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Affordable Housing

Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $39.9M Bond Financing for Affordable Project in Brookline, Massachusetts

by Jeff Shaw

BROOKLINE, Mass. — MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority, which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood.  The new one-bedroom units in the Boston suburbs will be rented to households earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also …

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Nears Completion of 46-Unit Cedarwood Homes Affordable Community in Pittsburgh

by Jeff Shaw

PITTSBURGH — With construction progressing on schedule for a March 2024 delivery, leasing is underway at Cedarwood Homes in Pittsburgh’s West End.  An on-site leasing office is now open at the age-restricted affordable housing community, marking a milestone for Tryko Partners’ redevelopment of the former Fairywood School site.  Available to residents ages 62 and over, Cedarwood Homes includes seven market-rate apartments and 39 residences for those with incomes up to 60 percent of the area median income.

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Affordable HousingCaliforniaDevelopmentNews

Kennedy Wilson Nears Completion of 579-Unit Anacapa Canyon Multifamily Project in Camarillo, California

by Jeff Shaw

CAMARILLO, Calif. — Global investment and development firm Kennedy Wilson (NYSE: KW) is nearing completion of Anacapa Canyon, a 579-unit multifamily project in the Southern California community of Camarillo. Anacapa Canyon, a 32-acre master-planned development, consists of 310 market-rate apartments, 109 for-sale, single-family homes and 170 income-restricted apartments for senior citizens. The first move-ins are underway, and full completion of the project is slated for the third quarter. Kennedy Wilson developed Anacapa Canyon in a public-private partnership with California State University Channel Islands (CSUCI) and partnered with Comstock Homes, as …

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Affordable HousingDevelopmentFinanceNewsPennsylvania

HumanGood Receives $26.5M HUD Financing for Green Retrofit Projects in Philadelphia 

by Jeff Shaw

PHILADELPHIA — The U.S. Department of Housing and Urban Development (HUD) has awarded HumanGood $26.5 million in financing from the Green and Resilient Retrofit Program (GRRP), which provides funding for direct loans and grants to HUD-assisted multifamily properties to make sustainability updates.  The following HumanGood affordable housing communities in Philadelphia were the only properties in Pennsylvania to receive the award in the comprehensive category in its first wave: The funds will help HumanGood meet sustainability goals, assisting in the renovation and preservation of 329 affordable seniors housing units. President Biden’s …

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Affordable HousingArizonaDevelopmentFinanceNews

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Jeff Shaw

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 …

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Affordable HousingDevelopmentFloridaNews

SG Holdings Plans Summer Opening for $350M Mixed-Use Development in Miami

by Jeff Shaw

MIAMI — SG Holdings has completed leasing at Sawyer’s Walk, a 3.4-acre mixed-use development underway in Miami’s Overtown neighborhood. The project, which will feature retail space, offices and affordable housing for seniors, is set to open this summer. SG Holdings is a partnership comprising Swerdlow Group, SJM Partners and Alben Duffie. The development team broke ground on Sawyer’s Walk in summer 2021. The development costs were not disclosed, but the Miami Herald reported the price tag hovers around $350 million. “The anticipated delivery of our mixed-use development will serve as an economic …

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Affordable HousingCaliforniaDevelopmentNews

TCA Architects, Mercy Housing Complete Burbank Boulevard Senior Housing in Los Angeles

by Jeff Shaw

LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, a permanent supportive housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. …

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Affordable HousingFinanceIllinoisKentuckyNews

Cambridge Realty Capital Provides $52.2M in HUD Financing for Portfolio in Kentucky, Illinois

by Jeff Shaw

CHICAGO HEIGHTS, Ill., and FLORENCE, Ky. — Cambridge Realty Capital has provided $52.2 million in HUD financing for three affordable seniors housing communities in Kentucky and Illinois. The Kentucky transaction consisted of two facilities totaling 214 rental units located in Florence. The Chicago Heights community features 320 units. Cambridges’ early rate lock program was utilized, which allowed the owner to avoid the run-up in interest rates at a fixed cost and secure the underwritten loan amounts, without reduction caused by changing market conditions. The borrowers are based in Illinois are …

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Affordable HousingFinanceIllinoisKeyBankNews

KeyBank Provides $34.3M Financing for Six Affordable Communities in Chicago

by Jeff Shaw

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago.  The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project -based Section 8 contract. The remaining five apartment building provide 126 units for families. The sponsor is Evergreen Real Estate Group. The properties are owned by an LIHTC partnership created by the Housing and …

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AcquisitionsAffordable HousingAssisted LivingDevelopmentNewsWashington

Great Expectations Acquires Sagebrook Seniors Housing Property in Bellevue, Plans Affordable Housing Conversion

by Jeff Shaw

BELLEVUE, Wash. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community for residents of all ages. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield …

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