Affordable Housing

Rialto West in New York City

NEW YORK CITY — A joint venture between Douglaston Development and the Entertainment Community Fund has received financing to construct Rialto West, a $125 million affordable housing development in the Hell’s Kitchen neighborhood of Manhattan. Situated at 509 W. 48th Street, Rialto West will rise comprise 158 units across eight stories. The community will offer studio, one-, two- and three-bedroom apartments. Rialto West will be affordable to households earning up to 140 percent of the area median income. Fifteen percent of the units will be dedicated to serving formerly homeless …

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PALM SPRINGS, CALIF. — Community Housing Opportunities Corp. has opened Monarch Apartment Homes, a 60-unit affordable housing complex in Palm Springs. The $36 million development is situated on a 3.6-acre site. Monarch Apartment Homes is affordable to tenants earning between 30 and 60 percent of the area median income. Amenities include a splash pad, barbeque areas, in-unit laundry facilities, a community room and walking paths. The project was designed by Maria Song, AIA, LEED & AP.

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Island Terrace in Chicago

CHICAGO — Merchants Capital has provided $103 million for the rehabilitation of Island Terrace, an affordable housing community situated across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. The financing consists of $54 million of debt and $49 million in Low-Income Housing Tax Credit(LIHTC) equity financing. Preservation of Affordable Housing Inc. (POAH), the owner and developer, was the borrower. Island Terrace comprises 240 units across 21 stories. Prior to the recapitalization, only 88 units carried affordable restrictions. The new financing structure enabled POAH to expand the affordability restrictions to …

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Marketplace at Liberty Crossing in Wilmer, Texas

WILMER, TEXAS — Asset Living has been awarded management of Marketplace at Liberty Crossing, a 318-unit affordable housing development in the Dallas suburb of Wilmer. The project is the second phase of the development of the Liberty Crossing Master Planned Community. Marketplace at Liberty Crossing will offer one-, two-, three- and four-bedroom units. The property will also include ground-floor retail space. A construction timeline and income restrictions for the community were not disclosed.

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ORLANDO, FLA. — Berkadia has secured $118.5 million in financing for the construction of 52 at Park, an affordable housing development in Orlando. The financing includes a $73.5 million construction loan, as well as $45 million in Low-Income Housing Tax Credit equity. Chris McGraw and Tim Leonhard of Berkadia arranged the financing on behalf of the borrower, Lincoln Avenue Communities. 52 at Park will comprise 300 units across eight buildings. Units will come in one-, two-, three- and four-bedroom layouts. Planned amenities include a business center, clubhouse, fitness center, pool, laundry …

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Alvarado Apartments and Temple Apartments in Los Angeles

LOS ANGELES — JLL Capital Markets has arranged $5.5 million in permanent, non-LIHTC Forward financing for Alvarado Apartments and Temple Apartments, two affordable housing complexes in Los Angeles. JLL worked on behalf of the borrower, Brilliant Corners, to secure the 15-year loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital. Anson Snyder led the JLL Capital Markets Debt Advisory team. Alvarado Apartments is located at 916 N. Alvarado Street and comprises 24 units. The 42-unit Temple Apartments is situated at 2812 W. Temple Street. Both communities …

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RIALTO, CALIF. — National CORE has opened Metro View Apartments, an affordable housing community located at 164 W. Bonnie View Drive in Rialto, 56 miles east of Los Angeles. The property is affordable to households earning between 30 to 60 percent of the area median income, according to National CORE’s website. Metro View Apartments comprises 55 units, including one manager’s unit. Apartments come in one-, two- and three-bedroom layouts. Amenities include a community center, computer center, pool, outdoor play area, recreation areas and an outdoor area for teens. Financing sources …

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RALEIGH, N.C. — Oppidan Investment Co. has broken ground on The Pines at Peach, a 119-unit affordable housing community in Raleigh. Apartments will come in one-, two- and three-bedroom layouts. Income restrictions were not disclosed. The project is financed with Low Income Housing Tax Credits from the North Carolina Housing Finance Agency, Tax Exempt Bonds issued by Raleigh Housing Authority, debt financing from Redstone, tax credit equity from Aegon and gap financing from the City of Raleigh. Construction is slated to complete in summer 2025. Cline Design designed the project. …

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Affordable Housing Demand Berkadia Marge Novak quote

Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …

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HOUSTON — FTK Construction Services has begun a $12.6 million renovation of Brookside Gardens Apartments, an affordable housing complex in Houston. The property was built in 2006 and comprises 240 units. Income restrictions for the community were not disclosed. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the building. KeyBank provided construction financing.

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