Affordable Housing

Residences-at-Palm-Court-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

Related Group, Miami-Dade County Break Ground on Mixed-Income Project

by Lynn Peisner

MIAMI — Related Group and Miami-Dade County have broken ground on The Residences Palm Court, a 316-unit mixed-use, mixed-income LIHTC project at 950 NW 95th St. in Miami. Out of the 316 homes, 191 will be reserved specifically for seniors. Rents are capped at levels varying across the community from 20 to 80 percent of area median income. Completion is slated for late 2027. The project is a redevelopment that will replace two former public housing communities built during the 1970s. According to Related Group, all current on-site senior residents …

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Hom-Flats-Wyoming
Affordable HousingDevelopmentFinanceMichiganMidwestNews

Merchants Capital Arranges $91 Million for Mixed-Income Development in Metro Grand Rapids, Michigan

by Lynn Peisner

WYOMING, MICH. — Merchants Capital has arranged approximately $91 million in financing for the development of HōM Flats at 28 West, the third phase of a mixed-use, mixed-income development in Wyoming. Grand Rapids, Michigan-based investment and development firm Magnus Capital Partners is the developer. The financing package includes a $30.6 million Freddie Mac loan, $16.7 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity and a $43.5 million construction bridge loan provided by Merchants Bank. HōM Flats at 28 West will connect to 28 West Place, a recently renovated …

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The-Square-Athens
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Public and Private Partners to Build $65 Million Affordable Housing Community in Downtown Athens, Georgia

by Lynn Peisner

ATHENS, GA. — Columbia Residential, in partnership with the Athens Housing Authority and Jonathan Rose Cos., has closed on $65 million in financing for development of The Square at NoDa. The 146-unit affordable housing community represents the second phase of a larger redevelopment of approximately 12 acres in north downtown Athens that was formerly home to the Bethel Midtown Village housing development, which was constructed in the early to mid-1970s and demolished in 2021. Phase I consisted of The View at NoDA, a 120-unit mixed-income community that opened in December …

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Landmark-Apartments-Chesapeake
Affordable HousingInvestment SalesNewsSoutheastVirginia

Fairstead Acquires, Plans to Renovate Affordable Community in Hampton Roads Region

by Lynn Peisner

CHESAPEAKE, VA. — Fairstead has acquired Landmark Apartments, a 120-unit affordable housing community in Chesapeake, for $34.8 million. The New York City-based affordable housing developer is also planning to redevelop the property. Construction on the renovations is slated to begin in January 2026 and to be complete by mid-2027. All units are reserved for tenants earning no more than 60 percent of the area median income. Located at 2900 Fireside Road, Landmark Apartments consists of 15 two-floor garden-style buildings that offer 72 two-bedroom units and 48 three-bedroom units. Fairstead’s renovation …

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Victoria-Siplin
Affordable HousingIndustry VoicesOperations

Tackling the Loneliness Crisis Through Affordable Housing

by Lynn Peisner

The holiday season is a time filled with laughter, celebration and meaningful connections. Families gather, and communities come alive. But amid the joy, the holidays also serve as a powerful reminder of an issue affecting millions of Americans: loneliness. While this season highlights togetherness, it can also intensify the isolation felt by those who lack supportive communities or stable housing, a reality that has become impossible to ignore. According to the U.S. Surgeon General, loneliness is now a public health crisis, affecting half of all U.S. adults. Its effects go …

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Hacienda-Hills
Affordable HousingCaliforniaInvestment SalesNewsWestern

Eagle Partners Buys San Gabriel Valley Asset for $107 Million, Converts to Affordable Housing

by Lynn Peisner

HACIENDA HEIGHTS, CALIF. — Eagle Partners has acquired Hills at Hacienda Heights, a 350-unit community about 20 miles east of Los Angeles in Hacienda Heights. The asset traded for $107 million. Institutional Property Advisors (IPA) arranged the sale, representing the undisclosed seller, and $71 million in acquisition financing for the buyer. Kevin Green, Joseph Grabiec and Gregory Harris led IPA’s team. Eagle Partners will convert the property from market-rate to affordable housing, restricting rents at 80 percent of area median income. Project partners in the conversion included Red Stone Equity …

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Riverdale-Tower-Bronx
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Berkadia Arranges $32.4 Million Loan for The Stagg Group

by Lynn Peisner

NEW YORK CITY — Berkadia has arranged a $32.4 million Freddie Mac construction take-out loan on behalf of The Stagg Group. The affordable housing developer, owner and investor will use the funds to retire the existing construction loan on The Riverdale Tower. The 89-unit property is 100 percent occupied. Berkadia’s Matt Nihan arranged the financing. Located at 3745 Riverdale Ave., The Riverdale Tower was completed in 2024 and is an 18-story high-rise offering a mix of studio, one- and two-bedroom units ranging from 400 to 900 square feet. The property …

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Lockwood-Plaza-Townhomes-Providence
Affordable HousingDevelopmentNewsNortheastRhode Island

WinnCos. Completes Affordable Housing Redevelopment in Providence

by Lynn Peisner

PROVIDENCE, R.I. — WinnDevelopment, the development arm of WinnCos., has completed the $29.3 million renovation of 17 townhouse-style buildings at Lockwood Plaza Apartments in Providence. The redevelopment, completed in partnership with the City of Prividence and RIHousing, extends affordability at the property for 40 years. RIHousing is an agency created by the state legislature in 1973 to provide financing and resources to help Rhode Islanders afford housing through loans, grants, education and assistance. Multiple funding partners were involved, including Citizens Bank, which provided construction financing and Low-Income Housing Tax Credit …

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The-Aries-Columbus
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Merchants Capital Secures $152.3 Million for Affordable Housing Development in Suburban Columbus, Ohio

by Lynn Peisner

WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in financing for the construction of The Aries Lofts, a 315-unit affordable housing community LDG Development is building in Whitehall, located about 8 miles east of downtown Columbus, Ohio. The financing package includes a $42.7 million Freddie Mac permanent loan, a $60 million tax-exempt construction loan, an $8 million equity bridge loan provided by Merchants Bank and $41.6 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Upon completion, which is estimated to be 2027, The Aries Lofts will offer …

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CEI-Hillcrest-Antioch
Affordable HousingCaliforniaCompany NewsDevelopmentFinanceFloridaInvestment SalesNewsNorth CarolinaNortheastSouth CarolinaSoutheastWestern

CEI Launches Affordable Housing Investment Partnership

by Lynn Peisner

LOS ANGELES — Los Angeles-based developer Cypress Equity Investments (CEI) and an unnamed Florida-based investment firm have partnered to build or acquire approximately $1.2 billion worth of affordable housing communities. The venture is being launched with 11 ground-up projects that are already in place in California and Florida. Target markets for future opportunities include the Carolinas, Tennessee, Texas and some markets in the Northeast. Some of the deal characteristics CEI is seeking will include communities with on-site resident services, developments that partner with nonprofits and acquisitions of other existing institutional …

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