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Affordable Housing

Affordable HousingCaliforniaDevelopmentFinanceKeyBankNews

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Jeff Shaw

SAN YSIDRO, Calif. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will be restricted to …

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AcquisitionsAffordable HousingCaliforniaNews

TMG Brokers $41.2M Sale of Two-Property Monte Vista Gardens Affordable Seniors Housing Portfolio in San Jose

by Jeff Shaw

SAN JOSE, Calif. — The Mogharebi Group (TMG) has arranged the sale of a two-property affordable seniors housing portfolio in San Jose. ROEM Development sold the assets to an undisclosed buyer for $41.2 million. Built in 2001 and 2003 by the seller, Monte Vista Gardens Senior 1 and 2 offer a total of 118 units across two residential buildings. Located at 2605 La Hacienda Court and 2600 Nuestra Castillo Court, the two- and three-story, controlled-access complexes include a community center with library and kitchen, a garden/courtyard area, solar panels and …

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Affordable HousingDevelopmentNewsOhio

Fairfield Homes Plans Rehabilitation of Park Village Apartments in Shelby, Ohio

by Jeff Shaw

SHELBY, Ohio — Fairfield Homes Inc. has announced plans for the rehabilitation of Park Village Apartments, an affordable seniors housing community in the Central Ohio city of Shelby. The apartment community consists of 80 one- and two-bedroom apartments. The renovations will result in highly efficient, well-appointed apartments that include universal design features, sustainable materials and environmentally sound products. The project will include updated interior finishes, full HVAC replacement, community amenities, walkways and landscaping. The property will become an Enterprise Green Certified Community. Fairfield Homes partnered with NDC Corporate Equity Fund, …

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Affordable HousingDevelopmentFinanceGeorgiaNews

Bellwether Enterprise Provides $23.9M HUD-Insured Loan for Rehab of Affordable Seniors Apartments in Atlanta

by Jeff Shaw

ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 …

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Affordable HousingDevelopmentKentuckyNews

Woda Cooper, Housing Services Alliance Open $18.9M Sparrow Ridge Community in Hebron, Kentucky

by Jeff Shaw

HEBRON, Ky. — Woda Cooper Cos. and Housing Services Alliance have completed Sparrow Ridge, an affordable seniors housing community in Hebron, just across the Ohio River from Cincinnati. The 96 units are reserved for residents over age 55 who earn between 30 and 80 percent of the area median income (AMI). Development costs were estimated at $18.9 million. The affordable development was made possible in part by $1.5 million in Low-Income Housing Tax Credits (LIHTCs) allocated by Kentucky Housing Corporation (KHC). Affordable housing investor CREA LLC purchased the tax credits …

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AcquisitionsAffordable HousingDevelopmentFinanceNewsNorth Dakota

Colliers Mortgage Provides $10.9M HUD Loan for Portfolio in Grand Forks, North Dakota

by Jeff Shaw

GRAND FORKS, N.D. — Karen Dubrosky and Frank Hogan of the Minneapolis office of Colliers Mortgage and Colliers Securities, respectively, have closed a $10.9 million HUD loan for the acquisition and rehabilitation affordable housing portfolio in Grand Forks. Located near the Red River, which forms the border between Minnesota and North Dakota, the portfolio totals 182 units of affordable housing across three properties. University Square includes 60 multifamily units, Columbia Square East includes 50 seniors housing units and Columbia Square South includes 72 multifamily units. All units are covered by …

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Affordable HousingDevelopmentNew YorkNews

Catholic Charities Opens 135-Unit Pope Francis Apartments of Loreto in Brooklyn

by Jeff Shaw

NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, an affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009. It features 135 apartments in an 83,000-square-foot building. The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

by Jeff Shaw

SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior …

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Affordable HousingDevelopmentNewsOhio

Related Cos. Completes Renovation of 230-Unit Biltmore Towers in Dayton, Ohio

by Jeff Shaw

DAYTON, Ohio — Related Affordable, a division of Related Cos., has completed the renovation project at Biltmore Towers, an affordable seniors housing community in Dayton. Partners on the project include St. Mary Development Corp., Ohio State Historic Preservation Office, City of Dayton, U.S. Department of Housing and Urban Development (HUD), Ohio Housing Finance Agency (OHFA) and Dayton/Montgomery County Port Authority. Opened in 1929, Biltmore Towers was once considered one of the most prominent hotels in America, hosting the likes of John F. Kennedy and Elvis Presley. The property was converted …

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Affordable HousingDevelopmentKentuckyNews

Fairstead Completes $4.5M Renovation Project at Colony Apartments in Covington, Kentucky

by Jeff Shaw

COVINGTON, Ky. — Fairstead has completed a $4.5 million overhaul of Colony Apartments, a 43-year-old affordable seniors housing community in Covington, located just across the Ohio river from Cincinnati. Residents of the 137-unit complex received home upgrades, including new kitchens, bathrooms, cabinetry, energy-efficient appliances and lighting, as well as lower monthly utility bills. Fairstead also partnered with local organizations to bolster on-site support services at the property. Financing for the rehabilitation of Colony Apartments came from the Kentucky Housing Corp., Capital One and Boston Financial. “Kentucky Housing Corp. was proud …

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