Thursday, January 16, 2025
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Affordable Housing

ShoreLINE in San Diego, California
Affordable HousingCaliforniaDevelopmentNewsWestern

Affirmed Housing, MTS Complete $62.6 Million Affordable Housing Project in San Diego, California

by Channing Hamilton

SAN DIEGO, CALIF. — Affirmed Housing and the Metropolitan Transit System (MTS) have completed ShoreLINE, a $62.6 million affordable, transit-oriented housing development in San Diego. The property is located at the Grantville Transit Center on Alvarado Canyon Road. ShoreLINE comprises 126 apartments in studio, one-, two- and three-bedroom floor plans. The property is affordable to households earning between 30 and 60 percent of the area median income. Amenities include laundry facilities, bike storage, parking, a computer lab, courtyard, outdoor gardens, a playground, barbeque station and a community room with gathering …

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John Williams
Affordable HousingDevelopmentFinanceIndustry VoicesMidwestNortheastSoutheastTexasWestern

Public-Private Partnerships: A Creative Approach to Increasing Affordable Housing Supply

by Channing Hamilton

— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …

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200 Quannapowitt in Wakefield, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

JLL Capital Markets Arranges Development Capitalization of 200 Quannapowitt Near Boston

by Channing Hamilton

WAKEFIELD, MASS. — JLL Capital Markets has arranged a capitalization for the development of 200 Quannapowitt, a 440-unit project in the Boston suburb of Wakefield. The borrower and developer was Cabot, Cabot & Forbes. JLL worked on behalf of the developer to secure the joint venture equity with Equity Residential (NYSE: EQR). Brett Paulsrud, Andrew Gray and Mike Shepard led the JLL Capital Markets Advisory team. Situated on Lake Quannapowitt, the community will include one-, two- and three-bedroom apartments. Eighteen percent of units will be designated as affordable. Income restrictions …

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Westminster Village Arms in Lowell, Massachusetts
Affordable HousingFinanceMassachusettsNewsNortheast

MassHousing Provides $94 Million in Financing for 432-Unit Affordable Housing Community in Lowell, Massachusetts

by Channing Hamilton

LOWELL, MASS. — MassHousing has provided a $94 million 35-year permanent loan for the refinancing of Westminster Village Arms, a 432-unit affordable housing complex in Lowell, 30 miles northwest of Boston. The funds will be used to preserve the community’s affordable housing component and to carry out approximately $20 million in property improvements. Related Affordable refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. The MAP/Ginnie Mae loan program provides expedited Federal Housing Administration insurance approvals. MassHousing offers program through …

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Affordable HousingDevelopmentNewsTexas

The NRP Group Completes 330-Unit Mixed-Income Project in Austin

by Channing Hamilton

AUSTIN, TEXAS — The NRP Group has completed The Markson, a 330-unit mixed-income development in the Barton Springs area of Austin. More than half of the total unit count will be reserved for tenants earning 80 percent or less of the area median income. Amenities include a pool, dog park, conference rooms, co-working lounge, coffee bar, fitness center, game room, outdoor kitchen and volleyball and bocce ball courts. The NRP Group developed The Markson in partnership with the Housing Authority of the City of Austin. The property was named after …

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Affordable HousingDevelopmentNewsTexas

Banyan Residential Opens 289-Unit Mixed-Income Community Near Downtown Dallas

by Channing Hamilton

DALLAS — Banyan Residential, in partnership with Bridge Investment Group, has completed Banyan Flats, a 289-unit community located at 2022 N. Beckley Ave, just west of downtown Dallas. The property offers micro, studio, one-, two- and three-bedroom units ranging in size from 415 to 1,425 square feet. Of the total unit count, half will be set aside for households earning 80 percent or less of the area median income. Amenities include a pool, fitness center, clubhouse, dog wash station and a rooftop deck. JHP Architecture designed the property. J.P. Morgan …

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Affordable HousingDevelopmentMassachusettsNewsNortheast

Beacon Communities Completes Renovation of Affordable Lenox Apartments in Boston

by Channing Hamilton

BOSTON — Beacon Communities has completed the renovation of Lenox Apartments, a 285-unit affordable housing community in the South End/Lower Roxbury neighborhood of Boston. Lenox Apartments comprises 13 buildings and offers one-, two- and three-bedroom floor plans. According to Beacon Communities, the property was originally built in 1939 as the first public housing in Boston dedicated to serving African Americans. The renovation was funded through State and Federal housing and historic tax credits, as well as public and private loans.

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Affordable HousingDevelopmentFinanceFloridaNewsSoutheast

CREI Holdings Secures $76 Million to Develop Affordable Housing Community Near Miami

by Channing Hamilton

SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, a 328-unit affordable and workforce housing community in the Miami suburb of Sweetwater. Centennial Bank provided the financing. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank Li’l Abner III will comprise one eight-story building that will be situated adjacent to Li’l Abner I and II. Apartments will come in one- and two-bedroom layouts. Forty …

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Affordable HousingDevelopmentMidwestNewsOhio

The Community Builders Opens $46.4 Million Affordable Housing Community in Cleveland

by Channing Hamilton

CLEVELAND — The Community Builders has opened Woodhill Station West, a 46.4 million affordable housing project in the Buckeye-Woodhill neighborhood of Cleveland. Woodhill Station West offers 120 units, as well as 4,520 square feet of community space.  Woodhill Station West is Phase I of the Woodhill Homes redevelopment. The redevelopment, which will occur in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Woodhill Station West includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 …

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Affordable HousingFinanceMassachusettsNewsNortheast

MassDevelopment Provides $17 Million in Financing for Affordable Wamsutta Apartments in New Bedford, Massachusetts

by Channing Hamilton

NEW BEDFORD, MASS. — MassDevelopment has provided $17 million in tax-exempt bond financing for Wamsutta Apartments, a 144-unit affordable housing complex in New Bedford. The borrower, an affiliate of HallKeen Management, plans to use the proceeds to fund capital improvements and preserve the property’s affordability status. The historic property was constructed in the 1870s and includes 29 buildings. The buildings primarily house one-bedroom units. Residences are reserved for households earning 60 percent or less of the area median income.

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