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Affordable Housing

Affordable HousingDevelopmentFinanceNew YorkNews

Merchants Capital Arranges $18M Loan for Renovations at Mannie Wilson Towers in Harlem

by Jeff Shaw

NEW YORK CITY — The New York office of mortgage banking company Merchants Capital has arranged an $18.2 million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development located in the Harlem neighborhood of Manhattan. Located in the former Sydenham Hospital, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors. As part of the U.S. Department of Housing and Urban Development (HUD) Section 202 program, units are restricted to residents 62 years of age and older …

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Affordable HousingCaliforniaFinanceNews

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Property in Pomona, California

by Jeff Shaw

POMONA, Calif. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is …

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Affordable HousingDevelopmentNewsPennsylvania

Grace Inspired Ministries Plans for Sellersville Affordable Senior Apartments in Telford, Pennsylvania

by Jeff Shaw

TELFORD, Pa. — Grace Inspired Ministries (GIM), along with development partner Leon N. Weiner Associates Inc. (LNWA), has unveiled plans for Sellersville Senior Apartments, an affordable housing community in Telford, approximately 30 miles north of Philadelphia. The community will feature 50 apartments, eight of which will be dedicated as supportive housing. “Sellersville Senior Apartments will bring much needed affordable and supportive housing to an area with a growing cost of living and a very limited supply of high-quality, cost-effective, rental housing for seniors,” says Dan McKee, president and CEO of …

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Affordable HousingDevelopmentNewsTexas

Palladium Starts Construction of 122-Unit Mixed-Income Project in Garland, Texas

by Jeff Shaw

GARLAND, Texas — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. Completion is scheduled for June 2022.

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AcquisitionsAffordable HousingNew JerseyNews

Standard Communities Acquires 169-unit Affordable Community in Atlantic City

by Jeff Shaw

ATLANTIC CITY, N.J. — Standard Communities, the affordable housing division of Standard Cos., has acquired Baltic Plaza Apartments, a 169-unit affordable seniors housing community in Atlantic City. The total capitalization of the transaction, including the sales price, a $10 million renovation plan and other costs, is approximately $38 million. Built in 1982, Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment (HAP) contract. The property is Standard Communities’ first acquisition in New Jersey. Standard Communities completed this transaction in partnership with the U.S. Department of Housing …

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Affordable HousingDevelopmentFinanceFloridaNews

Daytona Beach Housing Authority Receives Approval for $52M Affordable Rehabilitation Project

by Jeff Shaw

DAYTONA BEACH, Fla. — The Housing Authority of the City of Daytona Beach (HACDB) has received approval for $28 million in Multifamily Housing Revenue Bonds for its WM at the River affordable seniors housing project. With a total cost of $52 million, the project will rehabilitate 298 units at the former Windsor & Maley apartments. Partners include BGC Advantage, Red Stone Equity Partners, Lument, Coates Rose and Greenberg Traurig.

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Affordable HousingDevelopmentNew YorkNews

Olshan Properties, O’Connor Capital Partners Break Ground on 221-Unit Parkchester Gardens in the Bronx

by Jeff Shaw

NEW YORK CITY — A partnership led by Olshan Properties and O’Connor Capital Partners — in conjunction with New York City’s Housing Development Corporation (HDC) and Department of Housing Preservation and Development (HPD) — has begun construction on a new 221-unit affordable seniors housing development in the Parkchester section of the Bronx. The development, which will be called Parkchester Gardens, is scheduled for completion by mid-year 2023. Financing for the construction of Parkchester Gardens was sourced through a combination of public and private entities. The New York City HDC provided …

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AcquisitionsAffordable HousingMassachusettsNews

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Jeff Shaw

CAMBRIDGE, Mass. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds. Located across the Charles River from Boston, Harry S. Truman Apartments is part of the …

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Affordable HousingDevelopmentNewsWashington, D.C

DHCD Provides Construction Financing for 54-Unit Affordable Seniors Housing Project in D.C.

by Jeff Shaw

WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Ward 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility. The project also received a $1.1 million allocation of 9 percent Low-Income Housing Tax Credits (LIHTC) from DHCD. The project will …

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Jeff Rodman seniors affordable housing
Affordable HousingContent PartnersDevelopmentFeaturesFinanceIllinoisIndustry ContentM&T Realty Capital CorporationTexas

MTRCC’s Affordable Housing Expansion Anticipates Seniors Housing Opportunities

by Sarah Daniels

Concerns about real estate distress have primarily focused on retail and hospitality properties, both of which have most visibly borne the brunt of COVID-19 state and local lockdowns. Yet, arguably, seniors housing has suffered just as severe a blow, say Matthew Pipitone and Jeff Rodman, program managers for M&T Realty Capital Corp. (MTRCC), the commercial mortgage banking subsidiary of M&T Bank. Not only have seniors housing residents been restricted from having guests and seeing family members, but owners and operators have been tasked with finding ways to continue caring for …

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