REBusinessOnline

Greystone Provides $59.5M Acquisition Loan for Staten Island Affordable Housing Property

NEW YORK CITY — Greystone has provided a $59.5 million bridge loan for the acquisition of Seaview Estates, a 316-unit affordable housing property in Staten Island. The property offers amenities such as landscaped courtyards, a fitness center and onsite laundry facilities. Miryam Reinitz-Kops of Greystone originated the 24-month, interest-only loan on behalf of the borrower, locally based investment and management firm Iris Holdings Group. Information about specific income restrictions was not …

TWG Breaks Ground on $39M Workforce Housing Property in Davenport, Iowa

DAVENPORT, IOWA — Developer TWG has broken ground on Federal Point, a $39 million workforce housing property in Davenport. The project will rise four stories with 185 units, all of which will be reserved for renters earning up to 60 percent of the area median income. The property will be situated west of the new R. Richard Bittner YMCA. Amenities will include a fitness room, outdoor patio and bike storage. Completion is slated for December

Lument Funds $25.1M in Fannie Mae Financing for Affordable Housing Portfolio in Colorado

LAKEWOOD, ARVADA, DENVER AND FOUNTAIN, COLO. — Lument has closed five Fannie Mae conventional multifamily housing loans totaling $25.1 million to refinance the Archway Portfolio, five affordable housing communities near Denver and Colorado Springs. The borrower is Archway Communities, which manages the portfolio.Andrew Ellis of Lument led the transactions.Fountain Ridge, the largest of the portfolio, received a 10-year loan with a fixed interest rate and a 30-year amortization …

Habitat Co., P3 Markets Break Ground on $100M Mixed-Income Community in Chicago

CHICAGO — The Habitat Co. and P3 Markets have broken ground on 43 Green, a $100 million mixed-income apartment community in Chicago’s Bronzeville neighborhood. The transit-oriented development will be located on a long-vacant, city-owned lot on the northeast corner of East 43rd Street and Calumet Avenue.Phase I will consist of a 10-story building with 99 units and 5,500 square feet of retail space. Half of the residences will be market-rate while the other half will be income-restricted …

TWG Breaks Ground on $49M Mixed-Income Apartment Community in Cedar Rapids, Iowa

CEDAR RAPIDS, IOWA — Developer TWG has broken ground on Annex on the Square, a $49 million mixed-income apartment community in downtown Cedar Rapids. The property will include 202 units for residents earning up to 60 percent of the area median income along with 22 market-rate units. TWG will serve as owner and general contractor. Amenities will include a pool, fitness room, business center, bike storage, gated garage and top-floor deck. The development will also include 1,219 square feet of …

Annex Group Underway on $23M Workforce Housing Community in Bloomington, Indiana

BLOOMINGTON, IND. — The Annex Group has closed on funding and started construction of The Annex of Bloomington, a $23 million workforce housing community in Bloomington. The 102-unit, two-building property will be situated within an area called the University Village Downtown Character Overlay District. Completion is slated for spring 2023. The project team includes general contractor Gilliatte General Contractors Inc., architect KTGY and engineer Smith Design Group Inc. Star Financial Bank …

Kairos Investment Buys 103-Unit Forest Manor Apartments in Glendale, Colorado

GLENDALE, COLO. — Kairos Investment Management Co. has acquired Forest Manor Apartments, an affordable multifamily property located at 625 S. Forest St. in Glendale. Terms of the transaction were not released.Built in 1974, Forest Manor features 103 apartments in a mix of a single studio, 74 one-bedroom and 28 two-bedroom units with air conditioning, carpeted floors and spacious closets. The property was last renovated in 2001. Community amenities include a swimming pool and laundry …

Partnership Buys East Harlem Affordable Housing Complex for $85M

NEW YORK CITY — A partnership between LIHC Investment Group, Camber Property Group and Settlement Housing Fund has purchased Lexington Court, nine-building, 229-unit affordable housing complex in East Harlem, for $85 million. The new ownership will invest about $10 million in capital improvement to the portfolio, including upgrades to plumbing and mechanical systems, as well as common area improvements. To finance the acquisition, the partnership secured a $73.1 million FHA loan from the New …

Evergreen Real Estate Group to Develop Income-Restricted Assisted Living Community in Indiana

VALPARAISO, IND. — Evergreen Real Estate Group has secured financing to build Green Oaks of Valparaiso, a 120-unit assisted living community for low-income seniors in Valparaiso. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor and plans to begin preliminary site work this month. Completion is slated for early 2023.The $30 million project will offer 48 studio and 72 one-bedroom units, all of which will be reserved for seniors age 62 …

Northmarq Provides $32.5M Agency Refinancing of Hoboken Affordable Housing Property

HOBOKEN, N.J. — Northmarq has provided a $32.5 million Freddie Mac loan for the refinancing of Westview Apartments, 116-unit affordable housing property in Hoboken, located outside of New York City. The property at 55-75 Bloomfield St. was originally built in 1905 and renovated in 1995. The unit mix consists of 63 one-bedroom apartments, 39 two-bedroom units and 14 three-bedroom residences. Gary Cohen of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization …

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