Monday, March 10, 2025
Read the Magazine Subscribe

Affordable Housing

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
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, …

Continue Reading
0 FacebookTwitterLinkedinEmail
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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentNewsNorth Carolina

Greystone, Urban Trends to Develop $28.9M Eastway Crossings Affordable Project in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. have released plans to develop Eastway Crossings, a $28.9 million affordable housing community located on Charlotte’s east side. The development will be funded through the Low-Income Housing Tax Credit (LIHTC) program. Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market. The community will offer residential units for senior …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIndependent LivingMichiganNews

Lockwood Cos. Starts Construction of 154-Unit Community in Ann Arbor, Michigan

by Jeff Shaw

ANN ARBOR, Mich. — Lockwood Cos. has broken ground on Lockwood of Ann Arbor, a mixed-income seniors housing community in Ann Arbor. The property will be a three-story, 168,130-square-foot building with 154 independent senior apartments, including 65 units dedicated as affordable housing. Lockwood of Ann Arbor represents an approximately $45 million investment in the City of Ann Arbor and Washtenaw County. Scheduled to open in Summer of 2023, Lockwood of Ann Arbor will feature 89 one-bedroom units and 65 two-bedroom units. The Ann Arbor Area Community Foundation projects a rising …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentIndianaNews

Evergreen Plans 120-Unit Green Oaks of Valparaiso Affordable Community in Indiana

by Jeff Shaw

VALPARAISO, Ind. — Evergreen Real Estate Group has secured financing for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, approximately 45 miles southeast of Chicago. Development costs are estimated at $30 million. Evergreen Construction Co., a division of Evergreen Real Estate Group, will serve as general contractor on the development and plans to begin preliminary site work this month. Construction is scheduled for completion in early 2023. The project will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingFloridaNewsPeople

LeadingAge Florida Appoints Rhanda McKown as Director of Affordable Housing

by Jeff Shaw

TALLAHASSEE, Fla. — LeadingAge Florida has appointed Rhanda McKown as its director of affordable housing. McKown joins LeadingAge Florida from the North Tampa Housing Development Corp., where she served as a local contract specialist. She has nearly 20 years of experience in various aspects of the housing industry and spent the last 15 years conducting management and occupancy reviews (MOR) under the Performance Based Contract Administration (PBCA) contract in Florida. “Through her previous work with our association and her work at the North Tampa Housing Development Corp., she knows many …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentNewsNorth Carolina

Greystone, Weaver-Kirkland Break Ground on 70-Unit Affordable Housing Community in Hudson, North Carolina

by Jeff Shaw

HUDSON, N.C. — Greystone Affordable Development and Weaver-Kirkland Development have broken ground on Kirkwood Grove Apartments, a 70-unit affordable seniors housing community in Hudson, approximately 65 miles northwest of Charlotte. Kirkwood Grove is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years. Kirkwood Grove will be Greystone’s first new-construction affordable housing development where it will serve as a long-term owner. The second property for the partnership will be The Havens at Oxford in Oxford, N.C., which …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentFloridaNews

Public-Private Partnership Completes $23M Affordable Housing Community in Orlando

by Jeff Shaw

ORLANDO — A partnership between Orange County, American Residential Communities and New South Residential has completed Phase I of Madison Landing, an affordable seniors housing community in Orlando. The seven-story building features 110 units in 105,011 square feet on 5.4 acres. Development costs were estimated at $23 million. Winter Park Construction (WPC) is the general contractor for the project, Evans Engineering is the civil engineer, and Blue Skies Studios and DM Architect provided architectural services. Construction began in September 2020. Phase I units are reserved largely (90 percent) for households …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts