HOUSTON — A partnership between the Harris County Housing Authority, Harris County Housing & Community Development, OCI Development and Atlantic Pacific Cos. has broken ground on The Residences at Arbor Oaks, a 192-unit affordable housing project in Houston. The Residences at Arbor Oaks will be reserved for households earning between 30 and 60 percent of the area median income. The property will feature 84 two-bedroom and 108 three-bedroom units. Planned amenities include a pool, fitness center, business center, outdoor grilling and dining stations and a children’s play area. Residents will …
NEW YORK CITY — M&T Bank has appointed Lopa Kolluri to the role of Head of Affordable Housing Lending. In this new position, Kolluri will be responsible for the development, oversight and management of the Affordable Housing vertical within M&T’s Commercial Bank. Kolluri will also work closely with divisions of M&T’s Community Bank and M&T Realty Capital Corp.’s Affordable Housing Platform. She will be based in New York City. Kolluri previously served as Senior Vice President within M&T’s Commercial Real Estate Innovation Office. Prior to joining M&T, Kolluri served as the …
DALLAS — A partnership consisting of Waterford Property Co., The Vistria Group and the City of Dallas Housing Finance Corp. has acquired Axis Kessler Park, a 299-unit community in Dallas. The property traded hands for $67 million. The new ownership plans to convert the community into workforce housing. Ninety percent of the units will be restricted to households earning between 60 and 140 percent of the area median income. Apartments will come in one-, two- and three-bedroom layouts. Amenities include a pool, clubhouse, fitness center, business center and a dog …
NEW YORK CITY — Ofer Cohen of New York City-based brokerage firm TerraCRG, as well as Tucker Reed and Vivian Liao of Brooklyn-based developer Totem Brooklyn, have launched Ailanthus, a platform that aims to create 10,000 apartments in New York City over the next five years. The platform is named after the Ailanthus tree, a common street tree in New York City and a reference to Betty Smith’s 1943 novel “A Tree Grows in Brooklyn.” As of May 13, Ailanthus has approximately 1,500 apartments in its pipeline, including a 456-unit mixed-income development at 1057 …
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park. Corners Crossing will be geared …
COLUMBUS, OHIO — CASTO has begun the development of Westrich, a $70 million project in the Franklinton neighborhood of Columbus. Westrich is an expansion of the adjacent River & Rich apartment community, but will be marketed as a separate entity. Once completed, the community will comprise 234 apartment units. Westrich will comprise a four-story building with 114 units and a five-story building with 120 units atop 8,000 square feet of ground-floor commercial spaces. The majority of units at the property will be reserved for tenants earning below 100 percent of …
NEW YORK CITY — A joint venture consisting of nonprofit developer Community Access, neighborhood preservation organization Cooper Square Committee and affordable housing developers Spatial Equity and Duvernay + Brooks, has purchased the site of the former St. Emeric church in Manhattan’s East Village. The joint venture plans build more than 500 affordable housing units on the site. Some units will be set aside for seniors and homeless individuals, as well as those with special needs who qualify for supportive services. The development team expects to break ground on the first …
NEW YORK CITY — Douglaston Development has secured construction financing for a $190 million affordable housing project located in the Bedford Park neighborhood of the Bronx. Once completed, the 12-story building will offer 277 apartment units to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. Located at 2868 Webster Ave., the property will offer studio, one-, two- and three-bedroom floor plans. Community amenities will include laundry facilities, a fitness center, green roofs and on-site parking. The Jericho project …
AUSTIN, TEXAS — Locally-based investment firm Comunidad Partners has acquired Toscana Apartment Homes, a 358-unit affordable housing community in Austin. Toscana Apartment Homes was built in 2001. The property is reserved for households earning between 60 and 120 percent of the area median income. Units come in one-, two-, and three-bedroom floor plans. Amenities include a pool, playground and a pet park. Comunidad Partners plans to implement a capital improvement program that elevates common areas and living spaces, including installing a pickleball court and adding private yards. The seller and …
MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing, a mixed-use affordable housing project located at 3030 Nicollet Ave. in Minneapolis. The six-story property will offer 110 apartment units, as well as commercial space and a Wells Fargo branch on the first floor. Income restrictions were not disclosed. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The developer is Project for Pride in …