Affordable Housing

Johnston-Farms-Rock-Hill
Affordable HousingDevelopmentFinanceNewsSouth CarolinaSoutheast

JLL Arranges Financing for Workforce Housing Project Near Charlotte

by Lynn Peisner

ROCK HILL, S.C. — JLL Capital Markets has arranged $32.3 million in construction debt and equity for Tartan Residential’s Johnston Farms project in Rock Hill, 28 miles south of Charlotte, North Carolina. The 120-unit workforce housing community will offer three- and four-bedroom units for renters earning between 50 and 80 percent of area median income. Amenities include fitness and multipurpose rooms, a computer center, a library, coworking space, a playground, a dog park and walking trails. Completion is slated for the second quarter of 2027. The financing consists of a …

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Pocket-Neighborhood
Affordable HousingDevelopmentFeaturesSustainable/LEED

How Pocket Communities Can Meet Urban Redevelopment Needs, Create Public-Private Partnership Opportunities

by Lynn Peisner

By Miles AlexanderAlexander Goshen Traditional, large-scale urban developments have failed to create vibrant, sustainable neighborhoods. Pocket communities represent a transformative approach that addresses those fundamental shortcomings through innovative public-private partnerships and financing mechanisms. Small-scale developments of eight to 12 homes clustered around shared common spaces are experiencing significant growth as municipalities, developers and investors recognize their superior capacity to foster community connection, financial viability and environmental sustainability. What Are Pocket Communities? Pocket neighborhoods are clustered groups of smaller residences gathered around a shared open space, such as a garden courtyard, …

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The-Clayborn-Medford-Mass
Affordable HousingDevelopmentMassachusettsNewsNortheast

The Davis Cos. Breaks Ground on Industrial Conversion Project in Greater Boston

by Lynn Peisner

MEDFORD, MASS. — Boston-based developer The Davis Cos. broke ground in August on The Clayborn, an industrial-to-multifamily conversion project at 970 Fellsway in Medford, seven miles northwest of Boston. The company bought the 7.9-acre site, which was home to a self-storage facility, in 2019 for $25 million. According to a LinkedIn post quoting Davis, the project cost is approximately $78 million. The development team includes Plumb House as general contractor, Bohler as civil engineer, WSP as mechanical engineer and H+O as the structural engineer. Cube 3 is the project architect, …

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GoodHomes-Detroit
Affordable HousingConnecticutFinanceMichiganMidwestNewsNorth CarolinaNortheastRhode IslandSoutheast

Joint Venture Lands $76 Million Bridge Financing for Hotel-to-Multifamily Portfolio

by Lynn Peisner

BALTIMORE — M&T Realty Capital Corp. has provided a $76.2 million bridge loan for the GoodHomes portfolio owned by GoodHomes Communities and PILOT Real Estate Group. The portfolio consists of five former hotel properties that have been converted to workforce housing, totaling 886 units. The properties are located in Detroit, Fayetteville, North Carolina, Groton, Connecticut, and Warwick, Rhode Island. The bridge loan will refinance existing first lien debt and preferred equity, providing the sponsor with the capital needed to complete lease-up and stabilization. Four of the five properties benefit from …

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Delta-Pearl-DC
Affordable HousingArchitecture & DesignFeatures

D.C. Adaptive Reuse: Five Smart Strategies for Cost-Effective, Affordable Housing

by Lynn Peisner

In Washington, D.C., access to affordable housing remains a critical challenge. According to the National Low Income Housing Coalition, as of 2023, more than 54,700 extremely low-income renter households lived in the city, yet only 17,300 affordable and available rental homes were on the market at that income level.   D.C. is far from alone. Nationwide, there are only 35 affordable homes for every 100 extremely low-income renters, leaving millions without access to stable, secure housing. Renovating affordable housing, whether for refinancing, RAD (Rental Assistance Demonstration) conversion or preservation, is …

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Summer-Oaks-Sonoma
Affordable HousingCaliforniaDevelopmentNewsWestern

MidPen Housing Is Developing 72-Unit Affordable Housing Community in Sonoma Valley, California

by Lynn Peisner

SONOMA, CALIF. — MidPen Housing is underway on the development of Summer Oaks, a 72-unit affordable housing community in Sonoma. When complete in fall 2026, Summer Oaks will be leasing one-, two- and three-bedroom apartments to families earning up to 60 percent of area median income, which currently is $75,480 for a family of four. Fifty-two of the units are specifically reserved for residents who work in farming and agriculture. Financing for the development was provided through both public and private sources including the County of Sonoma, the California Department …

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Ramsgate-Los-Angeles
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

Six Peak Capital Locks in Construction Loan, Breaks Ground on L.A. Affordable Housing Project

by Lynn Peisner

LOS ANGELES — Zachary Streit of Priority Capital Advisors has arranged a $31.3 million construction loan for Six Peak Capital to develop a 116-unit affordable housing community located at 9033 Ramsgate Ave. in the Westchester neighborhood of Los Angeles. The development is a Los Angeles Executive Directive 1 (ED1) project. ED1 projects provide affordable housing developers with leniencies such as increased density and building height, reduced parking requirements and an accelerated review and permitting process. Rent restrictions were not disclosed, but many ED1 projects include units with rents capped at …

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Lofts-at-40-Long-Columbus
Affordable HousingDevelopmentFinanceMidwestNewsOhio

Merchants Capital Provides $35.1 Million in Tax Credit Equity for Ohio Affordable Housing Adaptive Reuse Project

by Lynn Peisner

COLUMBUS, OHIO — Merchants Capital has secured $35.1 million in tax credit equity on behalf of Woda Cooper Cos. and IMPACT Community Action. The co-developers will use the equity to fund an adaptive reuse project in Columbus called Lofts at 40 Long. The city identified the project in its 2022 plan. Developers will convert a vacant YMCA building into 121 apartments reserved for families earning between 30 and 80 percent of area median income. Merchants Capital secured $18.5 million in 4 percent Low-Income Housing Tax Credit equity (LIHTC), $11.4 million …

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Affordable HousingCaliforniaInvestment SalesNewsWestern

EAH Buys Two Affordable Communities Near Los Angeles

by Lynn Peisner

LANCASTER, CALIF. — EAH Housing has acquired two affordable housing properties in Lancaster, about 69 miles north of Los Angeles. The developments, Arbor Lofts and Sagebrush I & II, provide affordable rental housing for households earning between 30 and 60 of the area median income. Arbor Lofts, located on Lancaster Boulevard, is a 21-unit low-rise community built in 2009 with four-bedroom apartments. The property also features 3,800 square feet of commercial space. Sagebrush I & II, located on Milling Street and built in 2011, offers 61 three- and four-bedroom apartments …

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Ekos-Creekside-Naples
Affordable HousingDevelopmentFloridaNewsSoutheast

McDowell Housing Partners Breaks Ground on $63 Million Ekos Creekside in Naples

by Lynn Peisner

NAPLES, FLA. — McDowell Housing Partners (MHP) has broken ground on Ekos Creekside, a 160-unit affordable housing community in Naples reserved for families earning between 30 and 80 percent of area median income. The $63 million development is backed by a variety of financial partners and stakeholders. Collier County owns the land and has entered into a long-term ground lease agreement with MHP. Financing sources include tax-exempt bonds from the state, a construction loan from Fifth Third Bank and permanent financing via Barings. MHP raised equity for the development through …

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