Affordable Housing

Central-at-Old-Concord-Charlotte
Affordable HousingDevelopmentNewsNorth CarolinaSoutheast

The Annex Group Begins Development of $57 Million Affordable Housing Community in Charlotte

by Lynn Peisner

CHARLOTTE, N.C. — The Annex Group has broken ground on Central at Old Concord, a 200-unit affordable housing community in Charlotte. The building on the 3.5-acre site will include one-, two- and three-bedroom apartments reserved for renters earning up to 70 percent of area median income. The project is cost is approximately $57 million. Completion is slated for summer 2027. Partners on the project include Cline Design, McAdams, Shelter Investment Group, ECS Southeast LLP, August Mack Environmental, Capital Consultants, Drucker and Falk, DELCK Group LLC and Impact Housing Indiana Corp. …

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Helms-Los-Angeles
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Priority Capital Arranges $28 Million Loan for Los Angeles Development

by Lynn Peisner

LOS ANGELES, CALIF. — Priority Capital Advisory has arranged a $28 million loan on behalf of CityPads, a private equity fund manager and developer with operations based in Chicago and Los Angeles. The senior debt financing is for the development of a 92-unit property in West Los Angeles. Zachary Streit of Priority Capital Advisory brokered the loan along with Lucas Borges of JLL. CityPads has begun construction, and completion is slated for 2026. The property’s unit mix will consist of 38 studios (33 market rate, five affordable), 53 one-bedroom units …

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Affordable HousingDevelopmentFinanceIndianaMidwestNews

KeyBank Provides $66 Million in Construction Financing for Indiana Affordable Housing Development

by Lynn Peisner

LAFAYETTE, IND. — KeyBank Community Development Lending and Investment (CDLI) has provided a $37.2 million construction loan, and Key Commercial Mortgage Group has arranged a $28.8 million permanent loan to finance the construction of Vita Lifestyle Lafayette. The 198-unit affordable housing development is located in Lafayette, approximately 60 miles northwest of Indianapolis. Vita Investment Holdings LLC has partnered with CRF Affordable Housing to develop the project. Vita Lifestyle Lafayette will consist of 159 affordable units and 39 market rate units, including one-bedroom, two-bedroom, and cottage-style units. Affordable units are restricted …

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Affordable HousingInvestment SalesKentuckyNewsOperationsSoutheast

Fairstead Acquires Kentucky Affordable Housing Community

by Lynn Peisner

LOUISVILLE, KY. — New York City-based Affordable housing developer and operator Fairstead has acquired a general partner interest in City View Park, an affordable housing community in Louisville. Via the partnership, Fairstead will assume the role of owner and property manager. The community includes 72 one-bedroom, 221 two-bedroom, 179 three-bedroom and 31 four-bedroom residences. Of the 503 total units, 468 are supported by Section 8 contracts, and all homes are governed by Low-Income Housing Tax Credit (LIHTC) affordability restrictions, reserved for residents earning no more than 60 percent of the …

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Kimberly-Ridge-NC
Affordable HousingDevelopmentFinanceNewsNorth CarolinaSoutheast

LEDG Completes Renovation of North Carolina Affordable Housing Property

by Lynn Peisner

KANNAPOLIS, N.C. — LEDG Capital has completed the $5.5 million renovation of Kimberly Ridge, a 76-unit property in Kannapolis the private affordable housing investor acquired in April 2024. Kannapolis is 28 miles northeast of Charlotte. During the 11-month rehabilitation effort at Kimberly Ridge, LEDG installed new kitchens, bathrooms, lighting fixtures and energy-efficient heating and cooling systems in all units and replaced roofs and repaired siding, gutters and parking surfaces. New community amenities and security features were added, and six apartments were modified to meet accessibility standards for the mobility impaired. …

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Woodbury-Park-Arlington
Affordable HousingMarylandNewsNortheastOperationsWashington, D.C.

CAPREIT Tapped to Manage 21 Mid-Atlantic Affordable Housing Properties

by Lynn Peisner

BETHESDA, MD. — CAPREIT has been selected by Affordable Homes & Communities (AHC) to manage 21 properties, comprised of 3,019 units, in Maryland, Virginia and Washington, D.C. AHC is a developer of affordable and mixed-income communities. Bethesda-based CAPREIT owns and operates approximately 14,000 units of its own and is actively growing its third-party management business, according to a statement from the company.

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Kyle-Shoemaker-Bill-Brading
Affordable HousingCompany NewsInvestment SalesPeople News

MMG Realty Advisors Hires Kyle Shoemaker and Bill Brading

by Lynn Peisner

KANSAS CITY, MO. — Multifamily and affordable housing brokerage firm MMG Real Estate Advisors has hired Kyle Shoemaker as managing director and Bill Brading as senior director. Shoemaker has specialized in affordable housing brokerage since 2006 with special emphasis in deed-restricted affordable housing transactions. In 2013, he partnered with the principals of Senior Living Investment Brokerage (SLIB) to launch a boutique brokerage dedicated exclusively to affordable housing assets. Under his leadership, the team has closed over 150 deals — primarily LIHTC-funded or operating under a HAP contract — adding up …

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95-Challenger-Road-Ridgefield-Park
Affordable HousingDevelopmentNew YorkNewsNortheast

KABR Group, Hornrock Properties Break Ground on Six-Story Community in Northern New Jersey

by Lynn Peisner

RIDGEFIELD PARK, N.J. — KABR Group and Hornrock Properties have broken ground on a six-story, 216-unit community at 95 Challenger Road that is set within Ridgefield Park’s Overpeck Corporate Center, a 60-acre mixed use development in Ridgefield Park, located five miles west of Manhattan. Designed by Minno & Wasko Architects and Planners, the building will feature a mix of studio, one- and two-bedroom residences, 22 of which will be set aside as affordable housing. Rent caps were not disclosed. Amenities will include an outdoor pool, a lounge and café, coworking …

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The-Gray-Houston
Affordable HousingArkansasColoradoFinanceLouisianaMississippiNew MexicoNewsSoutheastTexasWestern

Federal Home Loan Bank of Dallas Awards $73.5 Million in Affordable Housing Grants

by Lynn Peisner

DALLAS — The Federal Home Loan Bank of Dallas (FHLB Dallas) has awarded $73.5 million in affordable housing grants to 53 projects in Arkansas, Colorado, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas is part of the Federal Home Loan Bank System, which consists of 11 district Federal Home Loan Banks created in 1932 to provide capital for mortgage funding and support for community investment. FHLB Dallas annually returns at least 10 percent of its profits in the form of affordable housing grants to the communities served by its member …

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The-Meadowlands-Madison
Affordable HousingColoradoGeorgiaMarylandMidwestNew YorkNewsNortheastOhioOperationsSouth CarolinaSoutheastTexasVirginiaWesternWisconsin

WinnResidential Tapped to Manage 28-Property Affordable Housing Portfolio

by Lynn Peisner

INDIANAPOLIS — WinnResidential has been retained by KCG Cos. to operate 28 of the Indianapolis-based developer’s properties. Winn assumed leadership of operations and property management of 4,147 units in July and is expected to be selected to manage future communities over the coming year. KCG-owned workforce and affordable housing communities are located in Colorado, Georgia, Maryland, New York, Ohio, South Carolina, Texas, Virginia and Wisconsin. The company’s portfolio is comprised of approximately 34 communities. WinnResidential is the property management division of Boston-based WinnCompanies.

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