Affordable Housing

Mainline North in Santa Clara
Affordable HousingCaliforniaDevelopmentNewsWestern

Ensemble Investments, USA Properties, Pinyon Group Break Ground on $81.2 Million Affordable Housing Project in Santa Clara

by Lynn Peisner

SANTA CLARA, CALIF. — Ensemble Investments, USA Properties and The Pinyon Group have broken ground on an $81.2 million affordable housing development in the Tasman East neighborhood of Santa Clara. The eight-story Mainline North will include 151 units in studios to three-bedroom floor plans. Rent restrictions on the units were not released. The property will include 5,000 square feet of retail and restaurant space as well as a fitness center, flex rooms and outdoor space. USA Properties and The Pinyon Group structured a public-private partnership that includes financing by Bank …

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The Pines of Perinton in Fairport, New York
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

WinnCompanies Renovating Iconic Affordable Property Near Rochester, New York

by Lynn Peisner

FAIRPORT, N.Y. — WinnCompanies has secured $137 million in financing to renovate the Pines of Perinton, an affordable housing community in Fairport, which is about 10 miles southeast of Rochester, New York. The project will preserve affordability provisions for the next 40 years. Various income categories were not disclosed. WinnCompanies acquired the property in late 2019. The Pines was designed and constructed by New York State’s Urban Development Corp. (UDC) between 1972 and 1976, and, according to WinnCompanies, was one of the first affordable housing developments built in the area. …

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The development site for Pinnacle at Tropical Pointe.
Affordable HousingDevelopmentFloridaNewsSoutheast

Pinnacle Secures $72.3 Million in Financing for Pinnacle at Tropical Pointe Near Miami

by Channing Hamilton

PRINCETON, FLA. — Pinnacle has secured $72.3 million in financing for the construction of Pinnacle at Tropical Pointe in the southern Miami suburb of Princeton. The Florida Housing Finance Corp., Miami-Dade County Surtax and HOME provided a blend of low-income housing tax credits to the development. Bank of America provided a $37 million construction loan and $30.6 million in tax credit equity. Citibank provided a permanent loan of $20 million. According to Pinnacle, Miami-Dade County also allocated $1 million to the project to mitigate rising construction costs. Pinnacle at Tropical …

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Rendering of 288 Harrison
Affordable HousingDevelopmentMassachusettsNewsNortheast

Affordable Housing Development in Boston’s Chinatown Receives Bond Funding

by Lynn Peisner

BOSTON — MassDevelopment has issued a $26 million tax-exempt bond on behalf of Harrison Affordable LLC, an affiliate of Beacon Communities and the Chinese Consolidated Benevolent Association of New England (CCBA), which will use proceeds to build an 85-unit affordable rental housing community at 288 Harrison Ave. in Boston’s Chinatown neighborhood. The building, dubbed 288 Harrison Residences, will be constructed on what is currently a surface parking lot serving the Tai Tung Village affordable housing community, also owned by CCBA. The organization chose Beacon Communities as its development partner in …

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Exterior of 508 Pershing in Chicago
Affordable HousingDevelopmentIllinoisMidwestNews

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

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A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts
Affordable HousingMassachusettsNewsNortheast

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties. The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to …

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Rendering of CIM Group's upcoming mixed-use project in L.A.
Affordable HousingCaliforniaDevelopmentNewsWestern

CIM Group Buys Land from Los Angeles Church for Mixed-Use Project

by Lynn Peisner

LOS ANGELES — CIM Group has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. in Los Angeles. The site is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground-floor retail. New development at the site will replace the vacant, former West Angeles Church of God in Christ, whose congregation has moved to a new location. CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. have negotiated a series of acquisitions of church-owned properties over …

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A 3D render of Three Light, an urban contemporary style high-rise building.
Affordable HousingDevelopmentMidwestMissouriNews

The Cordish Cos. Tops Out $140 Million Three Light Luxury Apartments in Kansas City, Missouri

by Channing Hamilton

KANSAS CITY, MO. — The Cordish Cos., along with JE Dunn Construction Co., has placed the final support beam in the Three Light Luxury Apartments development, a $140 million complex in Kansas City’s Power & Light District. The building rises 25 stories with 288 units. Twenty percent of units are already leased. Three Light offers a seven-story parking garage with 472 spaces, as well as 7,600 square feet of ground level retail space. Twenty percent of units will be set aside for residents earning at or below 80 percent of …

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Piper in Norwalk rendering
Affordable HousingConnecticutDevelopmentNewsNortheast

Toll Brothers and Harris Realty Will Develop $136 Million Piper in Norwalk, Connecticut

by Lynn Peisner

NORWALK, CONN. — Toll Brothers Apartment Living and Harris Realty Co. will develop Piper, an opportunity zone project in Norwalk. Piper is being financed by debt and equity arranged by Toll Brothers’ in-house finance team, which includes a $136 million construction loan from TD Bank and Wells Fargo. Piper will be a six-story, 393-unit building. Thirty-seven units will be designated affordable, but specific rent restrictions were not disclosed. Piper’s amenities will include a fitness center, pool, rooftop deck, coworking spaces, a library, a wine room, a demo kitchen and dining …

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Rendering of Alabama Avenue Apartments
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

Joint Venture Underway on $49.2 Million Affordable Project in D.C.

by Lynn Peisner

WASHINGTON, D.C. — Enterprise Community Development and Durrani Development Corp. have broken ground on Alabama Avenue Apartments, an affordable housing community in the Garfield Heights neighborhood of Washington, D.C. The project cost is $49.2 million. Construction is estimated to be complete in October 2024. The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of the project. Additional funding sources include a $12.9 million housing production trust fund loan from the D.C. Department of Housing and Community Development (DHCD). Alabama Avenue …

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