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Affordable Housing

Affordable HousingDevelopmentGeorgiaNews

McShane Completes 198-unit Covington Crossings Affordable Development in Covington, Georgia

by Jeff Shaw

COVINGTON, Ga. — McShane Construction Co. has completed work at Covington Crossings, a 198-unit affordable seniors housing community in Covington, approximately 35 miles east of Atlanta. Units are available in one- to three-bedroom options. Additionally, the property contains a surface-level parking lot with 208 spaces. Situated on a 13-acre site, the four-story building features wood frame construction with brick and cement siding. Martin Riley Associates provided architectural services for Covington Crossings.

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Affordable HousingDevelopmentNewsTexas

Lument Provides $47.1M in Financing for The Oaks Mixed-Income Community in Dallas

by Jeff Shaw

DALLAS — Lument has provided $25 million in short-term bonds and a $22.1 million Freddie Mac unfunded forward loan for The Oaks, a mixed-income seniors housing development in Dallas The borrowers are co-developers DHA Housing Solutions for North Texas and the Volunteers of America National Services (VOANS). Tracy Peters, senior managing director, and Dale Giffey, associate director, led the transaction for Lument. The Oaks is being co-developed by DHA and VOANS, the latter of which is also the sponsor and guarantor. DHA is the tenth largest housing authority in the …

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Partners to Develop 46-Unit Cedarwood Homes Affordable Project in Pittsburgh

by Jeff Shaw

PITTSBURGH — New Jersey-based Tryko Partners has announced plans for Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

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Affordable HousingAssisted LivingDevelopmentIndianaNews

Evergreen to Develop $30M Affordable Assisted Living Community in Goshen, Indiana

by Jeff Shaw

GOSHEN, Ind. — Evergreen Real Estate Group has secured financing and started preliminary site work for Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen. Evergreen Construction Company, a division of Evergreen Real Estate Group, is serving as general contractor on the development and plans to officially break ground on Oct. 28. Completion is scheduled for early 2023. The $30 million project will replace a vacant three-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. …

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Affordable HousingDevelopmentMassachusettsNews

POAH, Nuestra Comunidad Break Ground on $27M Affordable Community in Boston

by Jeff Shaw

BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, in Nubian Square, located in the Roxbury neighborhood. The Kenzi will feature 41 affordable one-bedroom units, and three affordable two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn …

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Affordable HousingFinanceNew JerseyNews

Berkadia Provides $26M Loan for Refinancing of Affordable Seniors Housing Property in Union City, New Jersey

by Jeff Shaw

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

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Affordable HousingCaliforniaDevelopmentNews

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Jeff Shaw

CAMARILLO, Calif. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI) with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to …

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AcquisitionsAffordable HousingNew YorkNews

Hudson Valley Property Group Acquires Two Affordable Communities for $27.8M in Spring Valley, New York

by Jeff Shaw

SPRING VALLEY, N.Y. — Hudson Valley Property Group (HVPG) has acquired two affordable housing communities in the New York City suburb of Spring Valley $25.8 million. The properties include the 114-unit Lakeview Village, which is reserved for seniors, and the 76-unit Highview Apartments, which is reserved for families. Affordability restrictions at the property were set to expire in 2022. With Low-Income Housing Tax Credits (LIHTC), HVPG will acquire the properties, complete renovation upgrades and keep rents affordable for the long term. All apartments will be income-restricted to tenants earning 60 …

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AcquisitionsAffordable HousingFinanceKeyBankNewsNorth Carolina

KeyBank Provides $6.5M Loan for Cotton Street Commons Affordable Community in Monroe, North Carolina

by Jeff Shaw

MONROE, N.C. — KeyBank Community Development Lending and Investment (CDLI) has provided $6.5 million of capital for an affiliate of National Church Residences (NCR). The funds will be used to rehabilitate Cotton Street Commons an affordable senior housing property in Monroe, N.C. Cotton Street Commons is a 72-unit pet-friendly property, originally constructed in 1978, serving households with incomes between 30 percent and 60 percent of area median household income. Its 18 single-story buildings contain 64 one-bedroom and eight two-bedroom units and include accessible units. The $6.5 million construction loan, convertible …

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AcquisitionsAffordable HousingCaliforniaNews

Avanath Acquires 360-Unit River Run Senior Affordable Community in Corona, California

by Jeff Shaw

CORONA, Calif. — Avanath Capital Management, LLC has acquired River Run Senior, a 360-unit affordable seniors housing community in Corona, located in Riverside County. The price and seller were not disclosed. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. River Run is the company’s second acquisition in Riverside County; the first, Woodside Senior, was acquired by Avanath in 2014. It is also Avanath’s third acquisition in Southern California in the past nine months. “The property is consistently 99 percent …

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