SANDWICH, MASS. — MassHousing has provided $6.2 million in financing for Shawme Heights Apartments, a 44-unit affordable seniors housing complex located in the Cape Cod town of Sandwich. The borrower, nonprofit owner-operator Sandwich Senior Housing Corp., will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert.
NEW YORK CITY — Merchants Capital has provided $225 million in Freddie Mac financing for seven affordable housing properties in The Bronx. The properties comprise 18 buildings and 983 units that carry a range of income restrictions. The borrower is a joint venture between The Arker Cos., SBV RE Investments LLC and Dabar Development Partners. Proceeds will be used to refinance existing debt, rehabilitate units with building-wide improvement plans and preserve affordability. The scope of work includes kitchen upgrades, plumbing improvements and common area maintenance. Completion is slated for September 2025.
CLEVELAND — The NRP Group has opened The Davis, a 52-unit affordable housing community in Cleveland’s Glenville neighborhood. NRP partnered with University Hospitals to develop the project, which also includes the UH Community Wellness Center. The project marks NRP’s third “Health and Housing” development. Each of these affordable housing communities was created in partnership with the City of Cleveland. The UH Community Wellness Center offers healthy cooking demonstrations, a Food For Life Market, support for pregnant women and young mothers, programs to combat senior citizen isolation, telehealth services and training in workforce and financial literacy. The Davis is located on the site of the former Harry E. Davis Elementary School, which has sat vacant since 2006. Harry E. Davis was a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission and serving as an Ohio State Senator. The property comprises one-, two- and three-bedroom units along with four-bedroom townhomes. Residents must earn at or below 60 percent of the area median income. Amenities include a community room, fitness center, playground, business center and laundry facilities. RDL Architects served as the architect. Ohio Finance Housing …
ELGIN, ILL. — McShane Construction Co. has completed Hanover Landing, a 40-unit permanent supportive housing community in Elgin. The affordable housing development serves vulnerable populations and individuals with disabilities. UPholdings was the developer. The building rises three stories at 711 E. Chicago St. Units are offered in one-bedroom, one-bathroom floor plans that enable residents to live independently. Amenities include a community lounge, computer room, fitness center, laundry facilities and outdoor space. Services for residents include case management, life skill training and employment assistance. Hanover Township partnered with UPholdings and the Housing Opportunity Development Corp. on the project. Ecker Center for Behavioral Health is the service provider and will operate an onsite clinic. Hooker DeJong served as architect.
KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of Maui and the affordable housing with HHFDC. Development costs are estimated at $193 million for both phases of the project. Financing sources include 4 percent Low Income Housing Tax credits (LIHTC); Hula Mae Multi-Family Tax Exempt Bonds; State of Hawaii Rental Housing Revolving Funds (RHRF); and Dwelling Unit Revolving Funds (DURF). According to EAH Housing, the project is designed to address a critical need for affordable housing on Maui. The National Low Income Housing Coalition reports that nearly one-quarter of rental households in Hawaii report incomes at or below the national poverty guidelines. The state faces a deficit of more than 27,000 affordable housing units. “As we continually work to …
AUSTIN, TEXAS — Hunt Capital Partners has provided $16.5 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the development of Cady Lofts, a 100-unit affordable housing project in Austin. Cady Lofts will house studio apartments for renters earning 30 to 60 percent of the area median income and who are experiencing homelessness or physical/developmental disabilities. Units will feature modern appliances and eco-friendly utility systems, and residents will have access to a communal computer lab, health and wellness center, case management offices and central laundry facilities. The borrower is a partnership between developer SGI Ventures and the Housing Authority of the City of Austin. Three Bar Architects Inc. is designing the project, with Skybeck Construction serving as the primary contractor. Completion is slated for March 2025.
YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan for the refinancing of Monastery Manor, a 147-unit affordable seniors housing property located just north of New York City in Yonkers. Units are designated for persons 62 years and older who earn no more than 50 percent of the area median income (AMI). The borrower, nonprofit owner-operator Finian Sullivan Corp., will use a portion of the proceeds to fund renovations and extend the property’s affordability status. Jim Gillespie and Ilya Weinstein of BWE originated the loan.
Greenlight Communities Breaks Ground on 159-Unit Cabana North Valley Affordable Apartments in Phoenix
PHOENIX — Scottsdale-based Greenlight Communities has broken ground on Cabana North Valley, a 159-unit affordable multifamily community in Phoenix. Located at 33455 N. North Valley Parkway, Cabana North Valley will feature 59 studios, 66 one-bedroom units and 34 two-bedroom units, as well as three courtyards with a wide array of amenities. With the community situated between charter schools, Greenlight Communities plans to support the local education system by providing housing options to families seeking high-quality education for their children. The project is set to begin leasing in October 2024.
MOUNT CLEMENS, MICH. — Woda Cooper Cos. Inc. has completed Edison Crossing, a $10.5 million affordable housing community in Mount Clemens, a northern suburb of Detroit. The 30-unit property features 11 units that are designated as Permanent Supportive Housing units with a preference for veterans. The entire development is restricted for residents who earn up to 80 percent of the area median income. The four-story building features amenities such as a multipurpose room, playground, picnic tables, onsite management center and additional space for coordination of supportive services by Macomb Community Action. Financing for the project was supported by the allocation of Low-Income Housing Tax Credits by the Michigan State Housing Development Authority. R4 Capital invested in the tax credits to provide equity financing. Comerica Bank provided a construction loan, and RiverHills Bank provided a permanent mortgage. Additionally, the city approved a Payment in Lieu of Taxes. Hooker DeJong Inc. was the project architect, and Greentech Engineering Inc. was the civil engineer. Woda Construction Inc. served as general contractor. Woda Management & Real Estate is handling leasing and property management.
SCHERTZ, TEXAS — Cleveland-based multifamily developer The NRP Group has broken ground on Aviator 1518, a 300-unit affordable housing project in Schertz, a northeastern suburb of San Antonio. Aviator 1518 will feature one-, two-, three- and four-bedroom floor plans and amenities such as a pool, fitness center, clubhouse and a playground. The NRP Group is developing the project in partnership with the Schertz Housing Authority. Alta Architects designed the project, and Bank of America provided construction financing. Preleasing will begin in 2025, with full completion slated for 2026.