CLEVELAND — The Community Builders has opened Woodhill Station West, a 46.4 million affordable housing project in the Buckeye-Woodhill neighborhood of Cleveland. Woodhill Station West offers 120 units, as well as 4,520 square feet of community space. Woodhill Station West is Phase I of the Woodhill Homes redevelopment. The redevelopment, which will occur in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Woodhill Station West includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 …
NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford. The borrower, an affiliate of HallKeen Management, plans to use the proceeds to fund capital improvements and preserve the property’s affordability status. The historic property was constructed in the 1870s and includes 29 buildings. The buildings primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income.
Boston is a famously difficult place to build or buy new apartments. Developers often spend years searching for a suitable site and gaining approvals from municipalities prior to construction. In the development boom that peaked in 2022, just on the heels of the coronavirus pandemic, developers started construction on hundreds of thousands of new apartments across the country — the largest amount of new construction in decades. In Boston, developers started tens of thousands of new apartments. It’s a lot of new construction, but it’s still less than Boston developers …
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Multifamily Market Challenges: Strategies for Operators to Preserve NOI Amidst Rising Costs, Supply Pressures
Multifamily operators face a number of challenging factors in today’s market. The spike in the cost of debt along with higher expenses across the board — from property insurance and taxes to construction and labor — as well as adverse effects left over from eviction moratoriums are eating away at net operating income (NOI) across the country. During the third quarter of 2023, multifamily expenses grew 7.2 percent, more than double the rate of inflation, according to Freddie Mac’s 2024 multifamily forecast. Additionally, rent control efforts in some jurisdictions are …
CHICAGO — Colliers Mortgage has closed a $7.8 million Fannie Mae loan for the refinance of Southeast Englewood and South Wabash in Chicago. The loan features a 120-month term and was arranged through a partnership with LSG Lending Advisors. Les Hardin of Colliers Mortgage brokered the transaction. Southeast Englewood and South Wabash offers 72 units. The scattered site property comprises six apartment buildings with garden level basements. The property is restricted to low-income tenants by a HUD Section 8 HAP contract. Income restrictions were not disclosed.
BOSTON — Beacon Communities has completed a 210-unit affordable housing redevelopment project located at 140 Clarendon Street in Boston’s Back Bay neighborhood. The site originally housed a historic YWCA building, which was originally constructed in 1929. The property now offers studio and one-bedroom units for low-income renters and formerly homeless individuals. Amenities include a fitness center, community room, library, computer learning center and a wellness office. The redevelopment preserved the spaces of Lyric Stage Co., the Snowden School and other nonprofits currently residing in the building.
WOODBRIDGE, VA. — Standard Communities has broken ground on Jefferson Plaza Apartments, a 240-unit affordable housing community in Woodbridge, in Northern Virginia’s Prince William County. The property will be income-restricted to tenants earning 60 percent of the area median income. Planned amenities include 354 parking spaces for residents, a 3,000-square-foot clubroom, co-working space, fitness center, bike storage, playground, green space and a dog park. The development, which is capitalized at $67.5 million, was funded from sources including Virginia Housing, Freddie Mac and Hudson Housing Capital.
CHICAGO — JLL Capital Markets has added Rasto Gallo and Mike Klaskin as senior directors with the firm’s national affordable housing investment sales advisory team. Gallo and Klaskin will be based out of the firm’s Chicago office. They will report to Senior Managing Directors Danny Kauffman and Jaime Fink, who co-lead the office, as well as Senior Managing Director Doug Childers, who serves as the affordable housing investment sales advisory group leader. Additionally, they will work alongside Managing Director Michael Fox and Director Melissa Bloem on the affordable housing investment sales …
PORTLAND, ORE. — Northwest Housing Alternatives has opened Emmons Place, a 146-unit affordable housing community in the historic Alphabet District of Portland. Emmons Place is available to households earning at or below 60 and 30 percent of the area median income. Priority populations include communities of color, individuals with disabilities and seniors exiting homelessness who will receive Permanent Supportive Housing services through the Northwest Pilot Project, which connects low-income seniors to affordable housing. The Portland Housing Bureau allocated $19.7 million from the Portland Housing Bond to the project’s development.
ATLANTA — Woda Coooper Cos. Inc. and Parallel Housing Inc. have delivered Stanton Park Apartments, a 56-unit affordable housing community in the Peoplestown neighborhood of Atlanta. Stanton Park offers 36 one-bedroom and 20 two-bedroom units, which are set aside for households earning 30 to 80 percent of the area median income. Ten units are reserved with project-based vouchers for tenants who experienced homelessness. The Fulton County Department of Behavioral Health and Developmental Disabilities has agreed to provide support service for the 10 voucher households for 10 years. Hooker DeJong designed the …