HOUSTON — Fairstead has secured $25 million in financing from Berkadia, R4 Capital and the Houston Housing Finance Corp. to renovate Coppertree Village Apartments in the Acres Homes neighborhood of Houston. Coppertree Village Apartments is comprised of 324 units set aside for households earning at or below 50 to 60 percent of the area median income (AMI). Fairstead is a developer based out of New York City. The company acquired Coppertree Village Apartments in September 2021. Houston Housing Finance Corp. is a Texas nonprofit focused on providing financing to affordable housing projects …
ATLANTA — Fairfield has completed Verge, a 319-unit, partially affordable project along the southside corridor of the BeltLine, a 22-mile loop in Atlanta’s urban core. The project is located between the Peoplestown and Chosewood Park neighborhoods. Atlanta BeltLine Inc. (ABI), an economic development group, pairs developers with public and private partners to ensure multifamily projects constructed in the BeltLine Tax Allocation District (TAD) include affordable units. San Diego-based Fairfield acquired the land for the site in 2019, according to Curbed Atlanta. The developer did not release rent restrictions on the …
BOSTON — The City of Boston and Mayor Michelle Wu have funded an undisclosed amount of funding for Columbia Crossing in the Dorchester neighborhood. The proposed development plans to transform the historic Dorchester Savings Bank building and adjacent parking lot into an approximately 86,000-square-foot residential and commercial complex. The project will be developed by the Preservation of Affordable Housing (POAH) in partnership with the Dorchester Bay Economic Development Corporation (DBEDC). Plans include the adaptive reuse of the bank building into affordable rental housing and the construction of a six-story building at …
DURHAM, N.C. — Fairfield has acquired Greens of Pine Glen apartments in Durham for an undisclosed price. The 168-unit affordable-housing property includes two- and three-bedroom units that rent for up to 60 percent of the area median income (AMI). With this transaction, Fairfield now owns 750 affordable units in the Raleigh-Durham area. San Diego-based Fairfield owns and/or operates 41,000 units nationwide.
ATLANTA — The city of Atlanta has completed its $39 million purchase of 2 Peachtree Street, a 41-story office tower in downtown Atlanta that was built in 1966. The city’s economic development agency, Invest Atlanta, purchased the 1-million-square-foot building and will hold it until a redevelopment partner is selected. The acquisition was funded through allocations from the Eastside Tax Allocation District. Invest Atlanta will select a development partner, following a request-for-proposals process, by the end of 2023, with the goal of beginning construction in 2024. The number of units or …
Often dubbed the Wall Street of Chicago, the LaSalle Street corridor historically has been the location of choice for big business in the Windy City. However, in recent years the corridor has suffered from significant vacancies largely due to the remote work trend of the pandemic and an overall shift to remain remote permanently. In response, Chicago’s employers either downsized office space or completely left the office environment altogether. Chicago’s overall office vacancy situation has been on an increasing trend for over two years. According to fourth-quarter 2022 data from …
SAN DIEGO — Affirmed Housing has opened The Orchard at Hilltop, a mixed-use urban infill development in San Diego’s Chollas View neighborhood. The total cost for the development of the project was approximately $54.9 million. The development was financed in part with HOME Investments Partnerships Grant funds provided to the City of San Diego by the U.S. Department of Housing and Urban Development. Additional financing was provided by Civic Communities, Boston Financial, Boston Capital Finance, Western Alliance Bank, the San Diego Housing Commission, the City of San Diego, the California …
MIAMI — Coastal Construction Group, a Miami-based general contractor, has launched an affordable housing division that will focus on workforce, affordable and seniors affordable development projects in South Florida. Hernan Acurio was hired to lead the division. Coastal Construction’s past affordable-housing projects include Poinciana Village in Key West, Florida, and Oasis and Shepherd’s Court in Miami. The firm currently is building Sawyer’s Walk in Miami for The Swerdlow Group. Sawyer’s Walk is an 18-story mixed-use project with 578 rent-restricted studios and one- and two-bedroom apartments reserved for lower-income seniors.
WASHINGTON, D.C. — EagleBank, a Washington, D.C.-based community bank, has provided $25 million in construction financing to The Community Builders (TCB) and Dantes Partners for a new 100 percent affordable development in the Park View neighborhood of Washington, D.C. The development is part of the larger Park Morton and Bruce Monroe redevelopment plan to transform a 174-unit former public housing property into a mixed-income community of nearly 500 units. Upon completion, the five-story development will offer 142 units, including 40 public housing replacement units. Planned amenities include a rooftop lounge, …
TAMPA, FLA. — Loci Capital and Maifly Development have broken ground on an unnamed 6-story, 321-unit community in the Tampa Heights neighborhood. The project cost was not disclosed. Thirty-two of the units will be earmarked for residents earning no more than 80 percent of the area median income (AMI), per a negotiation with the city of Tampa. The agreement calls for these residences to remain affordable for 30 years. The development also includes approximately 13,000 square feet of retail. Construction will be complete by approximately 2025. MW Builders is the …