Development

The-Collins-Cleveland
DevelopmentMidwestOhio

The NRP Group Completes The Collins in Cleveland

by Lynn Peisner

CLEVELAND — Locally based The NRP Group has opened The Collins, a 316-unit luxury community on Cleveland’s Scranton Peninsula, a strip of land surrounded by the Cuyahoga River that was home to industrial businesses from the late 1800s through much of the 20th century. BKV Group was the architect, Dollar Bank served as the construction lender, and the Ohio Department of Development provided funds through its Brownfield Remediation and state Opportunity Zone programs. The Ohio Water Development Authority provided gap financing, and the City of Cleveland provided tax abatement and …

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Roseland-Dallas
Affordable HousingDevelopmentFinanceNewsTexas

Dallas Housing Authority Secures $69 Million Bond Reservation to Renovate Two Affordable Communities

by Lynn Peisner

DALLAS — The Housing Authority of the City of Dallas (DHA) has secured a $69 million bond reservation for the renovation of Roseland Townhomes and Roseland Estates, two affordable housing communities in Central Dallas. The bond reservation is not the entire project cost, rather it is an early piece of the capital stack, enabling DHA to receive 4 percent Low-Income Housing Tax Credits (LIHTC). The redevelopment will include new kitchens, bathrooms, plumbing, flooring, appliances and fixtures in the properties’ 274 units. DHA also will upgrade the recreation center, building infrastructure, …

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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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