Affordable Housing

Kōz in Lower Queen Anne in Seattle
Affordable HousingDevelopmentFinanceNewsWashingtonWestern

MSquared, Kōz Development Secure $48 Million in Financing for Workforce Housing Project in Seattle 

by Channing Hamilton

SEATTLE — MSquared and Kōz Development have secured $48 million in financing for Kōz in Lower Queen Anne, a 169-unit workforce housing project in downtown Seattle. The community will offer 69 units to households earning up to 80 percent of the area median income (AMI). An additional 17 apartments will be restricted through the Mandatory Housing Affordability Program for 75 years and will be available to households earning between 40 and 60 percent AMI. The remaining units will be rented as attainable workforce housing. The financing includes a $9.7 million …

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Participants in the architecture, design and construction panel at InterFace Affordable Housing Southeast
Affordable HousingDevelopmentFeaturesGeorgiaSoutheast

Construction Experts Emphasize Teamwork as Key to Meeting Affordable Housing Building Standards

by Channing Hamilton

ATLANTA — In order to satisfy long-term affordability commitments, builders and designers of affordable housing must be well educated about the sector’s exacting design and construction rules, which are typically driven by the source of a project’s funding. A panel of construction experts speaking at the InterFace Affordable Housing Southeast conference held Thursday, May 9 at Cobb Galleria Centre shared insights about how their industry is meeting these standards today. The inaugural conference hosted by France Media’s InterFace Conference Group and Southeast Multifamily & Affordable Housing Business magazine drew approximately 170 industry …

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Affordable HousingFinanceIllinoisMidwestNews

BWE Provides $8.3 Million Fannie Mae Loan for Affordable Brookstone Apartments in Waukegan, Illinois

by Channing Hamilton

WAUKEGAN, ILL. — BWE has provided a $8.3 million fixed-rate Fannie Mae MAH loan for Brookstone Apartments, a 168-unit affordable housing complex in Waukegan, 36 miles north of Chicago. Adam Gould of BWE’s Detroit office originated the loan, which features a 10-year term with 36 months of interest-only payments and a 30-year amortization. Brookstone Apartments was built in 1986. The unit mix includes 92 one-bedroom and 76 two-bedroom units. Fifty units are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are available …

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Ocean Shores Apartments in D’Iberville, Mississippi
Affordable HousingFinanceMississippiNewsSoutheast

Red Oak Capital Holdings Provides $7.7 Million in Financing for Ocean Shores Apartments in D’Iberville, Mississippi

by Channing Hamilton

D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing asset in D’Iberville. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the property. The funds …

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Max on Morris in Morristown, New Jersey
Affordable HousingInvestment SalesNew JerseyNewsNortheast

The Hampshire Cos. Sells 85-Unit Max on Morris in Morristown, New Jersey

by Channing Hamilton

MORRISTOWN, N.J. — The Hampshire Cos. has sold Max on Morris, an 85-unit community located at 175 Morris Street in Morristown. Built by The Hampshire Cos. in 2023, Max on Morris offers studio, one- and two-bedroom floor plans. Amenities include an entertainment lounge, break room, outdoor amenity deck with grilling stations, bike storage and EV charging stations. The property also offers four affordable residences and 14 supportive housing units designed for residents with special needs operated by locally-based Cohome. Cushman & Wakefield represented the seller and the private buyer in the …

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Affordable HousingDevelopmentNew YorkNewsNortheast

NRP Group Completes 179-Unit Workforce Housing Community in New Rochelle, New York

by Channing Hamilton

NEW ROCHELLE, N.Y. — Cleveland-based developer The NRP Group has delivered Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, 24 miles north of New York City. The NRP Group developed the community in partnership with Guion Renaissance Housing Development Finance Corp., Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. Renaissance at Lincoln Park offers units with a range of income restrictions. The property also features a 22,000-square-foot Boys & Girls Club facility with a gym, basketball court, recording …

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Kenyon at Cross Creek in Central, South Carolina
Affordable HousingDevelopmentNewsSouth CarolinaSoutheast

Gateway Opens $40 Million Affordable Housing Project in Central, South Carolina

by Channing Hamilton

CENTRAL, S.C. — Gateway Development Corp. has opened Kenyon at Cross Creek, a $40 million affordable housing development in Central. Gateway partnered with Synovus Bank (construction lender and federal tax credit equity investor), Monarch Private Capital (state credit investor) and Bellwether Enterprises (permanent lender), to complete the project. The Kenyon at Cross Creek was one of the first non-metro communities developed with the South Carolina state housing credit, according to Gateway. The project consists of 168 units across seven three-story residential buildings. Units come in one-, two- and three-bedroom layouts …

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Speakers at the Investment Sales panel at InterFace Affordable Housing Southeast
Affordable HousingFeaturesGeorgiaInvestment SalesSoutheast

Volatility Disrupts Investment Sales Activity in Affordable Housing Market, Says InterFace Panel

by Channing Hamilton

ATLANTA — The investment sales market for the affordable housing sector remains muted for one overarching reason: volatility. Cory Sams, executive managing director of GREA (Global Real Estate Advisors), said that a lack of certainty, especially in the capital markets, is giving buyers and sellers of affordable housing properties pause. “The worst thing for a deal is [interest rates] constantly moving around,” she said. “When they were running up and down, every deal fell apart.” Doug Childers, senior managing director of JLL, estimated that affordable housing transaction volume fell 40 …

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Gateway at Rossville in Rossville, Georgia
Affordable HousingDevelopmentGeorgiaNewsSoutheast

Gateway Opens 156-Unit Workforce Housing Community in Rossville, Georgia

by Channing Hamilton

ROSSVILLE, GA. — Gateway Development Corp., an affiliate of Gateway Management Co., have opened Gateway at Rossville, a 156-unit workforce housing community located in the Chattanooga, Tennessee suburb of Rossville. Arlington Construction served as the general contractor. Valdosta, Georgia-based Studio 8 Design was the architect. Situated on 18 acres, Gateway at Rossville is available to households earning at or below 60 percent of the area median income. Amenities include a clubhouse with gathering spaces, pool, fitness center, computer room, playground and covered pavilion with a picnic area. The construction of …

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Union at Purple Heart Trail in Wichita, Kansas
Affordable HousingDevelopmentFinanceKansasMidwestNews

Annex Group Underway on $61 Million Affordable Housing Development in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — The Annex Group is underway on the construction of Union at Purple Heart Trail, a $61 million affordable housing project in Wichita. Purple Heart Trail will consist of 240 apartments across two four-story buildings. Units will be available to households earning at or below 60 percent of the area median income. Planned amenities include a community center with a fitness center, media center, business center, outdoor gazebo, playground, dog park, walking path and picnic areas. Construction is slated to complete in early 2026. The development team for …

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