Affordable Housing Development Illinois Midwest News

McHugh Construction, Brown & Momen Complete Near South Side Chicago Mixed-Income Project

by Lynn Peisner March 31, 2023

CHICAGO — Locally based McHugh Construction and its partner Brown & Momen, a general contractor also based in Chicago, have completed construction of the $24.3 million 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. The 53-unit mixed-use, mixed-income project was developed by The Community Builders (TCB). Construction began in April 2021. The project is part of a larger Oakwood Shores revitalization plan. Oakwood Shores is about 3.5 miles south of downtown Chicago and part of an area called Near South Side. TCB’s partners in the project include Granite Development, …

March 31, 2023

A 3D render of Eastrail Flats, a modern rustic style multifamily building.

Development Finance News Washington Western

IPA Arranges $173 Million in Financing for Three Mixed-Use Projects in Suburban Seattle

by Channing Hamilton March 30, 2023

WOODINVILLE, REDMOND AND MOUNTLAKE TERRACE, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $173 million in construction and permanent financing for three mixed-use projects in suburban Seattle. Raymond Allen and Seth Heikkila of IPA’s Seattle office represented the borrowers in the transaction. The lender was not disclosed. IPA arranged $66.2 million in construction financing for Eastrail Flats, a five-story mixed-use asset in the northern Seattle suburb of Woodinville. The five-year loan features a 31-month interest-only (IO) period, a 30-year amortization and 55 percent loan-to-cost …

March 30, 2023

California Investment Sales News Western

IPA Arranges $54 Million Sale of Haven Warner Center in L.A.

by Lynn Peisner March 29, 2023

LOS ANGELES — IPA has arranged the sale of Haven Warner Center, a 205-unit community in the Warner Center master-planned neighborhood in Los Angeles. The property sold for $54 million. IPA’s Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments. Haven Warner Center was built in 1985 and includes a mix of 50 studios, 80 one-bedroom units and 75 two-bedroom apartments. Renovated units have stainless-steel appliances, vinyl plank flooring and upgraded plumbing and electrical fixtures. Amenities include a swimming pool and spa, a …

March 29, 2023

A rendering of the 116 Norfolk redevelopment in Cambridge, Massachusetts

Affordable Housing Massachusetts News Northeast

MassDevelopment Issues $151 Million in Bonds to Four Cities for Affordable Housing Redevelopment

by Lynn Peisner March 28, 2023

BOSTON — MassDevelopment, Massachusetts’ state development finance agency, has issued $151.7 million in tax-exempt bonds to public housing authorities throughout the state but primarily near Boston. The funds were issued to authorities in Brookline, Cambridge, Framingham and Medford. These cities will use the bond proceeds to renovate and expand affordable housing properties. The redevelopment efforts will preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing chronic homelessness. Additionally, the bond proceeds will be used to create 46 new affordable apartments as well as to …

March 28, 2023

Rendering of CIM Group's upcoming mixed-use project in L.A.

Affordable Housing California Development News Western

CIM Group Buys Land from Los Angeles Church for Mixed-Use Project

by Lynn Peisner March 28, 2023

LOS ANGELES — CIM Group has acquired an approximately 1.3-acre property at 3045 Crenshaw Blvd. in Los Angeles. The site is entitled for a mixed-use development consisting of 168 apartment units, of which 17 will be affordable, and 40,000 square feet of ground-floor retail. New development at the site will replace the vacant, former West Angeles Church of God in Christ, whose congregation has moved to a new location. CIM Group Principal Shaul Kuba and Bishop Charles E. Blake Sr. have negotiated a series of acquisitions of church-owned properties over …

March 28, 2023

The Independent, a brown and white multifamily building with green assets.

California Investment Sales News Western

DiversyFund Purchases The Independent in Sand City, California for $20 Million

by Channing Hamilton March 27, 2023

SAND CITY, CALIF. — San Diego-based DiversyFund has purchased The Independent in Sand City, which is just outside of Monterey, California, from an undisclosed seller. Cushman & Wakefield’s Northern California Multifamily Advisory Group brokered the $20 million deal. The Independent was built in 2008 and renovated in 2014 to convert office space on the second floor into additional apartments. The property now offers 61 units and 11,000 square feet of vacant commercial space. Amenities include a courtyard, garage parking and carports.

March 27, 2023

Affordable Housing Connecticut Development News Northeast

Toll Brothers and Harris Realty Will Develop $136 Million Piper in Norwalk, Connecticut

by Lynn Peisner March 24, 2023

NORWALK, CONN. — Toll Brothers Apartment Living and Harris Realty Co. will develop Piper, an opportunity zone project in Norwalk. Piper is being financed by debt and equity arranged by Toll Brothers’ in-house finance team, which includes a $136 million construction loan from TD Bank and Wells Fargo. Piper will be a six-story, 393-unit building. Thirty-seven units will be designated affordable, but specific rent restrictions were not disclosed. Piper’s amenities will include a fitness center, pool, rooftop deck, coworking spaces, a library, a wine room, a demo kitchen and dining …

March 24, 2023

Affordable Housing Development News Northeast Washington, D.C.

Joint Venture Underway on $49.2 Million Affordable Project in D.C.

by Lynn Peisner March 23, 2023

WASHINGTON, D.C. — Enterprise Community Development and Durrani Development Corp. have broken ground on Alabama Avenue Apartments, an affordable housing community in the Garfield Heights neighborhood of Washington, D.C. The project cost is $49.2 million. Construction is estimated to be complete in October 2024. The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of the project. Additional funding sources include a $12.9 million housing production trust fund loan from the D.C. Department of Housing and Community Development (DHCD). Alabama Avenue …

March 23, 2023

Development New Jersey News Northeast

Northmarq Arranges $62 Million in Construction Financing for Hackensack TOD

by Lynn Peisner March 22, 2023

HACKENSACK, N.J. — Northmarq’s New Jersey regional debt and equity office has arranged a $62 million construction loan for 321 Main Street in Hackensack. The seven-story, mixed-use building will include 270 apartments over two floors of garage parking and approximately 8,700 square feet of street-level retail. The property will consist of 20 studios, 189 one-bedroom units and 61 two-bedrooms. Amenities will include a dog-walking area, a third-floor elevated courtyard, a clubroom and fitness center, bike storage and a concierge desk. The project was conceived under the Hackensack Redevelopment Plan, which …

March 22, 2023

Investment Sales News Washington Western

Waterton Acquires Seattle-Area Property for $63.5 Million

by Channing Hamilton March 21, 2023

KIRKLAND, WASH. — Waterton has acquired 128 on State, a 123-unit property in Kirkland, about 11 miles northeast of Seattle. Prometheus Real Estate Group was the seller. According to King County public records, 128 on State traded for $63.5 million. Waterton plans to renovate the property. Unit upgrades will include new tile backsplashes and refinished cabinetry, new carpeting and tile, quartz countertops and updated lighting and plumbing fixtures. Common areas will be upgraded with new furniture, and a yoga studio will be added to the fitness center.

March 21, 2023

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