Affordable Housing

Old Cutler Village in Miami-Dade County, Florida

MIAMI-DADE COUNTY, FLA. — Pinnacle has secured $49.9 million in construction financing for phase II of Old Cutler Village, a 120-unit affordable housing project located at 10455 Old Cutler Road in unincorporated southern Miami-Dade County. Once completed, the building will rise five stories and offer one-, two- and three-bedroom layouts. Units will be available to households earning 30, 60 and 70 percent of the area median income. Construction is expected to be completed in October 2025. 

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Benjamin Square in Eaton, Colorado

EATON, COLO. — JLL Capital Markets has arranged $5.8 million in financing for Benjamin Square, a 60-unit affordable housing community in Eaton. Benjamin Square consists of 10 buildings. The property was completed in 1979 and 1980. Apartments come in one-bedroom layouts. Amenities include a laundry room, community lounge and covered gazebo. JLL represented the borrower, Brikwell, to secure the fixed-rate senior loan through Freddie Mac Multifamily. Brikwell was also able to renew and extend the community’s Project-Based Section 8 HAP contract prior to acquisition and loan closing, allowing the property to …

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HōM Flats at 24 East in Holland, Michigan

HOLLAND, MICH. — Magnus Capital Partners has begun development on HōM Flats at 24 East, a $60 million workforce housing project in Holland, 28.7 miles west of Grand Rapids, Michigan. Once completed, the complex will comprise 202 apartments across eight acres. HōM Flats at 24 East will offer one-, two- and three-bedroom units with full-size washers and dryers and secured key fob access. The property will also feature 13,000 square feet of retail space, including an on-site childcare center and suites for locally owned businesses.  Planned amenities include pickleball courts, a …

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CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing development at 52 New Street in Cambridge. The majority of the funds consists of a $15.4 million permanent loan, as well as $24.7 million in tax credit equity bridge financing. The borrower was locally based social services provider Just A Start. Once completed, the community will feature one-, two- and three-bedroom apartments for households earning 30, 60 and 80 percent of the area median income. The property will also include 3,500 square feet of commercial …

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MADISON AND MILWAUKEE, WIS. — A court-appointed receiver has retained Affordable Housing Investment Brokerage (AHIB) to secure new ownership for portions of Heartland Housing’s Wisconsin portfolio. Heartland Housing was an affordable housing developer and a subsidiary of Heartland Alliance. The non-profit developer went out of business in 2023. The portfolio comprises 166 affordable housing units across five properties in Madison and Milwaukee. Cinnaire Solutions acquired the two properties in Madison, Rethke Terrace and Tree Lane Apartments. Rethke Terrace was built in 2016 and comprises 60 units. Tree Lane Apartments is …

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Panelists at the “Who is building, developing and investing in the Southeast?” panel at InterFace Affordable Housing Southeast

ATLANTA — Workforce housing is a hot topic in the multifamily sector. The apartments are designed to serve middle-class renters, with no government subsidies such as tax credits and fewer of the bells and whistles associated with luxury projects. The combination of the spike in the cost of living, elevated interest rates and a low housing supply has made it difficult for middle-income households across the nation to buy or rent housing. Theoretically, this means there is a large market to serve by building workforce housing communities. However, while some …

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Bishops Woods in Brookfield, Wisconsin

BROOKFIELD, WIS. — McShane Construction Co. will serve as the general contractor for Bishops Woods, a 203-unit affordable housing community in the western Milwaukee suburb of Brookfield. The development is situated on nearly four acres at 350 Bishops Way. Plans call for a four-story, podium-style building atop a two-story, underground parking garage. Knothe & Bruce Architects is the project architect. Bishops Woods will offer one-, two- and three-bedroom floor plans. Amenities will include a clubroom, fitness center, outdoor grill area and playground. The community will be available to households earning …

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BOSTON — MassDevelopment has provided $21.8 million in tax-exempt bond financing for a 63-unit affordable housing project current underway in Boston’s Hyde Park neighborhood. The borrower and developer is an affiliate of B’nai B’rith Housing. Eastern Bank purchased the bond. The Massachusetts Executive Office of Housing & Livable Communities provided $16.1 million in tax credit equity for the project. The development will offer one-bedroom apartments for households earning 30, 50 or 60 percent or less of the area median income.

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The Arcadian in Fort Lauderdale, Florida

FORT LAUDERDALE, FLA. — Centennial Bank has provided an $84.4 million loan to facilitate the construction of The Arcadian, an affordable housing development located in the Sistrunk District of Fort Lauderdale. Sunshine Shipyard LLC, an affiliated company of a joint venture between Fuse Group and Boca Paila LLC, was the borrower and developer.  Situated at 640 NW 7th Avenue, The Arcadian will comprise 478 apartments. The property also includes 15,000 square feet of ground-floor retail and a 212,000-square-foot parking garage. Units will be available to households earning between 100 and …

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Speakers on the “Southeast Regional Housing Authorities & Legal Update” panel

ATLANTA — There are a common set of headwinds, such as high construction costs and interest rates, facing the commercial real estate industry at large. But affordable housing development and operations come with a unique set of challenges all their own and beyond those of other sectors. Despite this, panelists at the InterFace Affordable Housing Southeast conference, held May 9 at the Cobb Galleria Centre in Atlanta, expressed an optimistic outlook for the sector.  Closing out the day’s events, speakers on the “Southeast Regional Housing Authorities & Legal Update” panel …

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