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Affordable Housing

2868 Webster Ave. in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Douglaston Development Secures $190 Million Construction Financing for Affordable Housing Project in the Bronx

by Channing Hamilton

NEW YORK CITY — Douglaston Development has secured construction financing for a $190 million affordable housing project located in the Bedford Park neighborhood of the Bronx. Once completed, the 12-story building will offer 277 apartment units to households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive units. Located at 2868 Webster Ave., the property will offer studio, one-, two- and three-bedroom floor plans. Community amenities will include laundry facilities, a fitness center, green roofs and on-site parking. The Jericho project …

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Toscana Apartment Homes in Austin, Texas
Affordable HousingInvestment SalesNewsTexas

Comunidad Partners Acquires 358-Unit Toscana Apartment Homes in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Locally-based investment firm Comunidad Partners has acquired Toscana Apartment Homes, a 358-unit affordable housing community in Austin. Toscana Apartment Homes was built in 2001. The property is reserved for households earning between 60 and 120 percent of the area median income. Units come in one-, two-, and three-bedroom floor plans. Amenities include a pool, playground and a pet park. Comunidad Partners plans to implement a capital improvement program that elevates common areas and living spaces, including installing a pickleball court and adding private yards. The seller and …

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Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

Wells Fargo Provides $65.5 Million in Construction Financing for Affordable Housing Project in Minneapolis

by Channing Hamilton

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing, a mixed-use affordable housing project located at 3030 Nicollet Ave. in Minneapolis. The six-story property will offer 110 apartment units, as well as commercial space and a Wells Fargo branch on the first floor. Income restrictions were not disclosed. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The developer is Project for Pride in …

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Moreland Apartments in San Jose, California
Affordable HousingCaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $71 Million Sale of Affordable Housing Community in San Jose, California

by Channing Hamilton

SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Moreland Apartments, a 160-unit affordable housing community in San Jose. The asset traded hands for $71 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer of the property, and procured the buyer.  Moreland Apartments consists of eight two-story residential buildings and one single-story amenities building on an 8-acre site. Apartments come in one- and two-bedroom floor plans. Townhome units come in three-bedroom layouts. Income restrictions for the …

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Affordable HousingDevelopmentNew YorkNewsNortheast

Partnership Receives $332.3 Million in Financing for Redevelopment of West Brighton I and II on Staten Island

by Channing Hamilton

NEW YORK CITY — A partnership consisting of BFC Partners, CB Emmanuel, nonprofit organization Catholic Homes, Pinnacle City Living and the New York City Housing Authority (NYCHA) has secured $332.3 million in financing for the redevelopment of West Brighton I and II on Staten Island. The project will rehabilitate 574 affordable housing units that are home to more than 1,300 residents. The development team will also reactivate 24 vacant units, with 12 restored as permanently affordable units and 12 converted into a new senior center. Planned renovations to West Brighton …

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The Perch PDX in Portland, Oregon
Affordable HousingDevelopmentFeaturesFinanceMidwestNevadaNortheastSoutheastTexasWestern

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units.  If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

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36N in Tulsa, Oklahoma
Affordable HousingDevelopmentNewsOklahomaTexas

Pennrose, Tulsa Housing Authority to Develop $190 Million Mixed-Income Project in Tulsa, Oklahoma

by Channing Hamilton

TULSA, OKLA. —  A public-private partnership consisting of Pennrose and the Tulsa Housing Authority will develop 36N, a $190 million mixed-income project in Tulsa. The partnership will redevelop the existing property at the site, a 271-unit community called Comanche Park Apartments, and construct an additional 274 units from the ground up. Once completed, 36N will comprise 545 apartments. The development is part of a larger revitalization initiative known as Envision Comanche. The project will also feature single-family homes, as well as a grocery store, urban farm and dedicated wilderness area. Vertical …

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Sack Wern Houses in New York City
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Partnership to Undertake $275 Million Renovation of Affordable Sack Wern Houses in the Bronx

by Channing Hamilton

NEW YORK CITY — A partnership consisting of locally based firm Douglaston Development, investor Asland Capital Partners, nonprofit organization Breaking Ground and the New York City Housing Authority (NYCHA) will conduct a $275 million renovation of Sack Wern Houses in the Soundview neighborhood of The Bronx. The affordable housing community comprises seven buildings and is home to more than 800 residents. The rehabilitation will cover more than 400 apartment units, as well as common areas and building infrastructure and utility systems. The renovation will be carried out through the NYCHA’s …

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Aeolian Building in Meriden, Connecticut
Affordable HousingConnecticutDevelopmentFinanceNewsNortheast

Trinity Financial Secures $51.5 Million in Financing for Conversion Project in Meriden, Connecticut

by Channing Hamilton

MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a conversion project in Meriden, located about halfway between New Haven and Hartford. The sponsor, Trinity Financial, will use the funds to redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into a mixed-income community. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Once converted, the property will comprise 82 apartments. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. …

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The Westerly in Washington, D.C.
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

AHC, Hoffman & Associates Open 449-Unit Mixed-Income Community in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Affordable Homes & Communities (AHC) and Hoffman & Associates have opened The Westerly, a 449-unit mixed-income community in Washington, D.C. The asset is located approximately three blocks from The Wharf, a mixed-use development co-developed by Hoffman & Associates. The Westerly offers studio, one- and two-bedroom apartments, including 136 units that are evenly split with income restrictions set at 30 and 50 percent of the area median income. The property features 20,000 square feet of amenities such as a rooftop pool deck, courtyard with a fire pit, entertainment …

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