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Affordable Housing

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 …

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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 …

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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 …

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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 …

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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 …

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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 …

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Affordable HousingDevelopmentNewsTexas

Columbia Residential, Renaissance Heights Open Phase II of Columbia Renaissance Square in Fort Worth

by Jeff Shaw

FORT WORTH, Texas — Renaissance Heights United, in partnership with Columbia Residential and Purpose Built Communities, has opened the second phase of Columbia Renaissance Square Senior Residences, an affordable seniors housing community in Fort Worth. The $21.8 million expansion is the second of three phases, and included a three-story building with 120 apartments. The apartments average 792 square feet with 96 of the units reserved for low-income seniors. Construction was certified by National Green Building Standard for improved energy efficiency, indoor air quality and lower utility costs. Project partners included …

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Affordable HousingCaliforniaDevelopmentNews

USA Properties Fund Starts Construction of $32M Sage at Folsom in California

by Jeff Shaw

FOLSOM, Calif. — USA Properties Fund has started construction on Sage at Folsom, located approximately 25 miles east of Sacramento in Folsom. Sage at Folsom will offer affordable housing for residents 55 years and older earning between 30 and 80 percent of area median income — approximately $19,150 to $51,000 per year. Rents will range from $450 to $1,300. The 111-unit community is a few blocks from Folsom Lake College, healthcare providers, grocery stores and several large shopping centers, including Broadstone Plaza and the Palladio Shopping Center. Construction on the …

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Affordable HousingDevelopmentMarylandNews

Enterprise Acquires Three Affordable Communities in Maryland, Plans Redevelopment Projects at a Total Cost of $60M

by Jeff Shaw

GLEN BURNIE, ELLICOTT CITY and COLUMBIA, Md. — Enterprise Community Development has acquired and planned redevelopment projects at three affordable seniors housing communities: Park View at Furnace Branch in Glen Burnie, Park View at Ellicott City II in Ellicott City and Park View at Snowden River in Columbia. The combined cost to acquire and redevelop the properties is $60 million. Built in the early 2000s, all three communities serve low-income senior households earning up to 60 percent of the area median income. In total, the three properties consist of 292 …

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Affordable HousingFinanceNew YorkNews

Berkadia Provides $22.6M HUD-Insured Loan for Refinancing of Section 8 Housing Property in Brooklyn

by Jeff Shaw

NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.

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