WACO, Texas — Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50, and 60 percent of the area median income. “A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49 percent …
Affordable Housing
DAYTON, Ohio — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit (LIHTC) and historic tax credit (HTC) equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in …
Greysteel Arranges $27.2M Sale of Cascades Village Senior Apartments in Sterling, Virginia
by Jeff Shaw
STERLING, Va. — Greysteel has arranged the sale of Cascades Village Senior Apartments, a Low-Income Housing Tax Credit (LIHTC) property in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 under the LIHTC. Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange a senior loan provided …
Hunt Capital Partners Arranges $7.3M LIHTC Financing for Eastern Woods Senior Apartments in Findlay, Ohio
by Jeff Shaw
FINDLAY, Ohio — Hunt Capital Partners, in collaboration with Pennrose and Blanchard Valley Health System (BVHS), has arranged $7.3 million in federal low-income housing tax credit (LIHTC) equity financing for construction of Eastern Woods Senior Apartments. Located on 3.7 acres in Findlay, approximately 45 miles south of Toledo, the community will offer 50 affordable housing units. Residents must be 55 or older and earn up to 30, 50 and 60 percent of the area median income. Eastern Woods Senior will be the newest addition to BVHS’ existing Eastern Woods campus, …
ATLANTA — Timshel Development Group, in collaboration with The Gateway Cos. and the Atlanta Housing Authority, has purchased 4.3 acres of vacant land in Atlanta for Harmony at Bakers Ferry, an affordable seniors housing development. Located on the west side of Atlanta, the property will feature 108 units. Atlanta Housing Authority will own the plot and lease it to the developers. Douglas Calderwood with New South Realty Associates represented the housing authority in the acquisition. Perry Hayes with Bull Realty Inc. represented the seller, Executive Real Estate. The price and …
DCHFA Provides $78M in Financing for Development of The Residences at Kenilworth Park in Washington, D.C.
by Jeff Shaw
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) is funding the construction of The Residences at Kenilworth Park, an affordable assisted living community in Washington, D.C’s Ward 7. DCHFA issued $58 million in bond financing and underwrote $20 million in four percent Low Income Housing Tax Credit (LIHTC) financing for the 157-unit development. Apartments at The Residences at Kenilworth Park will be reserved for seniors age 60 and above who require assistance with two or more activities of daily living. Residents must earn 60 percent or less …
FATE, Texas — Private equity firm Gardner Capital has partnered with the City of Fate, a small city northeast of Dallas, to develop Gala at Fate, a 185-unit affordable seniors housing community. The city will lease the land to Gardner Capital, with plans for long-term ownership by the public-private partnership. CREA and Citibank are additional financial partners for the project, with Citibank providing both construction and permanent financing. “An important piece of our community’s comprehensive plan is to provide a wide range of housing choices, from first-time home buyers up …
Winter Park Prepares to Open 90-Unit Georgetown Square Affordable Community in Sanford, Florida
by Jeff Shaw
SANFORD, Fla. — Winter Park Construction is nearing completion of Georgetown Square Apartments, a 90-unit affordable seniors housing community in Sanford, a suburb of Orlando. Redding Development Partners is developer on the project and the architect is Slocum Platts Architects. Partners include the Sanford Housing Authority and Gardner Capital. The 3.2-acre site formerly housed Redding Gardens, a public housing property. Of these apartments, 28 will be project-based Section 8 units, and the remainder will be reserved for residents earning 60 percent of area median income. The project received a 9 …
WNC Closes $153M Institutional Tax Credit Fund to Build, Rehabilitate 1,600 Affordable Units
by Jeff Shaw
IRVINE, Calif. — WNC, a provider of affordable housing investment, asset management and development services based in Irvine, has closed WNC Institutional Tax Credit Fund 49 LP (WNC Fund 49). The fund raised $153 million in institutional Low-Income Housing Tax Credit (LIHTC) equity that will be used to develop and renovate more than 1,600 affordable housing units. A total of nine investors participated in WNC Fund 49, which will develop and renovate units for families and seniors at 21 properties in Alaska, Arkansas, California, Louisiana, Massachusetts, Michigan, Maine, North Dakota, …
Winter Park Construction Breaks Ground on $23M Madison Landing Affordable Community in Orlando
by Jeff Shaw
ORLANDO, Fla. — Winter Park Construction has broken ground on Madison Landing, an affordable seniors housing community in Orlando. Development partners American Residential Communities and New South Residential paid $1.3 million for 5.4 acres of land for the project. The first phase will be a 77,473-square-foot, seven-story building totaling 110 units. Development costs for Phase I are estimated at $23 million. Completion of Phase I is scheduled for September 2021. A second phase, not yet approved, would add 86 more units. The developers are pursuing future funding from Florida Housing …