Affordable Housing

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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The-Opaline-Nashville
Affordable HousingDevelopmentNewsSoutheastTennessee

Holladay Begins Development of The Opaline, the First Phase of a Nashville Mixed-Use Project

by Lynn Peisner

NASHVILLE, TENN. — Locally based affordable and workforce housing developer Holladay Ventures has secured funding and is expected to break ground in late November on The Opaline, a 251-unit property for renters earning up to 60 percent of area median income. Completion is slated for 2028. The Opaline is the first of three phases of Holladay’s Artist Hill project, a 39-acre master planned community that is projected to include rental and for-sale residential, retail, creative workspaces, green spaces, walking trails and other community amenities. The Opaline’s development site is currently …

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Lambert-Woods-Portland
Affordable HousingDevelopmentMaineNewsNortheast

POAH Breaks Ground on Affordable Housing in Portland, Maine

by Lynn Peisner

PORTLAND, MAINE — Preservation of Affordable Housing (POAH) has closed on construction financing for Lambert Woods North, a 72-unit affordable housing development that will be built in the North Deering neighborhood. POAH acquired the wooded lot from the City of Portland through an RFP process. The one-, two- and three-bedroom units will be reserved for renters earning 60 percent of area median income. The Maine State Housing Authority is providing 4 percent Low-Income Housing Tax Credits as well as construction and permanent loans. The project also is backed by several …

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OscarJames-San-Francisco
Affordable HousingCaliforniaDevelopmentNewsWestern

Jonathan Rose Cos. Opens $133 Million Affordable Housing Community in San Francisco

by Lynn Peisner

SAN FRANCISCO — Jonathan Rose Cos. has opened Oscar James Residences, located about 1.4 miles from the 866-acre Hunters Point Shipyard in San Francisco. This project marks New York City-based Jonathan Rose Cos.’ first ground-up development in San Francisco and its second in California. Oscar James Residences was co-developed with nonprofit partner Bayview Senior Services, though the project is conventional affordable housing, not seniors housing. The $132.9 million project was made possible through a combination of public and private funding sources, with Bank of America serving as an equity investor …

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Palladium-Oak-Grove-Fort-Worth
Affordable HousingDevelopmentNewsTexas

Palladium USA Opens Fort Worth Affordable Housing Community

by Lynn Peisner

FORT WORTH, TEXAS — Dallas-based Palladium USA has completed Palladium Oak Grove, a 240-unit affordable housing community in Fort Worth. Rent caps range from 30 to 80 percent of area median income. The project cost was approximately $60 million and was developed in partnership with the Fort Worth Housing Finance Corp. Financing came from a variety of sources, including 4 percent Low-Income Housing Tax Credits. Units are offered in one-, two- and three-bedroom floor plans. Amenities include a resort-style pool, a fitness center, a conference room, a dog park, a …

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Fairstead-Alexandria
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

Fairstead Breaks Ground on $120 Million Adaptive Reuse Project in Metro D.C.

by Lynn Peisner

ALEXANDRIA, VA. — Fairstead has broken ground on an affordable housing adaptive reuse project in the Washington, D.C., suburb of Alexandria. On the site of Samuel Madden Homes, originally built to house African American defense workers during World War II, the company will build 207 residences, ranging from one- to four-bedroom units, reserved for families earning 30 to 80 percent of area median income as well as a new community food bank. Completion is slated for fall 2027. Financial partners include permanent and construction lenders Boston Financial, Freddie Mac and …

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Albertville-Meadows-Minnesota
Affordable HousingInvestment SalesMidwestMinnesotaNews

Dominium Sells Albertville Meadows for $11.2 Million

by Lynn Peisner

ALBERTVILLE, MINN. — Dominium has sold Albertville Meadows to an undisclosed buyer for $11.2 million. The property is located 32 miles northwest of Minneapolis in Albertville. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers arranged the sale. The 75-unit affordable housing community was built in 1993. To qualify, a single tenant can earn no more than $55,620 per year. Rents are capped at combined annual salaries of $63,600 for two occupants; $71,520 for three occupants; and $79,440 for units with four residents.

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