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Affordable Housing

Affordable HousingDevelopmentNew JerseyNews

Pennrose Opens $20M Village at Harmony Garden in Glassboro, New Jersey

by Jeff Shaw

GLASSBORO, N.J. — Pennrose, The Housing Authority of the Borough of Glassboro (GHA), Gloucester County and other project partners have opened Village at Harmony Garden, an affordable seniors housing community in Glassboro, 20 miles south of Philadelphia. The $20M redevelopment transformed the 10-acre site that was the Ellis Manor public housing complex into 64 affordable apartments with supportive services for residents age 55 and older, as well as individuals with disabilities, and one resident superintendent unit. Village at Harmony Garden includes a mix of one- and two-bedroom apartments in one-story, …

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Affordable HousingFinanceGeorgiaNews

BWE Provides $4.5M Freddie Mac Financing for Legacy at Walton Trail in Villa Rica, Georgia

by Jeff Shaw

VILLA RICA, Ga. — BWE has provided $4.5 million in long-term financing for Legacy at Walton Trail, a newly constructed affordable seniors housing development in Villa Rica, approximately 30 miles west of Atlanta. Victor Agusta, Jr. originated the Freddie Mac Targeted Affordable Housing loan on behalf of Walton Communities. Built on the site of obsolete public housing, Legacy at Walton Trail comprises 90 one- and two-bedroom apartments. The homes will be available to adults age 55 or older who earn between 30 percent and 80 percent of the area median …

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 51-Unit Affordable Community in Philadelphia’s Chinatown Neighborhood

by Jeff Shaw

PHILADELPHIA — Pennrose has broken ground on 800 Vine Senior, which will convert an underutilized surface parking lot in Philadelphia into a 51-unit affordable seniors housing development. Located in the Chinatown neighborhood of Philadelphia, the community is scheduled to open in summer 2024. The five-story building will feature 51 units with a mix of studio, one- and two-bedroom apartments. Six units will be available for residents earning up to 20 percent of area median income (AMI), 20 units will be available for seniors earning at or below 50 percent of …

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AcquisitionsAffordable HousingNewsTexas

Greysteel Negotiates Sale of 154-Unit Wright Senior Apartments in Grand Prairie, Texas

by Jeff Shaw

GRAND PRAIRIE, Texas — Greysteel has arranged the sale of Wright Senior Apartments, a 154-unit affordable seniors housing property in Grand Prairie, just west of Dallas. Initially constructed in 2005, community includes 123 rent-restricted affordable units and 31 market-rate units in a mixture of studio, one- and two-bedroom units. The buyer, an experienced affordable housing owner, will continue to operate the community as an affordable housing community per the terms of the LIHTC LURA. The buyer assumed the seller’s existing HUD loan. Murphy Holloway and Doug Banerjee of Greysteel’s National …

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AcquisitionsAffordable HousingDevelopmentFinanceKeyBankNewsOregon

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Complete 72-Unit Shoreline Villas in Fort Walton Beach, Florida

by Jeff Shaw

FORT WALTON BEACH, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach, a small city in the Florida Panhandle. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to …

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Affordable HousingFinanceIllinoisNews

Greystone Provides $13.7M HUD-Insured Refinancing for Supportive Living Facility in Crestwood, Illinois

by Jeff Shaw

CRESTWOOD, Ill. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

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Affordable HousingDevelopmentMississippiNews

Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Affordable Community

by Jeff Shaw

TUPELO, Miss. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at the market rate while the other 31 apartments will be restricted to seniors age 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Break Ground on $37.4M Astoria on 9th in Bradenton, Florida

by Jeff Shaw

BRADENTON, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. The units will be reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties Fund Plans $21M Vintage at Marja Acres in Carlsbad, California

by Jeff Shaw

CARLSBAD, Calif. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55. The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment. …

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