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2-20 and 2-21 Malt Drive in New York City
Affordable HousingDevelopmentNew YorkNewsNortheast

TF Cornerstone Nears Completion on 1.4 Million-Square-Foot Development in Queens

by Channing Hamilton

NEW YORK CITY — New York City-based developer TF Cornerstone is nearing completion on 2-20 and 2-21 Malt Drive, a 1.4 million-square-foot high-rise community in the Long Island City neighborhood of Queens. At full build-out, the project will deliver 1,386 apartments across two buildings, as well as retail space and a public park. 2-20 and 2-21 Malt Drive are situated on Malt Drive, a new city street that was named as a nod to the site’s history as a sugar cane processing facility that later became a beer distribution center. The …

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DevelopmentFinanceNewsTexas

David B. Norton Brokers $18.7 Million in Financing for 125-Unit Project in San Antonio Suburb

by Channing Hamilton

BOERNE, TEXAS — David B. Norton Inc. has negotiated $18.7 million in construction and equity financing for a 125-unit development in the northwest San Antonio suburb of Boerne. The borrower and direct lender were not disclosed. The project will comprise 98,000 square feet of rentable space across five stories. Units will come in studio, one- and two-bedroom floor plans with an average size of 782 square feet. Construction will begin immediately and is slated to complete in about 18 months.

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DevelopmentGeorgiaNewsSoutheast

SHR Resi Completes 212-Unit The Howell in Atlanta

by Channing Hamilton

ATLANTA — SHR Resi, a wholly owned subsidiary of Songy Highroads, has completed The Howell in Atlanta’s Upper Westside neighborhood. The Howell comprises 212 units in one-, two- and three-bedroom layouts. Amenities include a pool with a deck, co-working space, clubhouse, pet run and pet spa, fitness center, open-air lounge on the seventh floor and a gated and covered parking garage. The property also includes 3,500 square feet of ground-level retail space. Gables Residential will manage the community.

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Burnside Farms Apartments in Columbia, South Carolina
DevelopmentFinanceNewsSouth CarolinaSoutheast

Walker & Dunlop Arranges $62 Million Construction Financing for Burnside Farms Apartments in Columbia, South Carolina

by Channing Hamilton

COLUMBIA, S.C. — Walker & Dunlop has arranged $62 million in debt and equity financing for the construction of Burnside Farms Apartments in Columbia. Jamie Butler, Cliff Ayers, Michael Bowles and Jason McFadden of Walker & Dunlop arranged the non-recourse financing on behalf of the borrowers, South Coast Property Investments and Abacus Capital. Burnside Farms Apartments will comprise 308 apartments. A portion of the community will be set aside as affordable housing, but the number of units and income restrictions for the affordable units were not disclosed. The property will …

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3rd and Grand in Kansas City, Missouri
DevelopmentFinanceMidwestMissouriNews

JLL Capital Markets Arranges $12.9 Million Equity Investment for 245-Unit Community in Downtown Kansas City

by Channing Hamilton

KANSAS CITY, MO. — JLL Capital Markets had arranged $12.9 million equity investment for the construction of 3rd and Grand, a 245-unit community in the River Market neighborhood of downtown Kansas City. The borrowers were EPC Real Estate Group and Copaken Brooks. JLL worked on behalf of the borrower to secure the investor, a national fund manager. Mark Erland and Kevin Barron led the JLL Capital Markets team. 3rd and Grand is situated at 201 and 255 Grand Blvd. The five-story development will house studio, one- and two-bedroom apartments. Planned …

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MetWest Residential in Tampa, Florida
DevelopmentFinanceFloridaNewsSoutheast

ZOM Living, MetLife Investment Management Secure $63 Million in Construction Financing for MetWest Residential in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — ZOM Living and MetLife Investment Management have secured $63 million in construction financing for MetWest Residential, a 375-unit project located within the Westshore District of Tampa. Looney Ricks Kiss designed the community. MetWest Residential will rise eight stories. The community will offer studio, one-, two- and three-bedroom apartments ranging from 576 to 1,601 square feet. Amenities will include a pool with an outdoor deck, courtyard, fitness center, co-working and conference spaces, a dog park and a lounge on the eighth floor. MetWest Residential will also feature 3,000 …

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Rialto West in New York City
Affordable HousingDevelopmentFeaturesFinanceOperations

Will New Tax Abatement Program Targeting NYC Be a Game-Changer for Affordable Housing Developers?

by Channing Hamilton

NEW YORK CITY — The New York state legislature has approved a new tax break program as part of the recently passed 2024-2025 budget to address the dearth of housing supply in and around Manhattan. Lawmakers say the program could increase affordable housing development throughout New York City, but some New York City residents are skeptical the program will do much to address the issue. 485-x was introduced as part of the New York state legislature’s budget for fiscal year 2025, which runs from April 1, 2024, to March 31, …

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Affordable HousingDevelopmentGeorgiaNewsSoutheast

MicroLife Institute, Hope Springs Housing Break Ground on Affordable Housing Project in Atlanta

by Channing Hamilton

ATLANTA — A partnership between MicroLife Institute and Hope Springs Housing has broken ground on Hope Springs Townhomes, an affordable housing development in the Hammond Park neighborhood of Atlanta. Hope Springs Townhomes will comprise 10 townhome-style units, which will be built by Middle Housing Co. This is MicroLife’s first project as a full-time developer. Hope Springs Townhomes will provide housing to women coming out of incarceration for nonviolent offenses, as well as their children. The community will be available at 30 percent of the area median income. Hope Springs Housing …

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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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