Affordable Housing
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.
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.