Affordable Housing

Lackawana-Place-Morristown
Affordable HousingDevelopmentFinanceNew JerseyNewsNortheast

CBRE Arranges $40 Million Construction Loan for New Jersey Mixed-Income Project

by Lynn Peisner

MORRISTOWN, N.J. — CBRE has arranged a $40 million construction loan on behalf of a developer doing business as Lackawanna Place Morristown Urban Renewal LLC. The loan will fund the development of Morristown Station, a transit-oriented, mixed-income community adjacent to the Morristown stop on the New Jersey Transit System’s train with service to Newark, Hoboken and Manhattan. Morristown is 35 miles west of New York City. Truist Bank was the lender. The community will feature a mix of 76 market-rate and 13 affordable units and 5,111 square feet of ground-floor …

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Coolwood-Oaks-Houston
Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Buys Houston Affordable Housing Community Coolwood Oaks for $43.3 Million

by Lynn Peisner

HOUSTON — Fairstead has acquired Coolwood Oaks in Houston for $43.3 million. Financing included LIHTC equity and loans from a variety of sources including PNC Bank, Houston Housing Finance Corp. (HHFC) and the Texas Department of Housing and Community Affairs (TDHCA). Fairstead is planning a $14 million renovation of the affordable housing community, which consists of 10 buildings and 168 units for households earning no more than 60 percent of area median income. The property was developed in 1984. DNA Workshop will serve as architect and interior designer for the …

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100-Terrace-Hempstead
Affordable HousingInvestment SalesNew YorkNewsNortheast

HVPG Acquires Long Island Affordable Housing Property for $145 Million

by Lynn Peisner

HEMPSTEAD, N.Y. — Hudson Valley Property Group (HVPG) has acquired 100 Terrace Apartments, a 430-unit affordable housing community located at 100 Terrace Ave. in Hempstead, a city in Nassau County. Total acquisition costs were approximately $145 million. HVPG is planning to invest roughly $23 million in renovations to the property, which was originally constructed in 1972. To ensure long-term affordability for residents, HVPG has secured a renewed HUD Project-Based Section 8 Housing Assistance Payment (HAP) contract covering 99 percent of the property’s units. Under this agreement, income-qualified residents will pay …

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Affordable HousingCompany NewsFinanceMarylandNew YorkNewsNortheast

Walker & Dunlop, Pretium Launch Affordable Housing Bridge Lending Venture

by Lynn Peisner

BETHESDA, MD., NEW YORK CITY — Walker & Dunlop and Pretium have launched a $250 million joint venture to provide financing for affordable housing. The new group, known as Walker & Dunlop Affordable Bridge Capital, will originate flexible, short-term first-mortgage bridge loans for properties that are being acquired, refinanced or prepared for long-term government programs such as LIHTC, Section 8 or tax-exempt bonds. The joint venture will offer flexible, interest-only bridge financing with loan sizes ranging from $10 million to $75 million and terms between six and 36 months.

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Mockingbird-Station-Dallas
Affordable HousingDevelopmentNewsTexas

High Street Residential Breaks Ground on Dallas Transit-Oriented Development

by Lynn Peisner

DALLAS — High Street Residential (HSR), a subsidiary of Trammell Crow Co., has broken ground on a 394-unit transit-oriented development in Dallas. The project, which has yet to be formally named, is part of a multi-phase conversion of approximately 16 acres of under-utilized surface parking owned by the Dallas Area Rapid Transit (DART) agency. The project is located at the SMU/Mockingbird station. At full buildout, the area will be a pedestrian-friendly, mixed-use neighborhood surrounding the DART station. HSR’s apartment project is expected to be complete by the end of 2027. …

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Renova-West-Bronx
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Gilbane Secures Financing for $193 Million Bronx Affordable Housing Development

by Lynn Peisner

NEW YORK CITY — Gilbane Development and several project partners have closed on financing for Renova West at 860 Concourse Village East in the Morrisania neighborhood in the Bronx. The $193 million project encompasses a 19-story mixed-use affordable housing development along with a new 7,000-square-foot ICL Bronx Health Hub, which provides physical and behavioral health care. Development partners include the Institute for Community Living (ICL), Tredway, New York City’s Department of Housing Preservation and Development (HPD) and Housing Development Corp. (HDC). The capital stack is comprised of debt and equity …

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Dulce-Vida-Miami
Affordable HousingDevelopmentFloridaNewsSoutheast

Coral Rock Development to Build $85 Million Workforce Project in Miami-Dade

by Lynn Peisner

MIAMI — Locally based Coral Rock Development Group has secured a $54 million construction loan from Citibank for Dulce Vida, a 227-unit mixed-income, mixed-use community in Miami’s Allapattah neighborhood. Construction will begin in the first quarter of 2026. A completion date was not disclosed. The total project cost is approximately $85 million. Dulce Vida is a Live Local Act multifamily development. The statewide legislation, adopted in 2023 and updated in 2024, was created to accelerate the building of affordable housing housing near jobs and transit by pairing land-use incentives with …

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Mission-Paradise-Hayward
Affordable HousingCaliforniaDevelopmentNewsSeniors HousingWestern

EAH Opens Two Bay Area Affordable Housing Communities

by Lynn Peisner

HAYWARD, CALIF. — EAH Housing has opened Pimentel Place and Mission Paradise, two ground-up affordable housing developments in Hayward that, combined, include 133 units with rent restrictions ranging from 20 to 80 percent of area median income. Hayward is in Alameda County, about midway between San Jose and San Francisco. Pimentel Place includes 57 units for families. The community offers one- to three-bedroom floor plans with energy-efficient appliances, on-site laundry facilities, bicycle parking, a children’s play area and indoor and outdoor gathering spaces. About 2 miles south, Mission Paradise occupies …

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Rob-Likes_KeyBank3
Affordable HousingDevelopmentFinanceIndustry Voices

What Will it Take to Rebalance the Office and Housing Markets?

by Lynn Peisner

The nation’s housing crisis has reached a breaking point, pushing developers to rethink how and where new supply can be created. Among the most promising — and debated — solutions is the conversion of underutilized office buildings into much-needed affordable housing.  On the surface, the concept seems straightforward: repurpose empty office space into homes in locations where demand is highest. In practice, however, these projects are anything but simple. Converting office buildings into livable, modern and affordable multifamily residences requires far more than reimagining floor plans. Success depends on choosing …

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Watsonville-Metro
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

MidPen Housing Secures $132.8 Million in Grants for Three Central California Affordable Housing Developments

by Lynn Peisner

SAN JOSÉ, ALAMEDA, AND WATSONVILLE, CALIF. — The California Strategic Growth Council has awarded funding to existing MidPen Housing developments in San José, Alameda and Watsonville that include a total of 362 affordable units as well as transit improvements. Valley Transportation Authority (VTA) Capitol Station in San José was awarded $49.3 million. Located next to the Capitol Light rail station, this transit-oriented development will include 203 affordable rental homes, including 51 permanent supportive housing apartments for formerly homeless individuals. The project will replace an underutilized VTA parking lot with an …

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