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Affordable Housing

Affordable HousingDevelopmentFinanceFloridaNews

Volunteers of America Plans $16.6M Renovation at Pine Grove Apartments in Gainesville, Florida

by Jeff Shaw

GAINESVILLE, Fla. — Volunteers of America National Services (VOANS) has unveiled plans for a $16.6 million renovation project at Pine Grove Apartments in Gainesville. Utilizing non-competitive Low Income Housing Tax Credits to refinance and rehabilitate the property, the work is slated for completion in summer 2023. Volunteers of America of Florida will continue to provide property management and services for residents. Constructed in 1984 with 97 affordable units for seniors under the HUD Section 202 program, the property will continue to benefit from HUD subsidizing for all units. The tenant-in-place …

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Affordable HousingDevelopmentFloridaNews

FK Architecture Breaks Ground on Three Affordable Projects in Naples, Florida

by Jeff Shaw

NAPLES, Fla. — FK Architecture has broken ground on three affordable housing projects in Naples, located on the Gulf Coast in South Florida. The projects are named Harmony on Santa Barbara, Allegro at Hacienda Lakes, and Cadenza at Hacienda Lakes. “Affordable housing is a critical need throughout the United States,” says Ted Hunton, managing principal at FK Architecture. “Housing costs have exploded over the past few years. We fully expect these projects to establish long-lasting communities in the years to come.” Allegro and Cadenza at Hacienda Lakes are adjacent senior …

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Affordable HousingCaliforniaDevelopmentNews

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Jeff Shaw

SANTA FE SPRINGS, Calif. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units, and a groundbreaking for …

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Affordable HousingAssisted LivingFinanceMassachusettsNews

Greystone Provides $24.8M Freddie Mac Refinancing for Affordable Community in Cape Cod

by Jeff Shaw

MASHPEE, Mass. — Greystone has provided a $24.8 million Freddie Mac Optigo loan to refinance a 70-unit senior housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons in Barnstable County includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse financing carries a 10-year term and …

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Affordable HousingDevelopmentMassachusettsNews

Hebrew SeniorLife Receives Financing for Expansion of Affordable Community Near Boston

by Jeff Shaw

RANDOLPH, Mass. — Harvard Medical School affiliate Hebrew SeniorLife has closed on the financing to build 45 new units of affordable senior housing at the Simon C. Fireman Community in the Boston suburb of Randolph. Currently, the community offers 160 senior apartments with supportive services. With a low-income housing tax credit investment from the Massachusetts Housing Investment Corporation (MHIC) and support from several other funders, Hebrew SeniorLife’s new construction began this week. The resulting apartments will be 100 percent affordable, with 27 units for households earning up to 60 percent …

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Affordable HousingDevelopmentNewsNorth Carolina

Woda Cooper Opens 50-Unit Affordable Seniors Housing Community in Hickory, North Carolina

by Jeff Shaw

HICKORY, N.C. — Woda Cooper Cos. Inc. has opened Center Crossing, a 50-unit, four-story affordable seniors housing community in Hickory that offers one- and two-bedroom apartments. Five of the units are accessible for those with mobility challenges, including two units specifically equipped for those with sight and hearing impairments. The property serves residents aged 55 and older who earn 40 to 80 percent area median income (AMI). Rental rates range from $356 to $921 per month, depending on unit size and income restriction. Community amenities include an onsite management office, …

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Affordable HousingDevelopmentMassachusettsNews

Hebrew SeniorLife Starts Construction of 43-Unit Affordable Community in Boston

by Jeff Shaw

BOSTON — Dorchester Bay Economic Development Corporation (DBEDC) and Hebrew SeniorLife have closed on financing and started construction of 9 Leyland, a 43-unit affordable seniors housing building in Boston’s Dorchester neighborhood. Located in the Upham’s Corner section of the neighborhood, 41 one-bedroom units and two two-bedroom units are reserved for seniors earning below 60 percent of the area median income (AMI). Twenty-four units will be supported by project-based rental vouchers, of which 11 units will serve seniors earning up to 30 percent of AMI, including seniors transitioning from homelessness. Completion …

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AcquisitionsAffordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $10.3M Bond Financing for Acquisition, Renovation of Putnam School Apartments in Cambridge, Massachusetts

by Jeff Shaw

CAMBRIDGE, Mass. — MassDevelopment has issued a $10.3 million tax-exempt bond on behalf of Putnam School Apartments LLC, an affiliate of Cambridge Housing Authority (CHA). The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted into the Putnam School Apartments in 1983; most of the housing units have not been updated since. Renovations will include reconfiguring units; addressing major systems, including mechanical, electrical, plumbing and ventilation; …

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AcquisitionsAffordable HousingIllinoisMinnesotaNewsOhioOperationsVirginia

Evergreen Real Estate Group to Operate 1,377-Unit Portfolio in Illinois, Minnesota, Ohio, Virginia

by Jeff Shaw

CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage multifamily communities comprising a total of 1,377 units across Illinois, Minnesota, Ohio and Virginia. The assignments include a mix of market-rate units and affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to more than 10,000 units throughout the U.S. “While some of the new management contracts were underway just before COVID-19, many started during the pandemic, and we have taken great care to help residents of each community navigate these uncertain times,” says Steve …

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Affordable HousingDevelopmentNewsTexas

Montrose Center Opens LGBTQ-Friendly Affordable Community in Houston

by Jeff Shaw

HOUSTON — The Montrose Center has completed construction of the Law Harrington Senior Living Center, an age- and income-restricted housing community in Houston’s Third Ward. Designed by Smith & Co. Architects, this affordable, LGBTQ-affirming senior living center features 112 one- and two-bedroom independent living apartments. Development took seven years and cost $22 million. The property totals 162,000 square feet. Units are reserved for those over 62 years of age making up to 60 percent of the area median income. A 17,196-square-foot clubhouse features a social services department managed by the …

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