Affordable Housing

Falkland Chase in Silver Spring, Maryland

APAH Plans $39.6 Million Redevelopment of Affordable Community in Silver Spring, Maryland

by Channing Hamilton September 28, 2023

SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has purchased Falkland Chase, a garden-style community in Silver Spring, from JBG Smith. The property currently offers 170 units that are affordable to households earning between 60 and 65 percent of the area median income (AMI). APAH plans to redevelop the Falkland Chase in phases, with the first phase slated to break ground in 2026. At full build-out, the redevelopment will add 1,250 new units to the property. Units will come in one-, two- and three-bedroom layouts. Montgomery County provided …

September 28, 2023

Affordable Housing Development Investment Sales New Mexico News Western

CPP Acquires Two Affordable Communities in Albuquerque, New Mexico for $22.8 Million

by Channing Hamilton September 27, 2023

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has acquired Mountain View II and III, two affordable properties that share a contiguous block in Albuquerque, for $22.8 million. CPP will renovate the two garden-style communities and operate the assets as one development called Mountain View Apartments. The seller was not disclosed. Mountain View II was built in 1967 and Mountain View III was built in 1968. In total, Mountain View Apartments offers 241 units across multiple two-story buildings and townhouses. Units come in studio, one-, two- and three-bedroom floor plans. Amenities …

September 27, 2023

Affordable Housing California Development Finance News Western

KeyBank Provides $71.8 Million in Construction Financing for Affordable Housing Project in Greenfield, California

by Channing Hamilton September 26, 2023

GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of the first phase of Greenfield Commons in Greenfield. EAH Housing Inc. is developing the project. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap …

September 26, 2023

Affordable Housing Development Leasing & Marketing Midwest News Ohio

NRP Group Opens $40 Million Affordable Housing Community in Columbus, Ohio

by Channing Hamilton September 22, 2023

COLUMBUS, OHIO — The NRP Group has opened The Sinclair Apartment Homes, a $40 million affordable housing community in Columbus. The Columbus Metropolitan Housing Authority helped fund the project’s development by issuing $27.7 million in tax-exempt and taxable bonds. Tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank also helped fund the transit-oriented project. The Sinclair Apartment Homes is affordable to households earning between 30 and 80 percent of the area median income. The community consists of three four-story buildings with one, two-, three- and four-bedroom …

September 22, 2023

The Berkley Riverfront sites in Kansas City

Affordable Housing Development Finance Investment Sales Kansas Market Reports Midwest

Buyers Retreat, Development Peaks in Kansas City

by Channing Hamilton September 20, 2023

While investment sales activity has slowed in the Kansas City apartment market due to the spike in interest rates, development is continuing at a brisk pace. RealPage reports that 8,582 units were under construction in metro Kansas City as of the second quarter. This number is on par with the second quarter of 2022 when 8,422 units were under construction, and significantly higher than the second quarter of 2021 (6,889 units) and the second quarter of 2020 (7,354 units). Total deliveries in 2023 are expected to rank as the second …

September 20, 2023

Affordable Housing Development Leasing & Marketing Massachusetts News Northeast

Capstone Communities, MPZ Development Open $28.9 Million The McElwain School Apartments in Bridgewater, Massachusetts

by Channing Hamilton September 20, 2023

BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have opened The McElwain School Apartments, a 57-unit mixed-income community in Bridgewater, 27 miles south of Boston. Of the total unit count, 51 are affordable to households earning at or below 60 percent of the annual median income. Amenities include on-site management and maintenance, a dog park, playground, community room and a wildflower bee meadow. The $28.9 million project is the redevelopment of a historic former school building, which sat vacant for over 20 years. The development was funded through a mix of state, local, and …

September 20, 2023

Affordable Housing Development Leasing & Marketing New York News Northeast

Terwilliger & Bartone Properties Opens The Cornerstone Westbury in Farmingdale, New York

by Channing Hamilton September 20, 2023

FARMINGDALE, N.Y. — Terwilliger & Bartone Properties has opened The Cornerstone Westbury, a new community in Farmingdale on Long Island, for residency. The first phase of the project delivers 72 units, with a further 58 units planned for phase two. Of the total unit count, 18 are set aside as workforce housing. According to the developer, over 1,200 applications were submitted for these units. Amenities include a rooftop patio, clubhouse, fitness centers and resident and events organized by community managers.

September 20, 2023

Affordable Housing Development Finance New Jersey News Northeast

NJEDA Approves $90 Million in Tax Credits for Mixed-Use Building in Newark, New Jersey

by Channing Hamilton September 14, 2023

NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for a mixed-use building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans. Of the total unit count, 70 will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.

September 14, 2023

Affordable Housing Development New Jersey News Northeast

Arc Building Partners, Claremont Complete Supportive Housing Project in Jersey City, New Jersey

by Channing Hamilton September 14, 2023

JERSEY CITY, N.J. — Arc Building Partners and Claremont Development have completed The St. Lucy’s Complex, a supportive housing project in Jersey City. The campus comprises 60,000 square feet. The St. Lucy’s Complex features 150 beds for individuals who are homeless; 14 residential units for individuals living with HIV/AIDS; five three-bedroom permanent supportive housing units for families; 15 permanent affordable housing studio apartments; a daily drop-in area for nonresidents needing a meal, shower or laundry; and onsite social services programs. The project took approximately two years to construct.

September 14, 2023

Affordable Housing Finance New York News Northeast

Walker & Dunlop Provides $35.6 Million to Refinance Brooklyn Affordable Housing Portfolio

by Channing Hamilton September 7, 2023

NEW YORK CITY — Walker & Dunlop has provided a $35.6 million Fannie Mae loan for the refinancing of an affordable housing portfolio in New York City. The portfolio comprises 251 units across eight buildings Brooklyn’s Williamsburg neighborhood. Frank Cassidy and John Gilmore of Walker & Dunlop worked alongside New York City Housing Preservation & Development and the New York City Housing Authority to secure the financing. The financing is structured with a fixed interest rate, 35-year amortization schedule and five years of interest-only payments. The borrower, Grower Housing Development …

September 7, 2023

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