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Affordable Housing

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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Affordable HousingDevelopmentIllinoisNews

Walsh Construction Completes Broadview Affordable Community in Chicago

by Jeff Shaw

CHICAGO — Walsh Construction has completed work on Broadview Senior Apartments, an affordable community for residents over age 55 in Chicago. CIBC Bank USA provided a $5.3 million dollar construction loan and made a $6.9 million equity investment in the project, which rises three stories. Of the 70 units, 11 are reserved for special-needs tenants. “We support affordable housing initiatives because we know how important the security of a home is,” says Cheryl Wilson, managing director and head of US Community Development Lending at CIBC. “We also know seniors can …

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Affordable HousingDevelopmentKeyBankNewsNorth Carolina

KeyBank Provides $48M in Financing for Affordable Development in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — KeyBank Real Estate Capital (KBREC) has provided a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae loan for the development of Eastway Park Apartments in Charlotte. The community will feature 132 age-restricted units for those 55 years of age or older, with income ranging from 30 to 80 percent of area median household income. The property will be subject to an agreement ensuring ongoing affordability for at least 30 years. The developer is Harmony Housing. Forty of the one-bedroom units will offer …

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Affordable HousingCaliforniaFinanceNews

Grandbridge Funds $30.4M Loan for Sunset at Normandie Towers Affordable Community in Los Angeles

by Jeff Shaw

LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able …

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Affordable HousingColoradoDevelopmentNews

TWG Plans $15.2M Residences at Delta Affordable Community in Colorado

by Jeff Shaw

DELTA, Colo. — TWG has unveiled plans for Residences at Delta, a $15.2 million affordable multifamily complex for seniors. Residences at Delta will be a two-story, 50-unit complex near Mountain View Park and Sweitzer Lake State Park. The project offers one-bedroom apartments reserved for seniors 62 years and older who earn up to 60 percent of the area median income (AMI). Constructed in partnership with Delta Housing Authority, the project seeks to bridge the generational gap between seniors, their families and youth in the community. Construction of the project is …

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Affordable HousingArizonaFinanceNews

Berkadia Arranges $92.8M in Financing for Affordable Senior Living Portfolio in Arizona

by Jeff Shaw

TUCSON, MESA and PHOENIX, Ariz. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, …

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Affordable HousingDevelopmentFinanceFloridaKeyBankNews

KeyBank Provides $69.8M Financing for Redevelopment of Affordable Housing Community in Tampa

by Jeff Shaw

ST. PETERSBURG, Fla. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents …

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Affordable HousingColoradoDevelopmentFinanceNews

Lument Provides $5.9M Fannie Mae Construction Loan for Lynwood Senior Apartments in Denver

by Jeff Shaw

DENVER — Lument has provided a $5.9 million Fannie Mae affordable loan to fund the construction of Lynwood Senior Apartments. The property will feature 62 units of affordable housing for seniors in a three-story building on nearly an acre. Construction of the community will be facilitated via a 30-month taxable forward commitment Fannie Mae affordable loan structured as a 9 percent Low-Income Housing Tax Credit (LIHTC) mortgage-backed securities (MBS) exchange. The Fannie Mae loan features a fixed interest rate, 15-year term and 35-year amortization. Additional funding sources include a construction …

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