Skillful players are leveraging a bevy of public and private funding sources to get projects across the finish line. By Jack Rogers As costs of affordable housing projects continue to rise, developers are meeting the challenge by pulling together a resilient capital stack with a growing range of sources for gap financing, bridge loans and grants. They’re also diversifying the range of projects they undertake and mitigating their costs by redeveloping underutilized publicly owned property, acquiring leases for sites that are being rezoned to housing from other uses and with …
Affordable Housing
Fairstead Acquires Houston Affordable Housing Property, Plans Redevelopment for $242 Million Total Investment
HOUSTON — Fairstead has acquired Haverstock Hills Apartments in Houston’s East Aldine neighborhood. The New York City-based affordable housing developer will renovate the 700-unit property over the next 24 months. The redevelopment and acquisition costs came to $242 million. PNC Multifamily Capital was the debt and equity provider. Harris County Housing Finance Corp. and Rainbow Housing Corp. will continue to provide on-site social services. Located at 5619 Aldine Bender Road, Haverstock Hills comprises 44 two- and three-story buildings spanning 22 acres. Residences include a mix of studios, one-, two- and …
American South Capital Partners Commits $24 Million in Equity to Chattanooga Workforce Development
CHATTANOOGA, TENN. — American South Capital Partners (ASCP) has contributed $24 million in equity to Atlantic Cos.’ workforce housing development project, known as 702 Manufacturers Road, in the Northshore area of downtown Chattanooga. The 278-unit community located on the Tennessee River will include 42 units set aside for renters earning up to 60 or 80 percent of area median income. Completion is slated for the fourth quarter of 2027. Residents will have direct access to a newly built multi-use path and a river launch pad for paddleboards and kayaks. ASCP’s …
ARLINGTON, VA. — True Ground Housing Partners, formerly known as APAH, has opened Wholey Legacy Homes in the Washington, D.C., metro city of Arlington. The project was a redevelopment of a 1-acre portion of the Marbella Apartments site, formerly home to 31 units. The new Wholey Legacy Homes replaces that property and includes 234 units throughout a new 12-story building. The community is located in Arlington’s Rosslyn neighborhood. Wholey Legacy Homes houses 84 one-bedroom, 100 two-bedroom and 50 three-bedroom apartments. The 148,500-square-foot building also features 110 underground parking spaces, an …
JACKSONVILLE, FLA. — Ability Housing has completed Village at Cedar Hills, an affordable housing community in Jacsksonville’s Westside neighborhood. Rent restrictions for the property’s 90 units vary, ranging from 30 to 60 percent of area median income (AMI). Monthly rents are based on household size and income and range from approximately $500 for a one-bedroom unit for a household earning 30 percent or less of AMI to approximately $1,380 for a three-bedroom unit for a household earning up to 60 percent of AMI. Six units are reserved for individuals or …
JACKSONVILLE, FLA. — The Falcone Group has opened Momentum Blanding, a 240-unit workforce housing community in the Westside neighborhood of Jacksonville. The property is Boca Raton-based Falcone’s first workforce project. Monthly asking rents start at $1,299 for a one-bedroom apartment. The community also features two- and three-bedroom units as well as a resort-style pool, a clubhouse with a game room, a business center, a coffee bar, a resident lounge, a playground, a pet park, a yoga studio and a fitness center. Rentyl Apartments & Homes, also based in Boca Raton, …
Aeon, Kraus-Anderson Break Ground on $24 Million Deeply Affordable Redevelopment in Minneapolis
MINNEAPOLIS — Aeon, a locally based affordable housing developer, owner and manager, along with contractor Kraus-Anderson, has broken ground on Exodus, a $24 million community that will include 72 studio units to support individuals experiencing homelessness or housing instability. The project consists of the redevelopment of and an addition to an existing eight-story building. Residents will be referred through Hennepin County’s behavioral health system and will be provided with comprehensive supportive services on-site by Touchstone Mental Health. Aeon is ground-leasing the site from St. Olaf Catholic Church, which owns the …
MIAMI — Related Group and Miami-Dade County have broken ground on The Residences Palm Court, a 316-unit mixed-use, mixed-income LIHTC project at 950 NW 95th St. in Miami. Out of the 316 homes, 191 will be reserved specifically for seniors. Rents are capped at levels varying across the community from 20 to 80 percent of area median income. Completion is slated for late 2027. The project is a redevelopment that will replace two former public housing communities built during the 1970s. According to Related Group, all current on-site senior residents …
Merchants Capital Arranges $91 Million for Mixed-Income Development in Metro Grand Rapids, Michigan
WYOMING, MICH. — Merchants Capital has arranged approximately $91 million in financing for the development of HōM Flats at 28 West, the third phase of a mixed-use, mixed-income development in Wyoming. Grand Rapids, Michigan-based investment and development firm Magnus Capital Partners is the developer. The financing package includes a $30.6 million Freddie Mac loan, $16.7 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity and a $43.5 million construction bridge loan provided by Merchants Bank. HōM Flats at 28 West will connect to 28 West Place, a recently renovated …
Public and Private Partners to Build $65 Million Affordable Housing Community in Downtown Athens, Georgia
ATHENS, GA. — Columbia Residential, in partnership with the Athens Housing Authority and Jonathan Rose Cos., has closed on $65 million in financing for development of The Square at NoDa. The 146-unit affordable housing community represents the second phase of a larger redevelopment of approximately 12 acres in north downtown Athens that was formerly home to the Bethel Midtown Village housing development, which was constructed in the early to mid-1970s and demolished in 2021. Phase I consisted of The View at NoDA, a 120-unit mixed-income community that opened in December …