NEW YORK CITY — Chicago-based investment manager Nuveen has acquired a 12,000-unit affordable housing portfolio from Omni Holding Co. The deal increases the Nuveen’s affordable housing assets under management to $6.4 billion. Financial terms were not disclosed. Omni Holding was advised by CBRE Affordable Housing and CBRE Capital Advisors. Paul Hastings and Nixon Peabody acted as transaction and regulatory counsel to Nuveen. The portfolio is largely focused in the New York city metropolitan area, including properties located in the Bronx, Brooklyn, Queens, Manhattan and Long Island. Nuveen’s affordable housing portfolio …
CAMDEN, N.J. — The Michaels Organization (Michaels), a property development, investment and management firm based in Camden, has selected Rosa Estrada as regional vice president. Estrada succeeds Larry Padilla, following his departure from Michaels. Estrada has 20 years of urban planning, placemaking and affordable housing development experience. She joined Michaels in March 2022 as a vice president in the Mid-Atlantic Region. In this role, Estrada will serve as lead developer for all Michaels’ development activities in Puerto Rico, including Los Alamos, a 365-unit affordable housing community in Guaynabo City. Michaels …
METUCHEN, N.J. — Klein Enterprises will develop a multifamily property in Metuchen, which is about 30 miles south of New York City. The project has not been named. Demolition of existing structures on the site was completed in April. The project is slated for completion by fall 2025. The new apartments are being built on a former industrial site that has undergone remediation in the years preceding the development, according to Klein. The community will include 272 studio, one-, two- and three bedroom floor plans. Fifteen of the units will …
NEW YORK CITY — American Lions, a joint venture between Fetner Properties and the Lions Group, has secured a $350 million debt and equity capitalization to develop The Italic. JLL represented the borrower to secure the loan. JLL also arranged the joint venture equity. Christopher Peck and Alex Staikos led JLL’s Capital Markets Debt Advisory team. Rob Hinckley, Steven Rutman and Nicco Lupo led JLL’s Capital Markets Equity Advisory team. The Italic will be a 363-unit mixed-use community in New York City’s Long Island City neighborhood. The project comprises 283,000 …
QUEENS, N.Y. — The Durst Organization has opened 3-24 27th Avenue in Astoria, part of Durst’s Halletts Point development, an ongoing project expected to deliver 2,100 housing units near a public waterfront esplanade. The new building is adjacent to the New York Housing Authority’s (NYCHA) Astoria Houses and is also reserved for NYCHA tenants. The 14-story property has 163 units. Specific rent restrictions were not released for the 100 percent affordable project, but rents range from $665 per month for studios to $1,601 per month for a two-bedroom unit. Fifteen …
WASHINGTON, D.C. — David Dworkin, president and CEO of the Washington, D.C.-based National Housing Conference, warns that the series of ongoing interest hikes by the Federal Reserve to fight inflation raises the risk of stagflation. Stagflation is characterized by a high rate of inflation, slow economic growth and elevated level of unemployment. “As I stated previously, raising interest rates further to control inflation is no longer the answer and is instead contributing to an increase in the cost of shelter,” explains Dworkin. “The Federal Open Market Committee needs to let …
MILWAUKEE — Bear Real Estate Group has secured $20.6 million in construction financing for the development of Michigan Street Commons, a 99-unit affordable community in Milwaukee. Cesar Diaz of NewPoint Real Estate Capital originated the loan, which is structured as a 4 percent tax-exempt bond financing. Three series of bonds were issued by the Wisconsin Housing & Economic Development Authority. Raymond James was the LIHTC equity syndicator. Michigan Street Commons will rise five stories and offer one- and two-bedroom floor plans. Approximately 30 percent of units will be affordable to …
SAN MARCOS, CALIF. — Affirmed Housing has begun construction on Estrella, an affordable housing development in the northern San Diego suburb of San Marcos. Affirmed Housing’s partners on the project include the City of San Marcos, the County of San Diego, WNC, Banner Bank, DAHLIN Group Architecture Planning, Masson and Associates and form/work Landscape Architecture. A development timeline for the project was not disclosed. Estrella will offer 96 one-, two- and three-bedroom units across four buildings for households earning between 30 and 80 percent of the area median income. The …
NEWPORT NEWS, VA. — The BLVD Group has acquired and plans to renovate Aqua Vista Apartments in Newport News. The 150-unit community was originally constructed in 1970. The $35.8 million redevelopment will include a gas-to-electric conversion, new roofs, insulation, energy efficient windows and entry doors. Each unit will receive new kitchens, bathrooms, appliances, flooring, paint and LED light fixtures. The owner will expand amenities at the site, adding new barbecues, a playground, a dog park, a business center, a community room and a new leasing office. The redevelopment will preserve …
AURORA, COLO. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $43 million loan for the construction of 15 Sable Apartments, an affordable housing development in Aurora. The total project cost is $56 million. Anthea Martin, senior vice president in BWE’s Denver office, originated the loan through a private placement on behalf of the borrowers, DBG Properties and Featherstone Development. Completion is slated for March 2025. The 154-unit property will contain a mix of one-, two- and three-bedroom floor plans. Units will be reserved for families earning at or …