Affordable Housing

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 …

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MIAMI — SG Holdings has completed leasing at Sawyer’s Walk, a 3.4-acre mixed-use development underway in Miami’s Overtown neighborhood. The project, which will feature retail space, offices and affordable housing for seniors, is set to open this summer. SG Holdings is a partnership comprising Swerdlow Group, SJM Partners and Alben Duffie. The development team broke ground on Sawyer’s Walk in summer 2021. The development costs were not disclosed, but the Miami Herald reported the price tag hovers around $350 million. “The anticipated delivery of our mixed-use development will serve as an economic …

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LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, a permanent supportive housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. …

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CHICAGO HEIGHTS, Ill., and FLORENCE, Ky. — Cambridge Realty Capital has provided $52.2 million in HUD financing for three affordable seniors housing communities in Kentucky and Illinois. The Kentucky transaction consisted of two facilities totaling 214 rental units located in Florence. The Chicago Heights community features 320 units. Cambridges’ early rate lock program was utilized, which allowed the owner to avoid the run-up in interest rates at a fixed cost and secure the underwritten loan amounts, without reduction caused by changing market conditions. The borrowers are based in Illinois are …

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CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago.  The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project -based Section 8 contract. The remaining five apartment building provide 126 units for families. The sponsor is Evergreen Real Estate Group. The properties are owned by an LIHTC partnership created by the Housing and …

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BELLEVUE, Wash. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community for residents of all ages. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield …

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DALLAS, ATLANTA and NASHVILLE — BWE has arranged three financings totaling over $60 million to build, renovate and provide permanent financing for three affordable multifamily housing properties. Jon Killough and John Roberts originated the Freddie Mac tax-exempt loans on behalf of the borrowers. In the first transcation, BWE arranged a $14.2 million loan for Villages at Carver in Atlanta. The borrower, an Atlanta-based developer and operator, will fund renovations and permanent financing for the 220-unit, mixed-income, garden-style apartment complex. The development houses a mix of one-, two-, three-, and four-bedroom …

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LEISURE CITY, Fla. — Housing Trust Group (HTG) has started construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development. The eight-story property will feature 120 units reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in …

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STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston. SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case …

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ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …

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