Affordable Housing

Jair Lynch
Affordable HousingDevelopmentFinanceNewsNortheastWashington, D.C.

Jair Lynch Secures Loans, Tax Credit Equity for D.C. Mixed-Income Development

by Lynn Peisner

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 …

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Vue-Kirkland
Affordable HousingInvestment SalesNewsWashingtonWestern

Berkadia Arranges Sale of Vue Kirkland

by Lynn Peisner

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.

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Payne_David
Affordable HousingCompany NewsFinanceNewsPeople News

Regions Affordable Housing Names David Payne Head of Originations

by Lynn Peisner

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. …

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NOVO Apartments
Affordable HousingDevelopmentFinanceInvestment SalesNews

Community HousingWorks Completes L.A. Metro Acquisition, Plans Affordable Conversion

by Lynn Peisner

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 …

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Topeka-Annex-Group
Affordable HousingDevelopmentKansasMidwestNews

Annex Group Breaks Ground on $60 Million Kansas Affordable Housing Project

by Lynn Peisner

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 …

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Roosevelt-Road
Affordable HousingDevelopmentIllinoisMidwestNews

Related Midwest Completes Third Phase of Roosevelt Redevelopment in Chicago

by Lynn Peisner

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 …

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InterFace-Affordable-Housing-Southeast-Design-panel
Affordable HousingArchitecture & DesignConference CoverageFeaturesNewsSoutheast

InterFace Conference Coverage: Affordable Housing Architects Push the Limits of Design Amid Rising Costs  

by Lynn Peisner

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 …

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Kevin-Mckee
Affordable HousingCompany NewsNewsPeople NewsTexas

Dominium Hires Vice President of Asset Management

by Lynn Peisner

DALLAS — Affordable housing developer, owner and manager Dominium has hired Kevin McKee as the company’s new vice president of asset management. McKee will be responsible for optimizing property operations while also working with Dominium’s project partners to maximize long-term financial value. Additionally, McKee will lead technology-driven improvements, the adoption of best practices and the development of annual asset-management business plans. Prior to joining Dominium, McKee served as chief operating officer for E&S Ring Management Corp. Earlier in his career, McKee held senior executive roles at Rose Community Management, Related …

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Link-at-Douglas-Phase-2
Affordable HousingDevelopmentFloridaNewsSoutheast

Developers Secure $125 Million Loan, Break Ground on Cadence in Miami

by Lynn Peisner

MIAMI — Locally based developer 13th Floor Investments, in partnership with Barings, a subsidiary of MassMutual, has secured a $125 million construction loan from a syndicate of Santander Bank and TD Bank to finance the development of Cadence in Miami. Now under construction, the 35-story tower will include 432 market-rate apartments. About 54 units will be set aside as workforce housing, but specific income restrictions were not disclosed. Developers estimate the project will be complete by February 2028. Cadence is the third residential building to be constructed within the mixed-use, …

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Haven-on-Main
Affordable HousingDevelopmentFinanceMidwest

Cinnaire Raises $340 Million Fund for Affordable Housing Development in 11 States

by Lynn Peisner

LANSING, MICH. — Cinnaire, a nonprofit financial services company based in Lansing, has raised $340 million, which will finance 33 affordable housing developments in 11 states. Dubbed Fund 43, the LIHTC financing will back a total of 2,455 affordable housing units. Haven on Main in La Crosse, Wisconsin, will be one of the projects. It will be a 70-unit community including 59 affordable units and 11 market-rate units. Eighteen units will be reserved for individuals with intellectual and developmental disabilities, veterans and those experiencing chronic homelessness. Half of the total …

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