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Affordable Housing

AcquisitionsAffordable HousingMinnesotaNews

JLL Arranges Sale of 96-Unit Rivertown Commons Affordable Community in Stillwater, Minnesota

by Jeff Shaw

STILLWATER, Minn. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater.  The seven-story building totals 55,800 square feet.  Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions.  C.W. Early, Ken Dayton and Pat McMullen of …

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Affordable HousingDevelopmentMinnesotaNews

Volunteers of America Completes 80-Unit Nolte River Place Affordable Community in Anoka, Minnesota

by Jeff Shaw

ANOKA, Minn. — Volunteers of America National Services has opened Nolte River Place, an affordable seniors housing development in Anoka, a suburb north of Minneapolis. The 80-unit community provides one- and two-bedroom units, eight units for formerly unhoused veterans and 10 designated units for Project Rental Assistance Contracts (PRAC) vouchers.  Nolte River Place is near the Rum River Trail, Northstar Line commuter rail and downtown Anoka.

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Affordable HousingDevelopmentFinanceIllinoisNews

Berkadia Arranges $17.6M in Financing for Jesse Jackson Jr. Senior Housing in Harvey, Illinois

by Jeff Shaw

HARVEY, Ill. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable housing property in Harvey, a suburb south of Chicago. The borrower is Preservation of Affordable Housing (POAH). Brian Blanchard and James Grande of Berkadia Affordable Housing led the transaction. Jesse Jackson Jr. Senior Housing consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (Phase II) and 2011 (Phase III). Units are reserved for seniors age 62 and …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $21.8M Bond Financing for Affordable Project in Boston

by Jeff Shaw

BOSTON — MassDevelopment has issued a $21.8 million tax-exempt bond for the construction of a mixed-use building in Boston’s Hyde Park neighborhood that will feature 63 units of affordable seniors housing and ground-floor retail. The borrower is CCC River LLC, an affiliate of B’nai B’rith Housing of New England Inc.  The new building will replace an underutilized commercial space containing an auto repair shop, and will be built to LEED and Passive House standards.  The 63 one-bedroom units will be rented to households earning up to 30 percent, 50 percent …

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AcquisitionsAffordable HousingCaliforniaNews

CPP Acquires 102-Unit Corinthian House Affordable Community in San Jose

by Jeff Shaw

SAN JOSE, Calif. — Community Preservation Partners (CPP) has purchased Corinthian House, an affordable seniors housing property in San Jose. CPP’s total development investment is approximately $38 million, which includes the purchase price of $21 million and an estimated per-unit renovation cost of $85,000. Built in 1982, Corinthian House comprises two elevator-served, three-story buildings on 1.7 acres. Located at 250 Budd Ave., the 102-unit property offers studio and one-bedroom layouts designated for seniors age 62 and older earning between 30 and 60 percent of the area median income. Planned renovations …

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Affordable HousingAssisted LivingDevelopmentIndianaNews

Evergreen Real Estate Group Completes $30M Assisted Living Community in Valparaiso, Indiana

by Jeff Shaw

VALPARAISO, Ind. — Evergreen Real Estate Group has completed Green Oaks of Valparaiso, a $30 million assisted living community for low-income seniors in Valparaiso, a city in northwest Indiana.  The three-story project includes 120 units and is located at 2550 W. Morthland Drive. All residences are reserved for seniors age 62 and older, with incomes at or below 60 percent of the area median income. A financial assistance program is available for qualified applicants. Evergreen Construction Co., a division of Evergreen Real Estate Group, served as the general contractor on …

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Affordable HousingDevelopmentNewsWisconsin

Jewish Family Services to Break Ground on 56-Unit Woodale Crossing Affordable Community in Brown Deer, Wisconsin

by Jeff Shaw

BROWN DEER, Wis. — Jewish Family Services Inc. has broken ground on Woodale Crossing.  The 56-unit affordable and supportive seniors housing community will be located in Brown Deer, a northern suburb of Milwaukee. Of the total units, 25 percent will be reserved for persons with disabilities who are in need of support services.  Residents will have access to onsite supportive services that include socialization and skill-based programming, social services and independent living support services.  Jewish Family Services has a subsidiary, JFS Housing Inc., which develops affordable housing.

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Affordable HousingDevelopmentFloridaNews

The Integral Group Breaks Ground on 99-Unit Wellspring Apartments Affordable Community in Metro Miami

by Jeff Shaw

OPA-LOCKA, Fla. — The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent of AMI. The 81,350-square-foot property will feature a computer and library room, fitness center, community center with a full kitchen, and covered terrace. The project is a public-private partnership between Integral, Miami-Dade …

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Affordable HousingDevelopmentFinanceMassachusettsNews

Nixon Peabody Negotiates Green Retrofit Financing for Bauer House in Quincy, Massachusetts

by Jeff Shaw

QUINCY, Mass. — Nixon Peabody LLP has negotiated a Green & Resilient Retrofit Program (GRRP) transaction for Bauer House, a seniors housing community in the Boston suburb of Quincy. Wollaston Lutheran Church owns the property. The transaction also involved a Rental Assistance Demonstration (RAD) conversion and FHA-insured Section 223(f) loan originated by Hampden Park Capital and made by Lument Real Estate Capital. Bauer House, a subsidized residence for independent seniors, will use the GRRP funds and FHA-insured loan proceeds to finance a new energy-efficient HVAC system and to make accessibility …

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Affordable HousingCaliforniaDevelopmentNews

Community HousingWorks Opens 59-Unit Puesta del Sol Apartments in San Diego

by Jeff Shaw

SAN DIEGO — Community HousingWorks (CHW) has opened Puesta del Sol Apartments, a 59-unit affordable seniors housing community in the Linda Vista neighborhood of San Diego.  Puesta del Sol apartments are reserved for households earning 30 to 60 percent of the area median income and the community has been awarded 59 project-based vouchers to ensure access for the most income-vulnerable residents. Additionally, six of the 59 vouchers will serve chronically homeless. Built adjacent to CHW’s Amanecer Apartments on Ulric Street, Puesta del Sol completes the combined intergenerational community. Together, Puesta …

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