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Affordable Housing

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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Affordable HousingDevelopmentFinanceKeyBankNewsPennsylvania

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Jeff Shaw

CANONSBURG, Pa. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team …

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Affordable HousingCaliforniaDevelopmentNews

Chelsea Investment, Sudberry Properties Open $155M Affordable Housing Development at Civita in San Diego

by Jeff Shaw

SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into …

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Affordable HousingDevelopmentMassachusettsNews

WinnDevelopment Starts $19.2M Conversion of Historic Mill into Affordable Housing in New Bedford, Massachusetts

by Jeff Shaw

NEW BEDFORD, Mass. — WinnDevelopment has started redevelopment work to convert the remainder of the historic Cliftex Mill building in New Bedford, approximately 60 miles south of Boston, into 71 units of mixed-income housing for adults 55 and older. The adaptive reuse of the 114-year-old, five-story brick building will complete the residential development of Manomet Place, a 76-unit, age-restricted apartment community that WinnCompanies opened in a portion of the renovated mill in 2013. There are currently 170 applicants on the wait list for Manomet Place, which WinnResidential manages. “We first …

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