MIAMI — Integra Investments, through its affordable housing development affiliate Interurban, has broken ground on Mosaico, a 271-unit affordable seniors housing project in Miami’s Allapattah neighborhood. Interurban is developing Mosaico in partnership with Elderly Housing Development & Operations Corp. (EHDOC), an affordable seniors housing nonprofit. Slated for delivery in 18 months, Mosaico is situated on a 1.2-acre site. The 13-story project will include 179 one-bedroom units and 92 oversized studio units, with four townhome units lining the southern perimeter. CC Hodgson Architectural Group designed the project. The development was financed …
Affordable Housing
Lument Provides $8M in Freddie Mac Financing for Affordable Housing Conversion in Delaware
by Jeff Shaw
MIDDLETOWN and SMYRNA, Del. — Lument has provided an $8 million Freddie Mac unfunded forward commitment loan to the Delaware State Housing Authority (DSHA). The permanent financing will pay off construction and renovation debt for a portfolio of three properties. The 106-unit portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. The three properties will convert from public housing to Section 8-assisted …
M&T Realty Capital Provides $17.1M Acquisition Loan for Cascades Village in Sterling, Virginia
by Jeff Shaw
STERLING, Va. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill …
Woda Cooper Starts Construction of 50-Unit Center Crossing Affordable Community in Hickory, North Carolina
by Jeff Shaw
HICKORY, N.C. — Woda Cooper Cos. has started construction of Center Crossing, a 50-unit affordable housing community for seniors in Hickory, 50 miles northwest of Charlotte. The property will be near the city’s downtown Union Square and close to many shopping, dining and cultural opportunities, plus various medical facilities and public offices. Center Crossing will serve seniors age 55 and older who earn up to 80 percent of area median income (AMI) with some units reserved for those at 40 percent, 50 percent and 60 percent AMI. The four-story, elevator-serviced …
Hunt, Envolve Receive $5.2M in Financing for Affordable Community Rehabilitation in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Envolve Community Management LLC, has received $5.2 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Shady Oaks Manor. Located in Fort Worth, Texas, Shady Oaks Manor is an existing LIHTC development, offering 138 affordable housing units to seniors aged 62 years and older. All units benefit from a Section 8 project-based Housing Assistance Payments rental subsidy. Originally constructed in 1979, Shady Oaks Manor was rehabilitated in 2002 utilizing tax-exempt bonds and LIHTC. …
Eden Housing Opens Corsair Flats Affordable Community as Part of $1B Mixed-Use Project in Alameda, California
by Jeff Shaw
ALAMEDA, Calif. — Eden Housing, along with the City of Alameda and Alameda Point Partners, has opened Corsair Flats in Alameda, a suburb of Oakland. The new affordable residential community features 60 residential units for low-income seniors age 62 and up. It is the first of two affordable residential communities to be completed by Eden Housing at Alameda Point’s Site A. The $1 billion, mixed-use, transit-oriented, waterfront development is located on the site of the former Naval Air Station Alameda, which closed over 20 years ago. KTGY Architecture + Planning …
Plymouth, Bellwether Break Ground on $150.7M The Rise on Madison Affordable Multifamily Project in Seattle
by Jeff Shaw
SEATTLE — A joint venture between Plymouth Housing and Bellwether Housing has broken ground for the development of The Rise on Madison, a 17-story affordable apartment community in Seattle’s First Hill neighborhood. Plymouth will operate 115 studio units, with on-site supportive services, for formerly homeless seniors on floors one through six. Bellwether will operate 253 affordable, studio, one-, two- and three-bedroom apartments on floors seven through 16. Located at 1400 Madison St., The Rise on Madison will feature a large community room, roof deck and ground-floor retail space, as well …
WinnCompanies Opens $21.5M High School Redevelopment Project in East Haven, Connecticut
by Jeff Shaw
EAST HAVEN, Conn. — WinnCompanies has opened The Tyler, a mixed-income apartment community for seniors in East Haven, a suburb of New Haven. The project, a redevelopment of the 84-year-old former East Haven High School building, will be the first historic adaptive reuse project in the United States to meet the industry’s strictest standards for energy performance, according to WinnCompanies. The three-story property, 104,871-square-foot property features 70 apartments for individuals age 55 and older. The property was recently named as the nation’s Best Overall Development and Green Building of the …
Joint Venture Breaks Ground on $86M Lake Anne House Affordable Community in Northern Virginia
by Jeff Shaw
RESTON, Va. — A joint venture between Enterprise Community Development (ECD) and Fellowship Square Foundation has broken ground on Lake Anne House, an $86 million affordable seniors housing community in Reston. The property will offer 240 units, with floor plans ranging from studio to two-bedroom layouts. The units will be available to seniors who earn at or below 60 percent of the area median income (AMI). Each resident will pay no more than 30 percent of his or her income toward housing costs, including rent and a utility allowance. The …
Boston Capital Finance Arranges $21.5M Bond Financing to Rehabilitate Affordable High-Rise in Orlando
by Jeff Shaw
ORLANDO — Boston Capital Finance (BCF) has arranged $21.5 million in bond financing for the rehabilitation of Baptist Terrace, a 14-story affordable seniors housing community in downtown Orlando. The 197-unit community was built in 1969 and is fully leased. The rehabilitation will help preserve the property as affordable housing well into the future, according to BCF. The developer is the Orlando Neighborhood Improvement Corp., a nonprofit developer/manager.