Affordable Housing
TODAY’S DEALS: Large Texas Apartment Community Trade Hands
Marcus & Millichap completes a 720-unit sale; Centerline provides a $1.1 million refinance for an affordable asset in Mississippi; and Berkeley Point Capital facilitates $12.5 million for an acquisition.
Supportive Housing Development Opens in Chicago Suburb
Myers Place, a supportive housing development in northwest suburban Chicago, has been completed.
The Urban Strategy America Fund Invests in 151-Unit Affordable Community
The Urban Strategy America Fund, a fund at New Boston Fund has closed on the permanent financing for the third financial rental phase of Olmsted Green, a community in Boston.
Dominium Acquires Arizona Affordable Apartments
Dominium has purchased The Sahuarita Mission Apartments, a 52-unit affordable apartment community in the Tucson-area municipality of Green Valley, Ariz.
Carrfour Property Receives Grant to Create Urban Farm
The Health Foundation of South Florida has awarded Carrfour Supportive Housing, a major Florida affordable housing developer, a $28,800 grant to fund its Learning Kitchen and Farmer’s Market Training Program.
Bank of America Merrill Lynch Lending Up Sharply
Bank of America Merrill Lynch provided more than $1.6 billion in community development lending and investing in the first six months of 2013. The result will be the creation of more than 6,500 affordable housing units.
MHN Interview: Financing Supportive Housing for Veterans
KayBank recently provided $5 million in Low Income Housing Credit to finance a supportive housing development for veterans called Cadence Square in Canandaigua, N.Y. MHN speaks to Kevin Nowak, national equity investment manager for Key Community Development Corp., a part of KayBank, about this transaction, as well as the importance of enhanced-use leases.
TODAY’S DEALS: The Richman Group Closes $291M in Affordable Tax Credit Funds
The Richman Group to add 3,000 affordable units to its portfolio; Quantum Capital arranges $19.3 million in financing for a San Diego portfolio; and Ariel Property brokers the sale of a five-building portfolio located in Queens, N.Y., for $38 million.
BRA OKs New Multifamily Projects from Corcoran Jennison, Trinity Financial
The Boston Redevelopment Authority (BRA) approved this week several real estate projects that, combined, will bring around 1,200 housing units across Boston.