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Affordable Housing

Affordable HousingDevelopmentGeorgiaNews

The Benoit Group, Atlanta Housing Receive Financing for $72M Englewood Affordable Development

by Jeff Shaw

ATLANTA — The Benoit Group, in partnership with Atlanta Housing, has received financing for the development of Englewood Senior in Atlanta.  The 160-unit affordable senior living project marks the first redevelopment phase of a master-planned, mixed-use, multi-phase community on the 30-acre site of the former Englewood Manor public housing site. Originally built in 1971 on approximately 30 acres, Englewood Manor offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately …

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Affordable HousingFinanceMichiganNews

EBSC Lending Provides $26.2M Financing for a 41-Unit Affordable Community in Michigan

by Jeff Shaw

MICHIGAN — EBSC Lending has provided $26.2 million in financing for a 41-unit affordable seniors housing complex in Michigan.  The borrower, a nonprofit owner-operator, 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. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 apartments will be reserved for low- …

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Affordable HousingDevelopmentMichiganNews

Cherry Health, Woda Cooper Plan 56-Unit Shea Ravines Affordable Community in Wyoming, Michigan

by Jeff Shaw

WYOMING, Mich. — Woda Cooper Cos. and Cherry Health have received tax credits from the Michigan State Housing Development Authority for development of Shea Ravines, a 56-unit affordable housing community in the Grand Rapids suburb of Wyoming. The $18.2 million project includes 20 permanent supportive housing (PSH) units for the formerly homeless. The site is adjacent to Cherry Health’s Wyoming Community Health Center. The development will provide one-bedroom and two-bedroom apartments for singles, families, and seniors who earn up to 80 percent of area median income The project is targeting …

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Affordable HousingDevelopmentFloridaNews

Miami Beach Housing Authority, Atlantic Pacific Break Ground on 119-Unit Affordable Housing Community

by Jeff Shaw

MIAMI BEACH, Fla. — The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course in Miami Beach. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers. Vista Breeze will feature Miami modern (MiMo) architecture and include onsite parking, a community center and a business center. Units will be reserved for seniors earning no more than 80 …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Wells Fargo Provides $57.9M Financing for La Sabila Affordable Development in San Diego

by Jeff Shaw

SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.

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Affordable HousingDevelopmentNew YorkNews

Lendlease Completes 149-Unit Garden Towers Affordable Community in the Bronx

by Jeff Shaw

NEW YORK CITY — Lendlease has completed construction of Garden Towers, an affordable seniors housing community in the Bronx.  Developed by Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, the building features 149 rental homes for low-income adults age 62 or older. Lendlease served as general contractor on the development, located in the Morrisania neighborhood. Garden Towers features two mid-rise residential buildings, with an eight-story building facing Boston Road and a seven-story building facing Clinton Avenue. In addition to meeting Enterprise Green Communities criteria, Garden Towers was …

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Affordable HousingDevelopmentFloridaNews

Pinnacle Breaks Ground on $41.2M Pinnacle at La Cabaña Affordable Community in Miramar, Florida

by Jeff Shaw

MIRAMAR, Fla. — Pinnacle has broken ground on Pinnacle at La Cabaña, an affordable seniors housing community in Miramar, a northern suburb of Miami.  The $41.2 million project will feature 110 units in one- and two-bedroom floorplans. Construction is scheduled for completion in 2025. The development is part of a public-private partnership between Pinnacle and the City of Miramar.  Pinnacle at La Cabaña will offer 11 units to seniors earning up to 28 percent of the area median income, and the remaining units will be available to seniors earning up …

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Affordable HousingDevelopmentFinanceFloridaNews

CREI Holdings Receives $67M Construction Loan for Affordable Project in Metro Miami

by Jeff Shaw

SWEETWATER, Fla. — CREI Holdings has received a $67 million construction loan from Centennial Bank to build an affordable and workforce housing mid-rise building in Sweetwater, just west of Miami.  Construction of Li’l Abner III is set to begin in the second quarter of this year, with completion expected in the second quarter of 2026.  Coral Gables-based Burgos Lanza Architects and Planners designed the eight-story project, which features 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income up to 80 percent of …

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Affordable HousingDevelopmentIndianaNews

Evergreen Real Estate Group Completes 120-Unit Affordable Assisted Living Community in Goshen, Indiana

by Jeff Shaw

GOSHEN, Ind. — Evergreen Real Estate Group has completed Green Oaks of Goshen, a 120-unit assisted living community for low-income seniors in Goshen, a city in northern Indiana.  Evergreen Construction Co., a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50 percent leased.  Located at 282 Johnson St., the $30 million project replaces a vacant, three-acre lot on the city’s north side near an existing Salvation Army building. Bourbonnais, Ill.-based Gardant Management Solutions operates the four-story …

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Affordable HousingDevelopmentNewsVirginia

APAH Opens $31.5M Ilda’s Overlook Senior Residences in Fairfax, Virginia

by Jeff Shaw

FAIRFAX, Va. — Arlington Partnership for Affordable Housing (APAH) has opened Ilda’s Overlook Senior Residences, an affordable seniors housing community in Fairfax, approximately 15 miles west of Washington, D.C.  The community provides 80 affordable units to seniors age 62 and above with incomes at or below 60 percent of the area median income (AMI).  Ilda’s Overlook was built in partnership with Fairfax County Redevelopment and Housing Authority (FCRHA) and Erickson Senior Living. The property’s name, Ilda’s Overlook, is a nod to Black history in Fairfax County. It references a community …

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