CHICAGO — Lument has provided $90.6 million in Fannie Mae loans to refinance four Chicago properties with a total of 654 units. All the communities are located in the Lakeview neighborhood on the city’s North Side and were constructed in the 1920s. Lument, a Fannie Mae lender approved to originate and service loans under the agency’s Delegated Underwriting and Servicing (DUS) program, secured the debt on behalf of BJB Properties. The loans replace existing life company debt for BJB, a Chicago-based operator focused on long-term holds. Evan Hom, a senior …
Denton, Texas — Berkadia has arranged approximately $132 million in loans through its newly launched construction-to-permanent financing program. The loan proceeds will fund building and mortgage costs of Jefferson Bonnie Brae, an affordable housing development in the Dallas suburb of Denton. JPI is the merchant developer. When complete, the project will be solely owned by the Denton Housing Authority. Senior Managing Director Tim Leonhard of Berkadia Affordable Housing arranged the financing. The property will include 461 units, half of which will be reserved for families earning no more than 80 …
LOS ANGELES — BH Properties has launched Haven Housing, an affordable housing company, and hired Connor Mortland to lead it. Mortland, formerly senior vice president of investments at Avanath Capital Management, will be based out of the firm’s San Diego office. As managing director and head of affordable housing acquisitions, he will direct Haven’s strategy to acquire and operate affordable and market-rate assets in the Western United States. Haven Housing aims for garden-style, value-add acquisitions with 100 or more units with value-add potential in Texas, Arizona, Nevada, Oregon, Washington, Colorado …
ALEXANDRIA, VA. —Grandbridge Real Estate Capital, a subsidiary of Truist Financial Corp., has arranged $100 million in Freddie Mac loans on behalf of locally based Jair Lynch Real Estate Partners. In addition to the permanent financing, affiliates of Truist also served as a low-income housing tax credit equity investor for the transaction. The financing package includes a $38 million, tax-exempt loan and a $62 million taxable tail loan. The 15-year, fixed-rate loans and equity will finance the construction of a 310-unit, unnamed mixed-income project that will be built at 505 …
KIRKLAND, WASH. — Acacia Capital has sold Vue Kirkland to BRIDGE Housing for an undisclosed sum. Managing Directors David Sorensen and Benjamin Johnson, Director George Pallis, Associate Director Peter Dudunakis and Senior Managing Director Kenny Dudunakis of Berkadia Seattle led the transaction on behalf of the California-based seller. BRIDGE Housing is planning to convert the 200-unit market-rate community to affordable housing, offering units to tenants earning between 50 and 80 percent of area median income. The property was built in 1977.
BIRMINGHAM, ALA. — Regions Bank has promoted David Payne to head of originations for Regions Affordable Housing. Payne will oversee all affordable housing originations in order to provide financing that will support developers through low-income housing tax credits and other banking options. He also will provide business development efforts and leadership to the Regions group. Payne will report to Katie Such, head of Regions Affordable Housing. Payne previously served as co-head of originations for Regions Affordable Housing and led the bank’s work in sourcing and originating transactions across the Southeast. …
ROWLAND HEIGHTS, CALIF. — Community HousingWorks (CHW) has acquired NOVO Apartments in Rowland Heights and will convert the market-rate property into affordable housing. Northmarq arranged the $38.3 million sale as well as a $24.9 million fixed-rate, affordable-conversion, Freddie Mac acquisition loan for CHW. Stratford Partners Real Estate was the seller. NOVO was constructed in 1974. Additional financing details for the conversion were not disclosed, but CHW often uses its own equity and 4 percent low-income housing tax credits to fund developments, according to nonprofit directory GuideStar. Rowland Heights is about …
TOPEKA, KAN. — The Annex Group broke ground on Union at Tower District, an affordable housing development in Topeka, on June 3. Situated on approximately four acres, the project will include 250 one-, two- and three-bedroom units for households earning 30 to 60 percent of area median income. The $60 million Union at Tower District will consist of two four-story buildings and one three-story building. Amenities will include a courtyard, dog park, playground, community center and fitness center. Project partners include BVH Architecture, REGA Engineering, SBB Engineering, the City of …
CHICAGO — Related Midwest has opened three mixed-income buildings as part of the third phase of its 67-acre Roosevelt Square redevelopment in Chicago. Related Midwest completed development of 207 units including 75 public housing, 40 affordable and 92 market-rate units as well as 10,000 square feet of retail space. The multiphase Roosevelt project is a redevelopment of the ABLA Homes site, which was a Chicago Housing Authority public-housing project made up of four buildings dating back to the 1930s. Each building includes 70 apartments with studios, one-, two- and three-bedroom …
ATLANTA — The United States is short 6.8 million affordable housing units, according to the National Low Income Housing Coalition. Developers and owners are driven by a mission to meet this critical shortage. This national problem is fueling the work of architects and designers. Like developers, they, too, have picked up the baton — or the pencil, as the case may be — and applied practices that are custom-tuned to bring much-needed rental housing to market as quickly and efficiently as possible. Editor’s note: InterFace Conference Group, a division of …