Affordable Housing

Courtside-II-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

HTG Opens $58M Affordable Housing Community in Miami

by Lynn Peisner

MIAMI — Housing Trust Group (HTG) has completed and opened Courtside Apartments II, a $58 million affordable housing community in Miami’s Overtown neighborhood. The 120 units are reserved for families earning at or below 30, 50, 60 and 70 percent of area median income, with monthly asking rents starting at $683. Located at 1698 NW 3 Avenue and 1501 NW 4 Avenue, Courtside Apartments II consists of two five-story buildings located on either side of the Culmer Center, a historic community center, creating a larger residential campus together with the …

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Chapanoke-Raleigh
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

Joint Venture Breaks Ground on $58M Affordable Housing Development in Raleigh

by Lynn Peisner

RALEIGH, N.C. — Gilbane, Harmony Housing Affordable Development Inc. and F7 International Development have broken ground on Chapanoke, a $58 million, 200-unit affordable housing community in Raleigh. Chapanoke’s floor plan mix includes one-, two- and three-bedroom units reserved for residents earning between 30 and 70 percent of area median income The development is supported by a public-private financing structure that includes tax credit equity, private financing and local public investment. Greystone Real Estate Capital is providing low-income housing tax credit equity, while Greystone Housing Impact Investors LP and Citi Community …

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Ballantine-Phase-II-Newark
Affordable HousingDevelopmentFinanceNew JerseyNewsNortheast

Shorewood Underway on $190M Second Phase of Brewery Redevelopment in Newark

by Lynn Peisner

NEWARK, N.J. — Bogopa Enterprises and Shorewood Real Estate Group have secured construction financing and are underway on the development of Ballantine Phase II. The $190 million project is the second phase of Shorewood’s redevelopment of the former P. Ballantine & Sons brewery site, where beer was produced in Newark for more than a century before the brewery closed in 1972. Phase I, an $89.5 million, 280-unit development, was completed in 2025. A 57,500-square-foot Food Bazaar will anchor the ground floor of the seven-story, 501-unit second phase. Shorewood Real Estate …

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Marina-Shores-Long-Beach
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Truist Provides $152M in Construction Financing for Long Beach Office Redevelopment

by Lynn Peisner

LONG BEACH, CALIF. — Truist has provided a $152 million construction loan to Carmel Partners for Marina Shores, a 390-unit mixed-income development underway at 6615 E. Pacific Coast Highway in Long Beach. The San Francisco-based investment and development firm is leading the six-story project, with completion slated for May 2029. The development will replace two older office buildings and surface parking with apartments and 5,351 square feet of ground-floor retail space. A third existing office building on the property will remain. Plans also call for 576 parking spaces, 196 bicycle …

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Perkins-Baltimore
Affordable HousingDevelopmentMarylandNewsNortheast

Financing Secured for Fifth Phase of $398M Baltimore Public Housing Redevelopment

by Lynn Peisner

BALTIMORE — McCormack Baron Salazar and the Housing Authority of Baltimore City have closed on financing for the next 150 apartments at Perkins Square, advancing the $398 million redevelopment of the former Perkins Homes in East Baltimore. Phases 5A and 5B, representing approximately $87 million in development costs, will include 111 income-restricted and 39 market-rate units. The first three phases of Perkins Square included 411 mixed-income units delivered between 2024 and 2025, while the 154-unit fourth phase is under construction with completion slated for 2027. Perkins Square is replacing Perkins …

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Pennrose-Connecticut
Affordable HousingConnecticutDevelopmentNewsNortheast

Pennrose and Partners Open First Phase of Connecticut TOD Redevelopment

by Lynn Peisner

NAUGATUCK, CONN. — Pennrose and co-developer The Cloud Co., in partnership with the Borough of Naugatuck, have opened the first phase of Platform at Naugatuck, a mixed-income, transit-oriented development about 15 miles northwest of New Haven. According to the Connecticut Housing Finance Authority’s 2024 LIHTC application records, Phase I had a total development cost of approximately $25.1 million. Phase I includes 60 apartments and approximately 3,000 square feet of ground-floor retail space on a long-vacant site along Old Firehouse Road. The one- and two-bedroom units include a mix of market-rate …

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Paramus-Chapter-NJ
Affordable HousingDevelopmentFinanceNewsNortheast

PCCP Provides $163.9M Construction Loan for The Paramus Chapter in New Jersey

by Lynn Peisner

PARAMUS, N.J. — A joint venture between Russo Development and Kushner Real Estate has secured a $163.9 million senior construction loan from PCCP for The Paramus Chapter. Construction of the two-building, 426-unit project began in July. Cushman & Wakefield arranged the loan. Building A will include 166 apartments, comprising 148 market-rate and 18 affordable units, and 5,300 square feet of ground-floor retail. An outdoor pool, a 2,200-square-foot fitness center, game room, theater, karaoke lounge, sports simulator, rentable party room, dog run and 3,400 square feet of coworking space round out …

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Waterfair-Wauwatosa
Affordable HousingDevelopmentMidwestNewsWisconsin

Samapa Development Completes $23M Hotel Conversion in Metro Milwaukee

by Lynn Peisner

WAUWATOSA, WIS. — Brookfield, Wisconsin-based Samapa Development, has completed Waterfair Apartments in Wautosa. The 146-unit, eight-story project was formerly a 198-unit Sonesta Hotel with convention space. Kraus Anderson served as general contractor, and Continuum Architects + Planners was the architect. The Milwaukee Business Journal reports the development cost was approximately $23 million. While not a traditional affordable housing development backed by tax credits, Waterfair offers apartments that are 15 to 20 percent below area asking rents. Samapa says efficiencies gained from the existing concrete structure and mechanical, electrical and plumbing …

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Joyfield-Towns-at-German-School-Richmond
Affordable HousingDevelopmentNewsSoutheastVirginia

Standard Communities Breaks Ground on $88M Affordable Housing Development in Richmond, Virginia

by Lynn Peisner

RICHMOND, VA. — Standard Communities has broken ground on Joyfield Towns at German School, an $88 million development that will include 234 affordable three- and four-bedroom townhomes. The development is located at 250 E. German School Road in the Southside area of Richmond, Virginia. The project takes the latter part of its name from German School Road, which was named for a small school that served the area’s German immigrant community in the early 20th century. All units will be income-restricted, including 62 units for households earning up to 50 …

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Ira-D-Hall-Sunnyvale
Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing Completes Ira D. Hall Square in Silicon Valley

by Lynn Peisner

SUNNYVALE, CALIF. — MidPen Housing has completed and opened Ira D. Hall Square in Sunnyvale. The 176-unit property comprises studios, one-, two- and three-bedroom units that are reserved for residents earning up to 30 to 70 percent of area median income, which is approximately $43,170 to $100,730 for a one-person household. Ira D. Hall Square is adjacent to the Lawrence Caltrain Station and is the first development built under the city’s Lawrence Station Area Plan, which calls for a mixed-use district around the transit hub. MidPen Property Management manages the …

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