Affordable Housing

Paradise-Gardens-Dallas
Affordable HousingDevelopmentFinanceNewsTexas

LEDG Closes Financing to Preserve and Renovate Dallas Affordable Housing

by Lynn Peisner

DALLAS — LEDG Capital has secured the financing necessary to convert an existing mixed-income property to an all-affordable community and to complete a $5.2 million renovation. Under the plan, the 90 market rate units at Paradise Gardens will be converted to affordable housing for 30 years under a Low-Income Housing Tax Credit agreement, while the Housing Assistance Payment contract protecting the remaining 23 units, which was due to expire in May 2025, will be renewed for 20 years. Under the new rent and income restrictions, apartments will be affordable to households …

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Eastchester-Gardens-Bronx
Affordable HousingDevelopmentNew YorkNewsNortheast

Financing Secured, Construction Underway on $391 Million Renovation of NYC Mid-Century Affordable Housing Community

by Lynn Peisner

THE BRONX, N.Y. — Construction is underway in the renovation of Eastchester Gardens in The Bronx. The redevelopment of the 10-building, 877-unit public-housing community, built in 1950, will be complete by approximately 2028. The total renovation cost is $391 million. Merchants Capital secured $231 million in financing, which includes a $221.7 million, 30-year Freddie Mac CME permanent loan. Merchants also provided approximately $9.3 million in additional financing, including a $23.8 million Fannie Mae tax-exempt bond credit, $18.7 million in 4 percent Low-Income Housing Tax Credit equity and a $14 million …

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Affordable HousingFinanceIllinoisMidwestNews

Lument Closes $90.6 Million in Fannie Mae Loans to Refinance Chicago Portfolio

by Lynn Peisner

CHICAGO — Lument has provided $90.6 million in Fannie Mae loans to refinance four Chicago properties with a total of 654 units. All the communities are located in the Lakeview neighborhood on the city’s North Side and were constructed in the 1920s.  Lument, a Fannie Mae lender approved to originate and service loans under the agency’s Delegated Underwriting and Servicing (DUS) program, secured the debt on behalf of BJB Properties. The loans replace existing life company debt for BJB, a Chicago-based operator focused on long-term holds. Evan Hom, a senior …

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Jefferson-Bonnie-Brae
Affordable HousingDevelopmentNewsTexas

Berkadia Arranges $132 Million to Finance Denton Workforce Housing Development

by Lynn Peisner

Denton, Texas — Berkadia has arranged approximately $132 million in loans through its newly launched construction-to-permanent financing program. The loan proceeds will fund building and mortgage costs of Jefferson Bonnie Brae, an affordable housing development in the Dallas suburb of Denton. JPI is the merchant developer. When complete, the project will be solely owned by the Denton Housing Authority. Senior Managing Director Tim Leonhard of Berkadia Affordable Housing arranged the financing. The property will include 461 units, half of which will be reserved for families earning no more than 80 …

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Connor-Mortland
Affordable HousingCompany NewsNewsPeople NewsWestern

BH Properties Launches Haven Housing, Names Connor Mortland to Lead

by Lynn Peisner

LOS ANGELES — BH Properties has launched Haven Housing, an affordable housing company, and hired Connor Mortland to lead it. Mortland, formerly senior vice president of investments at Avanath Capital Management, will be based out of the firm’s San Diego office. As managing director and head of affordable housing acquisitions, he will direct Haven’s strategy to acquire and operate affordable and market-rate assets in the Western United States. Haven Housing aims for garden-style, value-add acquisitions with 100 or more units with value-add potential in Texas, Arizona, Nevada, Oregon, Washington, Colorado …

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Jair Lynch
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Jair Lynch Secures Loans, Tax Credit Equity for D.C. Mixed-Income Development

by Lynn Peisner

ALEXANDRIA, VA. —Grandbridge Real Estate Capital, a subsidiary of Truist Financial Corp., has arranged $100 million in Freddie Mac loans on behalf of locally based Jair Lynch Real Estate Partners. In addition to the permanent financing, affiliates of Truist also served as a low-income housing tax credit equity investor for the transaction. The financing package includes a $38 million, tax-exempt loan and a $62 million taxable tail loan. The 15-year, fixed-rate loans and equity will finance the construction of a 310-unit, unnamed mixed-income project that will be built at 505 …

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Vue-Kirkland
Affordable HousingInvestment SalesNewsWashingtonWestern

Berkadia Arranges Sale of Vue Kirkland

by Lynn Peisner

KIRKLAND, WASH. — Acacia Capital has sold Vue Kirkland to BRIDGE Housing for an undisclosed sum. Managing Directors David Sorensen and Benjamin Johnson, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the California-based seller. BRIDGE Housing is planning to convert the 200-unit market-rate community to affordable housing, offering units to tenants earning between 50 and 80 percent of area median income. The property was built in 1977.

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Payne_David
Affordable HousingCompany NewsFinanceNewsPeople News

Regions Affordable Housing Names David Payne Head of Originations

by Lynn Peisner

BIRMINGHAM, ALA. — Regions Bank has promoted David Payne to head of originations for Regions Affordable Housing. Payne will oversee all affordable housing originations in order to provide financing that will support developers through low-income housing tax credits and other banking options. He also will provide business development efforts and leadership to the Regions group. Payne will report to Katie Such, head of Regions Affordable Housing. Payne previously served as co-head of originations for Regions Affordable Housing and led the bank’s work in sourcing and originating transactions across the Southeast. …

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NOVO Apartments
Affordable HousingDevelopmentFinanceInvestment SalesNews

Community HousingWorks Completes L.A. Metro Acquisition, Plans Affordable Conversion

by Lynn Peisner

ROWLAND HEIGHTS, CALIF. — Community HousingWorks (CHW) has acquired NOVO Apartments in Rowland Heights and will convert the market-rate property into affordable housing. Northmarq arranged the $38.3 million sale as well as a $24.9 million fixed-rate, affordable-conversion, Freddie Mac acquisition loan for CHW. Stratford Partners Real Estate was the seller. NOVO was constructed in 1974. Additional financing details for the conversion were not disclosed, but CHW often uses its own equity and 4 percent low-income housing tax credits to fund developments, according to nonprofit directory GuideStar. Rowland Heights is about …

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Topeka-Annex-Group
Affordable HousingDevelopmentKansasMidwestNews

Annex Group Breaks Ground on $60 Million Kansas Affordable Housing Project

by Lynn Peisner

TOPEKA, KAN. — The Annex Group broke ground on Union at Tower District, an affordable housing development in Topeka, on June 3. Situated on approximately four acres, the project will include 250 one-, two- and three-bedroom units for households earning 30 to 60 percent of area median income. The $60 million Union at Tower District will consist of two four-story buildings and one three-story building. Amenities will include a courtyard, dog park, playground, community center and fitness center. Project partners include BVH Architecture, REGA Engineering, SBB Engineering, the City of …

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