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Affordable Housing

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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Cambridge Square Apartments in Monroeville, Pennsylvania
Affordable HousingFinanceNewsNortheastPennsylvania

KeyBank Provides $90.7 Million for Affordable Cambridge Square Apartments Near Pittsburgh

by Channing Hamilton

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, an affordable housing complex in the Pittsburgh suburb of Monroeville. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing. Robbie Lynn of KeyBank structured the tax-exempt bonds, …

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Affordable HousingDevelopmentNew YorkNewsNortheast

The Davis Cos. Begins Constructing 97-Unit Community in New York City’s Harlem Neighborhood

by Channing Hamilton

NEW YORK CITY — The Davis Cos. has broken ground on a 97-unit project located at 1975 Madison Ave. in Harlem. The building will rise eight stories and offer one- and two-bedroom units. Of the total unit count, 30 percent will be set aside as affordable housing. Income restrictions on these units were not disclosed. Planned amenities include a fitness center, resident lounge, co-working space, pet spa and a rooftop terrace. DXA Studio designed the project. Broadway Construction Group is the general contractor. The project is slated to deliver in …

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Affordable HousingDevelopmentInvestment SalesNew YorkNewsNortheast

Slate Property Group, RiseBoro Community Partnership Plan 318-Unit Affordable Housing Conversion in New York City

by Channing Hamilton

NEW YORK CITY — A partnership consisting of Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in New York City’s Queens borough. The partnership plans to convert the property, which was originally built in 1987, into a 318-unit affordable housing complex. The new complex will be called Baisley Pond Park Residences. Units will come in studio, one- and two-bedroom layouts. Planned amenities include a fitness center, computer lounge and multiple common rooms. As part of the conversion, the development team will replace all major …

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Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Advantage Capital Provides Financing for Affordable Housing Development in South Hill, Virginia

by Channing Hamilton

SOUTH HILL, VA. — Advantage Capital has provided financing to construct Mecklenburg Manor, a 51-unit affordable housing community in South Hill, a rural town 80 miles south of Richmond. Mecklenburg Manor will comprise seven buildings. The complex will offer one-, two- and three-bedroom units to households earning between 40 and 60 percent of the area median income.  The company has partnered with Gateway Development Associates and NFP Affordable Housing Corp. to construct the community. Advantage Capital invested in the development through the Virginia Housing Opportunity Tax Credit program, which is …

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An unnamed affordable housing community in Oakland, California
Affordable HousingCaliforniaDevelopmentNewsWestern

Resources for Community Development to Break Ground on Affordable Housing Community in Oakland, California

by Channing Hamilton

OAKLAND, CALIF. — Resources for Community Development (RCD) plans to develop a six-story affordable housing community in Oakland. The complex will offer 77 units, as well as a community room, courtyard with a play structure, leasing offices and ground-floor retail space. Units will be affordable to households earning between 20 and 50 percent of the area median income. On-site supportive services will be available to formerly homeless residents. RCD expects to receive a building permit for the project in late 2023. Construction will begin in the first quarter of 2024. …

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Affordable HousingDevelopmentFinanceGeorgiaNewsSoutheast

Stryant Investments to Redevelop Historic Atlanta Motel into 54-Unit Affordable Housing Community

by Channing Hamilton

ATLANTA — Stryant Investments has broken ground on Ralph David House, an adaptive-reuse development that converts a former motel in Atlanta’s Reynoldstown neighborhood into 54 units of permanent supportive housing. The community will be affordable to households earning at or below 30 percent of the area median income. Rents and utility costs combined will also be capped at 30 percent of each tenant’s income. The complex is slated to open in the fall of 2024.  Atlanta Beltline Inc. invested $550,000 into the project through the BeltLine’s TAD Increment Fund, which …

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Affordable HousingDevelopmentIllinoisMidwestNews

NHP Foundation Opens 30-Unit Affordable Housing Redevelopment Project in Chicago

by Channing Hamilton

CHICAGO — The NHP Foundation (NHPF) has opened Covent Apartments, the redevelopment of the former Covent Hotel in Chicago’s Lincoln Park neighborhood. The 30-unit affordable housing property is now a single-room occupancy (SRO) property. SRO housing is defined as a residential property that includes multiple single-room units, according to HUD. The total cost of development for the project was $21.6 million, including $7.9 million in federal Low-Income Housing Tax Credits and historic tax credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in Illinois Housing Development …

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Sligo Apartments in Silver Spring, Maryland
Affordable HousingDevelopmentMarylandNewsNortheast

Green Street Housing, TM Associates Development to Break Ground on Affordable Housing Community in Silver Spring, Maryland

by Channing Hamilton

SILVER SPRING, MD. — Green Street Housing and TM Associates Development have broken ground on Sligo Apartments, an affordable housing development in Silver Spring. All 102 units at the community will be available at restricted rents. The project is financed through a Low Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One, who is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development. 

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