RHODE ISLAND — Nixon Peabody LLP has advised Providence Realty Investment (PRI) in seven separate transactions that refinance debt on nine affordable housing properties across Rhode Island. The portfolio totals 708 units of mostly age-restricted affordable housing. All seven of the transactions, totaling more than $104 million in financing, were completed in conjunction with Rhode Island Housing and Mortgage Finance Corp. (RIHousing). Proceeds from the refinancings will be used for upgrades and repairs at each of the properties. The deals involve new HUD risk-sharing loans from RIHousing under the Treasury-HUD …
SWEETWATER, Fla. — CREI has received approval from the Sweetwater City Commission to construct Li’l Abner III, an affordable seniors housing expansion in Sweetwater, a suburb west of Miami. The project will rise next to its sister buildings, Li’l Abner I and II, and add 316 units to the complex. “CREI Holdings is committed to providing affordable and workforce housing for seniors who are being squeezed out of the Miami-Dade market by skyrocketing rents,” says Raul Rodriguez, managing member of CREI Holdings. “We decided to build Li’l Abner III after …
RICHMOND, Va. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction.
GARLAND, Texas — Locally based developer Palladium USA has completed a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development consists of 92 units reserved for renters age 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates.
WASHINGTON, D.C. — Standard Communities, a developer of affordable housing for seniors and families, has named Feras Qumseya as chief development officer. This is a new position created to lead the new-construction division, a national platform focused on leveraging 4 percent Low Income Housing Tax Credit (LIHTC) financing to build new dedicated affordable housing units in major metropolitan areas. He will be based out of Washington, D.C. Qumseya brings 20 years of experience working on all aspects of affordable housing, economic development, public-private partnerships, large mixed-use projects and transit-oriented developments. …
TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has broken ground on a 40-unit affordable housing community for seniors in Teaneck, just across the Hudson River from Manhattan and The Bronx. The community will rise five stories, and the mostly one-bedroom units are reserved for those over age 62 meeting income requirements. The project will replace a vacant municipal facility currently at the site. Rents will range from $336 per month to $1,451 per month, depending on the size of the unit and the …
LOS ANGELES — Standard Communities, a Los Angeles-based investor and developer of affordable multifamily housing including seniors housing, has established three new, diversified business lines. The three dedicated business lines — acquisition/redevelopment, new construction and essential housing — aim to leverage and align the strengths and diversity of Standard’s staff and enable them to execute faster and more efficiently. “With our national geographic reach and ambitious vision for the future, it is important that our structure allows us to stay nimble and responsive to opportunities,” says Scott Alter, co-founder and …
IRVINE, Calif. —Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least …
MIAMI — Miami-Dade County and the county’s Department of Public Housing and Community Development (PHCD), together with Related Group, have completed renovations at Robert King High Community Center in Miami’s Little Havana neighborhood. First built in 1964 in response to a rapid increase in senior population, Robert King High Towers was a first-of-its-kind development in the Southeast. The community features 315 affordable housing units for seniors and a 10,000-square-foot community center. The community center renovations are now fully completed, with work on the residential towers well underway. The renovation preserved …
MIAMI — Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors age 62 and older. Located in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median income (AMI), with rents ranging from $457 to $1,317 per month. The property is scheduled to open in early 2024. The project team for Tucker Tower includes general contractor BDI Construction; …