Tuesday, January 14, 2025
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Affordable Housing

Culebra Commons in San Antonio
Affordable HousingDevelopmentFeaturesLeasing & MarketingOperationsTexas

Q&A With David Lynd of Lynd Cos.: Inflation Hits Middle-Income Renters Hardest, San Antonio Adjusts to Oversupply

by Channing Hamilton

Concerns of oversupply have risen regarding several Texas markets, including Dallas and Austin. Where does San Antonio stand in terms of supply and demand, and where in the city is there still room for new opportunities? Multifamily & Affordable Housing Business (MAHB) recently interviewed David Lynd, CEO of Lynd Cos., about the state of the market. Multifamily & Affordable Housing Business: How many units do you currently own nationwide? How many in San Antonio? Lynd: We own about 3,000 units in San Antonio and 6,000 nationwide. We also do third-party …

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Affordable HousingDevelopmentNewsTexas

FTK Construction Services Completes $12.4 Million Renovation of The Park at Kirkstall in Houston

by Channing Hamilton

HOUSTON — FTK Construction Services has completed renovations at The Park at Kirkstall, a 240-unit affordable housing community in Houston. Updates to the property included enhancements to flooring, paint, appliances, countertops, door and cabinet hardware, bathroom fixtures and light fixtures. Other updates included roofing, HVAC, water heaters, a new playground, grilling patio, horseshoe pit and other various site improvements. The project took 21 months to complete, with a contract value of $12.4 million. The renovation was the general contractor’s first project for Blue Ridge Atlantic. The architect for the project …

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Affordable HousingDevelopmentMassachusettsNewsNortheastOperationsPeople News

WinnCos. Promotes Three Team Members to Vice President Roles

by Channing Hamilton

BOSTON — WinnCos. has promoted three employees to vice president roles in its property management, sustainability and development functions. Michael Milko was promoted to the role of executive vice president at WinnResidential, a subsidiary of WinnCos. Milko joined the company in 1995. He now oversees the management operations of approximately 5,000 residential units across 40 properties in the Northeast and Mid-Atlantic. Christina McPike was promoted to Vice President of Energy & Sustainability. In this role, she will oversee new construction, historic adaptive reuse and deep energy retrofit projects. According to WinnCos., McPike …

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Affordable HousingFinanceGeorgiaNewsSoutheast

BWE Originates $14.2 Million Freddie Mac Loan for Villages at Carver in Atlanta

by Channing Hamilton

ATLANTA — BWE has originated a $14.2 million Freddie Mac Forward tax-exempt loan for Villages at Carver, a 220-unit mixed-income community in Atlanta. The borrower was not disclosed. The loan will be used to fund renovations and permanent financing for the garden-style community. The loan features an 18-year fixed rate with two years of interest-only payments and has a 40-year amortization. As part of the recapitalization of the property, the Georgia Department of Housing and Community Affairs also allocated new four percent Low-Income Housing Tax Credits. Villages at Carver is …

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Upper Post Flats in St. Paul, Minnesota
Affordable HousingDevelopmentMidwestMinnesotaNews

Dominium Completes $160 Million Affordable Housing Redevelopment in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, an affordable housing project that repurposed buildings at the historic Fort Snelling site in St. Paul. The complex was developed as part of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Minneapolis-based BKV Group served as the architect. The site comprised 26 buildings across 42 acres, including barracks, an …

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The Pointe at Hills Farm in Shrewsbury, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $21 Million for Mixed-Income Community in Shrewsbury, Massachusetts

by Channing Hamilton

SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income community in Shrewsbury. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. WinnCos. is the borrower and developer. The Pointe at Hills Farm will comprise two three-story buildings. Of the total unit count, 56 will be reserved for households earning 30 to 60 percent of the area median income, and 21 units will be designated as …

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504-508 E. 12th St. in New York City
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNew YorkNortheast

NYC Investors Hunt for Distressed Deals 

by Channing Hamilton

Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell.  New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …

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Affordable HousingCaliforniaDevelopmentInvestment SalesNewsWestern

Liberty National Corp. Acquires Site to Develop High-Rise Community in San Diego

by Channing Hamilton

SAN DIEGO — Liberty National Corp. has purchased a 22,484-square-foot property in San Diego’s downtown area for an undisclosed price. The developer plans to construct a high-rise community on the site, including a selection of affordable housing units. The site is located at 1520 and 1532 3rd Avenue in San Diego’s Cortez Hill neighborhood, directly across the street from the historic St. Joseph Cathedral. Liberty National Corp. states that the company acquired the site due to its location, which is in proximity to attractions such as Balboa Park, Little Italy and …

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Hawaii Avenue Apartments in Washington, D.C.
Affordable HousingFinanceNewsNortheastWashington, D.C.

Red Oak Capital Provides $5.8 Million for Affordable Housing Community in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Red Oak Capital Holdings has provided a $5.8 million bridge loan for Hawaii Avenue Apartments, an affordable housing community located in Washington, D.C.’s Brookland neighborhood. The interest-only loan features a 12-month term with two six-month extension options and an all-in interest rate of 11 percent. The financing was underwritten based on the property’s forecast stabilized value of $8 million. The borrower, an entity doing business as Legacy Lofts II & III, plans to use the funds to acquire and rehabilitate the property into 22 apartments that will …

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

Pinnacle, Birdsong Secure $33.9 Million to Build Affordable Housing Community in Kissimmee, Florida

by Channing Hamilton

KISSIMMEE, FLA. — Pinnacle and Birdsong Housing Partners have jointly secured $33.9 million in financing to begin constructing Pinnacle at the Wesleyan, a 96-unit affordable housing community in Kissimmee. Pinnacle at the Wesleyan will be available to households earning up to 60 percent of the area median income (AMI). Ten percent of units will be reserved for extremely low-income residents at 33 percent AMI. The complex will offer 12 one-bedroom units, 60 two-bedroom units and 24 three-bedroom units. The developers broke ground on the project at the beginning of December. …

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