Affordable Housing
Arts-Oriented Seniors Housing Completed in Long Beach
Long Beach Senior Arts Colony, a development of Meta Housing Corp., has been completed. The property is a new-construction TOD with 200 units designed to provide affordable housing for seniors.
Vitus Group Plans $8M Renovation on Calif. Affordable Community
Vitus Group announced that it has acquired the St. John’s Apartments, a 158-unit affordable housing community in Richmond, Calif. The company plans to spend $8 million on renovations to modernize the community.
TODAY’S DEALS: JV Sells Brooklyn Mixed-Use Asset for $28.8M
Silverstone Property Group and Adam America sell a property is Williamsburg; and Greystone provides $8.5 million in HUD financing for an Illinois property.
TODAY’S DEALS: Vitus Group Buys NorCal Affordable Asset
An affordable asset will get an update thanks to Vitus Group; Resource Real Estate Opportunity REIT acquires a 192-unit community in Winter Park, Fla.; and NorthMarq Capital arranges a $32.963 million Freddie Mac mortgage with interest only.
South Florida LIHTC Property on the Block
The Royal Castle Cos., the developer and owner of the Villas de Mallorca, a 252-unit apartment property in Miramar, Fla., has put the property on the market.
Affordable Homes Break Ground in D.C.’s Mount Pleasant Community
Dignitaries congregated this week in the Mount Pleasant neighborhood of Washington, D.C., to celebrate the groundbreaking of Monsenor Romero Apartments. The $19 million affordable community, which will feature 63 units, will rise at the site once occupied by the Deauville apartments.
MHN Interview: Challenges and Trends in Affordable Housing
Pennrose, a development and property management company located in Philadelphia, recently hired a new vice president of operations, Lopa Kolluri, who previously worked at HUD. MHN talks to Kolluri about her new position and some challenges and trends affordable housing is seeing
Construction Begins on Seniors Housing in Brooklyn
Developer CPC Resources Inc. has joined forces with Ground Community HDFC, East Brooklyn Congregations, Common St. Paul Community Baptist Church, the U.S. Department of Housing and Urban Development and the New York State Homes and Community Renewal on construction of Redwood Senior Living in the East New York section of Brooklyn.
Energy-Oriented Financing Complete for D.C. Apartments
Urban Energy Advisors has completed Property Assessed Clean Energy (PACE) financing for a 139-unit affordable apartment property in Washington, D.C., totaling $340,000.
Boston’s Parcel 24 Development to be Called One Greenway
The joint venture development to be sited on Parcel 24 in Boston has been named One Greenway. The New Boston Fund Inc. and the Asian Community Development Corporation (ACDC) made the announcement.