Development

Aureum-Franklin
DevelopmentNewsSoutheastTennessee

EMBREY Breaks Ground in Franklin, Tennessee

by Lynn Peisner

FRANKLIN, TENN. — EMBREY has closed on financing, provided by Texas Capital, and begun construction of Thatcher at Aureum, located in the 22-acre Aureum mixed-use development in the Nashville suburb of Franklin. This marks San Antonio-based EMBREY’s fourth multifamily project in Franklin. Completion is slated for the third quarter of 2027. The 296 studio-to-three-bedroom floor plan options will be offered along with amenities such as a clubhouse with workspaces, a resort-style pool and a hot tub, a rooftop terrace, fitness and yoga studios, a 24-hour package room with refrigeration, bike …

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Compton
Affordable HousingCaliforniaDevelopmentFinanceNewsWestern

KeyBank Provides $25.9 Million Loan for Compton Affordable Housing Development

by Lynn Peisner

COMPTON, CALIF. — KeyBank Community Development Lending and Investment has provided a $25.9 million loan to finance construction of an affordable housing development at 1434 W. Compton Blvd. in the metro Los Angeles city of Compton. The Coalition for Responsible Community Development (CRCD) has partnered with LandSpire Group to develop the 75-unit community. The project will be a three-story development consisting of studios and one- and two-bedroom units, all of which will be rent restricted at or below 50 percent of the area median income. Additional LIHTC equity and Freddie …

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Rivair-San-Diego
CaliforniaDevelopmentNewsWestern

Fairfield Opens LEED-Certified Community in San Diego

by Lynn Peisner

SAN DIEGO — Locally based Fairfield has opened Rivair Apartment Homes in San Diego’s Misson Valley neighborhood. The 316-unit community features floor plans as studios and one- and two-bedrooms. Fairfield achieved LEED Gold certification for Rivair. Some of the green features include energy-efficient systems and water-saving fixtures. Amenities include a resort-style pool, a rooftop deck, a fitness center, coworking spaces and electric vehicle charging stations.

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White-Houses-Harlem
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

New York City Housing Authority Locks in $272.6 Million in Redevelopment Funds for Harlem Properties

by Lynn Peisner

NEW YORK CITY — The New York City Housing Authority (NYCHA) has closed on the financing for a $272.6 million renovation of Metro North Plaza and Gaylord White Houses, two public housing communities in East Harlem. The properties were selected to be part of the Permanent Affordability Commitment Together (PACT) program, created by the City as part of a larger plan to modernize public housing. NYCHA needs more than $78 billion to fully restore and renovate all its buildings, but, according to the City’s website, the federal government has only …

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Union-at-Rose-Park-Milwaukee
Affordable HousingDevelopmentMidwestNewsWisconsin

The Annex Group Breaks Ground on $25.8 Million Affordable Community in Milwaukee

by Lynn Peisner

MILWAUKEE — The Annex Group has begun construction of Union at Rose Park, an affordable housing development in the Harambee neighborhood of Milwaukee. The 75-unit community is The Annex Group’s first development in Wisconsin. A number of city, state and federal funding sources, including 4 percent low-income housing tax credits, contributed to the $25.8 million project cost. Leases will be available with a variety of income caps that range from 30 percent of area median income to market-rate rents. The Annex Group will give preference to veteran renters for nine …

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zoe-apartments-waco
DevelopmentFinanceNewsTexas

Concord Summit Arranges $34 Million Bridge Loan for Surge Investment Group

by Lynn Peisner

LACY LAKEVIEW, TEXAS — Concord Summit Capital has arranged a $34 million bridge loan on behalf of Surge Investment Group’s Zoe Apartments in Lacy Lakeview, six miles north of Waco, Texas. The loan is a precursor to a long-term HUD takeout loan once the property reaches stabilized occupancy. Situated on a 10.3-acre site along Interstate 35, Zoe Apartments features six three-story residential buildings with a unit mix offered as one- and two-bedroom floor plans. Amenities include a resort-style pool with a pool house, a clubhouse, grilling areas, two pickleball courts, …

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Park-on-14th-Plano
Affordable HousingDevelopmentNewsTexas

Park on 14th, a $17.2 Million Affordable Housing Development, Opens in Plano

by Lynn Peisner

PLANO, TEXAS — Texas State Affordable Housing Corp. (TSAHC), DMA Cos. and other stakeholders have opened The Park on 14th, an affordable housing community in Plano with 62 apartments reserved for households earning no more than 80 percent of area median income. TSAHC owns the land and partnered with DMA to develop the community. The development costs were approximately $17.2 million, with the bulk of financing provided by a U.S. Department of Housing and Urban Development (HUD) loan and equity from TSAHC. Amenities at the Park on 14th include community …

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Teachers-Square-Baltimore
Affordable HousingDevelopmentMarylandNewsNortheast

Baltimore Unveils $6 Billion Housing Redevelopment Program to Restore Vacant Buildings

by Lynn Peisner

BALTIMORE — Baltimore has launched a 15-year housing redevelopment program aiming to restore vacant buildings throughout the city. The plan is backed by $1.2 billion in public-fund commitments and an anticipated $5 billion in private financing. City leaders say the plan will revitalize more than 65,000 properties across Baltimore. The redeveloped homes will be a mix of rental and for-sale housing. The City of Baltimore has approved the plan and public funding, while the Greater Baltimore Committee (GBC), a nonprofit, private-sector business advocacy group, is helping to coordinate private sector …

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Hanover-Buffalo-Bayou-Houston
DevelopmentNewsTexas

Hanover Co. Opens Third Multifamily Project in Houston’s Autry Park

by Lynn Peisner

HOUSTON — Hanover Co. and Mitsui Fudosan American have wrapped construction of Buffalo Bayou, a 40-story high-rise set within the 14-acre Autry Park mixed-use development in Houston. Autry Park sits about two miles west of downtown Houston along the western edge of the 160-acre Buffalo Bayou Park. Locally based developer Hanover Co. and Boston-based partner Lionstone Investments are Autry Park’s master developers. Buffalo Bayou consists of 317 units and 5,000 square feet of retail space. It joins two other existing multifamily communities, Hanover Autry Park, a 24-story, 324-unit complex, and …

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wood-partners-orlando
DevelopmentFloridaNewsSoutheast

Wood Partners Breaks Ground on Attainable Housing in Orlando

by Lynn Peisner

ORLANDO, FLA. — Wood Partners has begun construction of The Edgewater, a 328-unit community in Orlando. Fifty-six of the units will directly overlook Lake Fairview. The asset is part of Wood Partners’ attainable housing initiative. According to the company, cost savings achieved by selecting suburban sites rather than urban locations and producing an efficient design allow for a lower price point for renters. The Edgewater will feature a mix of one-, two- and three-bedroom units. The Atlanta-based developer did not disclose the project team, construction timeline or rental rates.

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