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Affordable Housing

1212-E-4th-St-Santa-Ana-CA
AcquisitionsAffordable HousingCaliforniaDevelopmentMultifamilyWestern

CBRE Brokers $1.2M Sale of 4G Lofts Multifamily Development Site in Santa Ana, California

by Amy Works

SANTA ANA, CALIF. — CBRE has arranged the sale of a 0.29-acre, fully entitled multifamily development site at 1212 E. 4th St. in Santa Ana. A private seller sold the asset to an Orange County-based buyer for $1.2 million. Currently named 4G Lofts, the shovel-ready development is fully entitled for 15 studios, one- and two-bedroom apartments, with one unit designated as affordable for very-low-income residents. Additionally, the property will offer 17 parking spaces. The site is located in Orange County. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller in the transaction.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

Michaels Completes Renovation of 201-Unit Affordable Housing Complex in Springfield, Massachusetts

by Taylor Williams

SPRINGFIELD, MASS. — The Michaels Organization, an affordable housing owner-operator, has completed the renovation of Bergen Circle Housing Community, a 201-unit complex in the western Massachusetts city of Springfield. The unit mix consists of 89 one-bedroom units, 72 two-bedroom apartments, 20 three-bedroom residences and 20 four-bedroom units. The majority (170) of the units are reserved for households earning between 50 and 80 percent of the area median income. Michaels bought the eight-building property in 2021 and invested $17 million in capital improvements. MassHousing financed the renovations.

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The-Alcove-Woodland-Hills-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

R.D. Olson Construction Breaks Ground on The Alcove Affordable Housing Complex in Los Angeles

by Amy Works

LOS ANGELES — R.D. Olson Construction has broken ground on The Alcove, a seven-story, 238,000-square-foot affordable housing project in the Woodland Hills neighborhood of Los Angeles. Meta Housing Corp. is the developer. Located at 21300 W. Oxnard St., the first phase of construction will include 173 units ranging in size from 620-square-foot studios to 1,300-square-foot three-bedroom apartments, with completion slated for fall 2025. The second phase, which is in planning stages, will add 128 units and will be located on the north section of the 2.25-acre lot. Community amenities will include a community room, designated exercise area, storage room for 200 bicycles, tot lot playground and common outdoor areas with barbecues. The first level will be dedicated to parking and management offices, with a 6,000-square-foot courtyard on the third level. Additionally, each floor will have a laundry room and centralized trash chute system. The complex will offer units to families earning between 30 percent to 80 percent of the area median income, with restrictions for affordability to stay in place for 55 years. A.C. Martin is serving as architect, with management from AMJ Construction Management.

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Affordable HousingIllinoisLoansMidwestMultifamily

BWE Provides $8.3M Acquisition Loan for Affordable Housing Property in Waukegan, Illinois

by Kristin Harlow

WAUKEGAN, ILL. — BWE has provided an $8.3 million Fannie Mae loan for the acquisition of Brookstone Apartments in the Chicago suburb of Waukegan. Built in 1986, the garden-style affordable housing property features 168 units across four buildings. Of the total units, 50 are reserved for residents earning up to 50 percent of the area median income (AMI) and 110 are designated for residents earning up to 60 percent of AMI. Adam Gould of BWE originated the 10-year loan, which features 36 months of interest-only payments and a 30-year amortization secured by a first lien.

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Affordable HousingDevelopmentGeorgiaLife SciencesMixed-UseMultifamilySoutheast

Trammell Crow, GATV Complete Phase I of Mixed-Use Science Square Development in Atlanta

by John Nelson

ATLANTA — Trammell Crow Co. (TCC) and Georgia Advanced Technology Ventures (GATV) — an affiliate of the Georgia Institute of Technology (Georgia Tech) — have completed construction of the first phase of Science Square, a mixed-use development situated adjacent to the Georgia Tech campus in Atlanta. Comprising 18 acres, the development features Science Square Labs, a life science building, and The Grace, a 14-story residential tower. Perkins + Will designed Science Square Labs, which totals 368,258 square feet and features lab and clean-up space. The 13-story building features a 38,000-square-foot solar panel array on top of the parking garage and 22 electric vehicle charging stations. Amenities at the property include a fitness center, conference space and private meeting rooms, and a tenant lounge and event space dubbed The Commons that features a 16,000-square-foot sky deck on the fifth floor. Portal Innovations has signed a 33,000-square-foot lease as the first tenant at the property, which includes 33,136 square feet of pre-built speculative lab and office suites, as well as space for custom-built units. The Grace, designed by Rule Joy Trammell + Rubio, comprises 280 units with a mix of market-rate and affordable residences. Amenities include a bike room, club room, outdoor …

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Provides $14.5M Acquisition Loan for Affordable Housing Building in Cincinnati

by Kristin Harlow

CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing building in Cincinnati. The 14-story property was constructed in 1971. Amenities include a community room, mail room and central laundry area. The first floor features 7,500 square feet of commercial space. Victor Agusta Jr. of BWE originated the seven-year loan, which features 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years.

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Affordable HousingDevelopmentGeorgiaLoansMultifamilySeniors HousingSoutheast

Benoit Group, Atlanta Housing Secure Financing for Englewood Senior Development

by John Nelson

ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …

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Affordable HousingDevelopmentMultifamilyTexas

Partnership Breaks Ground on 56-Unit Affordable Housing Project in San Antonio

by Taylor Williams

SAN ANTONIO — A partnership between OCI Development, an affiliate of Atlantic Pacific Cos. and Opportunity Home San Antonio has broken ground on Vista at Reed, a 56-unit affordable housing project on the city’s west side. Vista at Reed will feature two- and three-bedroom units. Rental prices will range from $398 to $1,380, and 55 units will be set aside for residents earning up to 60 percent of the area median income. Residents will have access to various social services including financial literacy and health awareness classes. PNC Bank provided construction financing for the project, completion of which is slated for early 2025.

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Westminster-Village-Arms-Lowell-Massachusetts
Affordable HousingLoansMassachusettsMultifamilyNortheast

MassHousing Provides $94M in Financing for Metro Boston Affordable Housing Complex

by Taylor Williams

LOWELL, MASS. — MassHousing has provided $94 million in financing for Westminster Village Arms, a 432-unit affordable housing complex located north of Boston in Lowell. The property comprises 36 three-story buildings and a maintenance building that were constructed in 1970 and last renovated in 2012. Units come in studio, one-, two- and three-bedroom floor plans and are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, basketball court, playground, business center, community room with a kitchen and onsite laundry facilities. The borrower, Related Affordable, will use the proceeds to retire existing debt, preserve the property’s affordability status and fund approximately $20 million in renovations.

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Affordable HousingDevelopmentMidwestMinnesotaMultifamily

Sherman Associates Completes $34M Affordable Housing Development in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Developer Sherman Associates has completed Ladder 260, a $34 million affordable housing development located at 260 Portland Ave. in the Mill District neighborhood of Minneapolis. Kraus-Anderson was the general contractor for the multi-phase project, which involved the redevelopment of an underutilized city block at Washington and Portland avenues. The first phase of the $161 million development involved a new $12 million fire station for the City of Minneapolis. The final phase, called O2, is a 22-story, 240-unit apartment tower that is slated for completion this fall. Designed by ESG Architects, Ladder 260 rises six stories with 90 units. Amenities include a fitness room, second-floor lounge, rooftop deck, bike storage and pet spa.

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