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4301 Vermont in Los Angeles
CaliforniaDevelopmentFinanceNewsWestern

SoLa Secures $34.8 Million Construction Loan for Affordable Project in Los Angeles

by Channing Hamilton

LOS ANGELES — SoLa has received a $34.8 million construction loan for 4301 Vermont, an affordable housing development in Los Angeles. Located at 4301 Vermont Ave., the five-story property will offer 188 units. Approximately 80 percent of the units will be designated for low-income residents, while 20 percent will be reserved for moderate-income residents. The project will feature prefabricated modular units supplied by Model Z, a subsidiary of SoLa Impact. Chris Montes of Walker & Dunlop secured the loan on behalf of the client. The lender was ACORE Capital.

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Brooklyn & Church in Charlotte, North Carolina
DevelopmentFinanceNewsNorth CarolinaSoutheast

Joint Venture Secures Construction Financing for Office-to-Residential Conversion Project in Charlotte, North Carolina

by Channing Hamilton

CHARLOTTE, N.C. — A joint venture comprising MRP Realty, Asana Partners and Rockefeller Group has received construction financing for Brooklyn & Church. The project will convert the former Duke Energy headquarters, located at 526 S. Church St. in Charlotte, into a 460-unit community with 57,000 square feet of retail space. The Duke Energy headquarters was originally built in 1975. MRP Realty and Asana Partners acquired the building in 2022. The building’s core and shell will be preserved, but the façade will be reskinned with new windows and balconies. Once converted, …

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DevelopmentNewsNortheastOperationsWashington, D.C.

NMHC, NAA Send Letter to White House Urging Regulatory Reform to Improve Housing Affordability

by Channing Hamilton

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have sent a letter to the White House requesting a review of 32 federal programs, rules and regulations at 10 different agencies.  NMHC and NAA stated that some existing regulations stray from their intended purposes, stifling innovation and hampering housing production. The purpose of the proposed review would be to increase housing supply, lower costs and improve housing affordability.   “This past autumn, voters across the country made clear that lowering the cost of housing was a …

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Attain at Bradford Creek in Huntsville, Alabama
AlabamaDevelopmentNewsSoutheast

Doster Construction Completes $90 Million Development in Huntsville, Alabama

by Channing Hamilton

HUNTSVILLE, ALA. — Doster Construction Co. has delivered Attain at Bradford Creek, a 350-unit development in Huntsville. Alexandria, Virginia-based Bonaventure is the developer and property manager for the $90 million project. Located at 556 Martin Road, Attain at Bradford Creek features 350 one-, two- and three-bedroom apartments ranging from 839 square feet to 1,375 square feet. Shared amenities include a resort-style pool, fitness center, clubhouse, Amazon package lockers, dog park and a pond.

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Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Advantage Capital Closes Financing for Affordable Housing Project in Charlottesville, Virginia

by Channing Hamilton

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion project in Charlottesville. The development team, which broke ground on phase II last month, includes Piedmont Housing Alliance and National Housing Trust.  Phase II of Kindlewood will consist of 100 apartments, half of which are replacement units for existing residents. The rest will be new affordable housing units. The development team expects to deliver the second phase in fall 2026. The last tranche of financing was $9.6 …

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Woodland Flats in Gresham, Oregon
DevelopmentFinanceNewsOregonWestern

PH Development Secures $15.9 Million for Hotel-to-Multifamily Conversion in Gresham, Oregon

by Channing Hamilton

GRESHAM, ORE. — PH Development LLC has received $15.9 million in financing for the development of Woodland Flats, a hotel-to-multifamily conversion project located at 2752 NE Hogan Drive in Gresham, about 17 miles west of Portland. The project includes the conversion of an existing hotel into 120 apartments, as well as 6,400 square feet of ground-floor retail space. Units will come in studio, one- and two-bedroom floor plans. Monthly rates will range from $1,200 to $1,600 per month. Community amenities will include a pool, fitness center and exterior courtyard. Tom Wilson, …

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Scholars Village in Jersey City, New Jersey
DevelopmentFinanceNew JerseyNewsNortheast

Alpine Residential Receives $142.7 Million Construction Loan for Project in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — Alpine Residential has received a $142.7 million construction loan and equity placement for Scholars Village, a 500-unit project in Jersey City. The development is situated at 189 Phillip St., adjacent to the Liberty Science Center and across from Liberty State Park. Scholars Village will consist of two 12-story buildings with 4,101 square feet of ground-level commercial space. The community will feature studio, one-, two- and three-bedroom floor plans. Planned amenities include a fitness center, coworking spaces and rooftop terraces. Thomas Didio, Thomas Didio Jr. and Michael Mataras …

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DevelopmentNewsNorth CarolinaSoutheast

Denholtz, LMG Open Novi Lofts in Concord, North Carolina

by Channing Hamilton

CONCORD, N.C. — Denholtz and Lansing Melbourne Group (LMG) have opened Novi Lofts, an 89-unit mixed-use complex located at 26 Union St. in Concord, about 25 miles northeast of Charlotte, North Carolina. The community offers studio, one- and two-bedroom units. Novi Lofts also includes 5,134 square feet of retail space, including a rooftop restaurant and a pilates studio that is scheduled to open in March. Novi Lofts is the third and final piece of the Novi portfolio, which consists of three mixed-use communities in downtown Concord. The portfolio also includes Novi …

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Lincoln Avenue Apartments in Buena Park, California
Affordable HousingCaliforniaDevelopmentNewsWestern

C&C Development Breaks Ground on Affordable Housing Project Near Anaheim, California

by Channing Hamilton

BUENA PARK, CALIF. — C&C Development and Riverside Charitable Corp. have broken ground on Lincoln Avenue Apartments, an affordable housing project in Buena Park, roughly seven miles west of Anaheim, California. The project will comprise 54 apartments across four three-story buildings. The unit mix includes five residences for student families, 11 apartments for veterans and 13 permanent supportive housing units for families and individuals with special needs. Income restrictions were not disclosed. Units will range from approximately 500 to 900 square feet and will be both ADA-accessible and adaptable. The …

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Mathew Wambua
Affordable HousingDevelopmentFinanceNew YorkNewsNortheast

Merchants Capital Provides $316 Million for Brooklyn Affordable Housing Development

by Channing Hamilton

NEW YORK CITY — Merchants Capital has provided $316 million in financing for the second phase of Alafia, a 634-unit affordable and supportive housing project located in the East New York neighborhood of Brooklyn. The borrower is a partnership between RiseBoro Community Partnership Inc., L+M Development Partners and Apex Building Group. The financing package consists of a $192.7 million construction loan, which Bank of America provided in conjunction with Merchants Capital, as well as $174.8 million in 4 percent Low-Income Housing Tax Credit equity. Additionally, Merchants Capital provided $48.7 million …

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