Lincoln Avenue Breaks Ground on 300-Unit Affordable Project
This is the company's first ground-up development in Arizona.
Lincoln Avenue Communities, in a joint venture with Fairview Housing Partners, has broken ground on Cottonwood Ranch, a 300-unit affordable housing project in Casa Grande, Ariz. Developers expect a late 2025 completion.
Financing sources for the project include:
- multifamily housing revenue bonds from the Arizona Industrial Development Authority
- HOME loan from the Arizona Department of Housing
- federal LIHTC provided by the Arizona Department of Housing
- solar tax credits purchased by Bank of America
- tax-exempt Freddie Mac loan serviced by Greystone
- land acquisition financing from NewWest Community Capital
- construction financing from Bank of America
Bonds total $72.4 million and carry a 5 percent fixed rate, being syndicated by U.S. Bank, according to Yardi Matrix data. The NewWest Community Capital-provided financing amounted to $3.2 million.
All residences will cater to individuals earning up to either 50 or 60 percent of the area median income. Plans call for two-, three- and four-bedroom floorplans. Common-area amenities are slated to include a fitness center, swimming pool, yoga studio and dog park. Additionally, the property will feature a rooftop and carport solar system expected to offset 70 percent of the property’s electricity usage.
Located at the intersection of East Cottonwood Lane and North Trekell Road, the site is close to Interstate 10 and within quick access of Interstate 5, as well as some 50 miles south of downtown Phoenix. It is also roughly 14 miles from Ak-Chin Regional Airport.
Lincoln Avenue’s national portfolio
In prepared remarks, LAC Founder & CEO Jeremy Bronfman said Cottonwood Ranch was the company’s first ground-up development in Arizona. The company operates a portfolio of 150 properties across 28 states, comprising more than 27,000 units.
At the end of last year, the firm broke ground on Residences at Chestnut, a 142-unit income-restricted project in the Boston area. The development is financed through federal funds and project-based vouchers, also expecting completion in 2025.
