments ranging in size up to 722 square feet, according to Apartments.com. Amenities at the pet-friendly community include 99 off-street parking spaces, bike storage, landscaping and individual storage units.

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155-5th-Ave-Denver-CO
Affordable HousingColoradoDevelopmentMultifamilyWestern

Evergreen Real Estate to Develop 60-Unit Affordable Housing Property in Denver

by Amy Works

DENVER — Chicago-based Evergreen Real Estate Group has closed on a land parcel and received a 9 percent Low-Income Housing Tax Credit (LIHTC) award through the Colorado Housing and Finance Authority (CHFA) for the development of The Ford Apartments, an income-restricted rental community in Denver’s Baker neighborhood. Evergreen plans to break ground on the project in early 2026. Located at 155 W. 5th Ave., the site is situated on an underutilized parking lot adjacent to the Denver Health Hospital Campus. The six-story property will offer 60 one-, two- and three-bedroom floor plans for households earning between 30 percent to 80 percent of the area median income. The units will feature Energy Star appliances packages, LED lighting, step-in showers, in-unit laundry, low-flow plumbing fixtures and vinyl plank flooring. Onsite amenities will include a community room, fitness center, coworking space, children’s playroom and secure bike storage. Additionally, the property will offer a 48-stall onsite parking lot. Family Tree will have an onsite office and provide services to help enhance residents’ lives and economic mobility. The project team includes Meridian 105 Architecture as architect and Milender West as general contractor.

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