COLUMBUS, OHIO — The Columbus Metropolitan Housing Authority (CMHA) has acquired Copperleaf Apartments, a 108-unit affordable housing multifamily development in Columbus for $8.1 million. Built in 1989, the property sits on eight acres located off Sawmill Road on the city’s Northwest Side. The seller was a partnership of companies headed by local developers Don Kelley and Robert Weiler. Columbus Housing Enterprise (CHE), a newly formed nonprofit, has entered into a 75-year lease to operate the community on behalf of CMHA, ensuring the apartment complex will remain affordable for lower-wage-earning families, senior citizens and people with disabilities for the long run. According to The Columbus Dispatch, the nonprofit will target prospective renters making 80 percent or less of area median income, which is $52,500 for one person and $74,950 for a four-person household. Data from the Affordable Housing Alliance of Central Ohio (AHACO) shows only 29 affordable housing units are available for every 100 extremely low-income households in the Columbus and Franklin County area. AHACO estimates 54,000 low- and moderate-income households in Franklin County pay more than half their income toward housing costs. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing …
SILVER SPRING, MD. — Enterprise Community Development Inc. has purchased Parkside Terrace Apartments, an 87-unit workforce housing community located in Silver Spring, a suburb of Washington, D.C. The buyer plans to preserve the natural occurring affordable housing (NOAH) property by reserving units for households earning up to 60 percent of area median income (AMI). Enterprise Community Development purchased the community from an undisclosed seller for $20 million. The Montgomery County Department of Housing and Community Affairs provided a $5 million bridge loan to the buyer through its Affordable Housing Opportunity Fund. Built in 1962, Parkside Terrace comprises one- and two-bedroom units spread across three- and four-story garden-style apartment buildings. Enterprise Community Development plans to make capital improvements to the property.
NASHVILLE, TENN. — The Amazon Housing Equity Fund has provided an $18.8 million construction loan for Harpeth Valley Apartments, a 251-unit, garden-style affordable housing development located at 8101 McCrory Lane in Nashville. The fund is Amazon’s more than $2 billion commitment to create and preserve affordable housing in the markets where it has corporate campuses: Seattle, Northern Virginia and Nashville. C.W. Early of JLL arranged the long-term, fixed-rate loan on behalf of the borrower, Elmington Capital. Set for completion in late 2024, Harpeth Valley will feature units that are affordable to households earning 60 percent of the area median income (AMI) through 2072. The property will consist of one-, two- and three-bedroom apartments, as well as a clubhouse, exercise room, pool, onsite management, bike storage and common area Wi-Fi.
MEDFORD, MASS. — MassHousing has provided $13.5 million in financing for Riverside Towers, a 199-unit affordable seniors housing complex in Medford, located north of Boston. Built in 1979, Riverside Towers consists of 161 one-bedroom and 38 two-bedroom units in a 14-story building. The borrower, a partnership between metro Boston-based Schochet Cos. and Jonathan Rose Cos., will use the proceeds to fund capital improvements, enhance resident services and preserve the property’s affordability status.
WORCESTER, MASS. — MassDevelopment has provided a $19.6 million tax-exempt bond for the construction of a mixed-income housing project in the central Massachusetts city of Worcester. The site at 120 Washington St. formerly housed the headquarters of Table Talk Pies, and the project is part of a larger redevelopment that will ultimately feature 400 residential units and 20,000 square feet of commercial space. Units will come in studio, one-, two- and three-bedroom formats. The borrower and developer, an affiliate of Boston Capital Development, will use the bond proceeds to construct 59 apartments, while the other 24 residences will be financed with Low-Income Housing Tax Credits and other subsidies. Eastern Bank and Rockland Trust purchased the bond. Construction is slated for a February 2024 completion.
AURORA, COLO. — NorthPeak Commercial Advisors has arranged the sale of an affordable housing portfolio located at 1571 Beeler St. and 1641 Alton St. in Aurora. The assets traded for $6.3 million, or $75,000 per unit. Totaling 74,596 square feet, the multifamily portfolio features 84 apartments. Keith Hardy and Joe Hornstein of NorthPeak Commercial represented the undisclosed seller, while Scott Fetter of NorthPeak Commercial represented the undisclosed buyer in the transaction.
MIAMI — Atlantic Pacific Cos. (A|P) has broken ground on Atlantic Station, a 616-unit mixed-income rental community located at 151 NW 7th St. in Miami. The Boca Raton, Fla.-based developer says the project is the largest, single-phase, transit-oriented mixed-income community in Miami-Dade County. Atlantic Station will comprise 256 market-rate apartments and 360 workforce housing units, as well as 25,000 square feet of shops and restaurants on the ground level. Amenities will include a sunset-view recreation deck with two pools, dog park, fitness center, outdoor kitchen, club lounge and a work-from-home center. A|P and Miami-Dade County held a groundbreaking ceremony for Atlantic Station on Monday, Jan. 9. The construction timeline was not disclosed.
LA MESA, CALIF. — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.9 million construction loan and a $10.9 million bridge loan to USA Properties Fund for the construction of an affordable housing community in La Mesa. Jeremiah Drake and Keven Ruf of KeyBank structured the financing. The property, 8181 Allison Apartments, will feature 147 one- and two-bedroom residences that meet income restriction requirements of 30 percent, 50 percent and 70 percent or less of the area median income. Onsite amenities will include social services to assist in income, employment and stabilization. The property will also include a two-bedroom, non-revenue manager unit. Additional funding included a $25.3 million federal low-income housing tax credit provided by WNC and $7 million in subsidy financing and $20.7 million in permanent financing from the California Housing Financing Agency Mixed Income Program. The City of San Diego provided a cost-free lease of the land for 65 years, valued at $6.6 million.
NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $12.1 million Freddie Mac loan for the refinancing of Sunridge Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Sunridge was 93 percent occupied at the time of the loan closing.
COCOA, FLA. — Housing Trust Group (HTG) and local nonprofit Housing for Homeless Inc. have broken ground on Orchid Lake, a $30 million affordable housing community in Cocoa, a city on Florida’s Space Coast. Situated in Brevard County on the Atlantic Ocean side of the state, Orchid Lake will feature 90 units reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The floor plan mix includes one-, two- and three-bedroom units ranging in size from 802 to 1,137 square feet. The property is scheduled to deliver in early 2024. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor barbecue area and a media room for residents. Housing for Homeless will also offer services to residents including adult literacy training, an employment assistance program and a financial management program. Funding sources for Orchid Lake include $15.7 million in 9 percent Low Income Housing Tax Credit equity syndicated through Raymond James Bank, as well as a $9 million loan through the State Apartment Incentive Loan program (SAIL). Other capital sources include loans from Raymond James Bank, Florida …