Seniors Development Opens in Milwaukee
MILWAUKEE—The new 60-unit Clarke Square Terrace provides affordable independent and assisted-living options to low- to moderate-income seniors. Located in Milwaukee’s historic Clarke Square neighborhood, the project also redevelops a former brownfield site.
The Wisconsin Housing and Economic Development Authority allocated $6.7 million in low-income housing tax credits (LIHTCs) to the project, which was developed by SunStarr Real Estate Group in conjunction with ANEW Health Care Services.
Additional financing was provided by U.S. Bank, InvestorsBank, the Federal Home Loan Bank of Chicago, Helen Bader Foundation, and the state Department of Commerce.
Clarke Square Terrace is licensed as a residential care apartment complex, which allows residents to receive meals and housekeeping along with assisted-care options, said officials. These services will be available on an as-needed basis and will allow residents to age in place.
Enterprise Homes Renovates Cherrydale
BALTIMORE—Enterprise Homes, Inc., has completed the rehabilitation of the 186-unit Cherrydale Apartments, which has provided affordable housing for the Cherry Hill neighborhood for more than 40 years.
The renovations, which include improvements to the building exteriors, common areas, individual apartments, and landscaping, were designed to meet Enterprise Green Communities criteria. Features include Energy Star appliances, water-conserving plumbing fixtures, energy-saving light fixtures, and “green label” carpeting.
Ten apartments have been designed to Uniform Federal Accessibility Standards.
Funding for the project included equity from LIHTCs syndicated by Enterprise and an Enterprise Green Communities grant. The Department of Housing and Urban Development, Maryland Community Development Administration, Baltimore City Housing, and AGM also provided funds. Wells Fargo is the mortgage lender.
Developers Turn School into Apartments
SCRANTON, PA.—United Neighborhood Community Development Corp. recently completed the rehabilitation of the abandoned Harriet Beecher Stowe Elementary School in South Scranton. The 18-unit LIHTC project will help lead the revitalization of its neighborhood.
Developers said it has been at least 10 years since a new affordable housing project was brought online in the city.
Financing for the $4.9 million Harriet Beecher Stowe Apartments included a $3 million LIHTC equity investment from PNC Bank as well as funding from the Pennsylvania Housing Finance Agency, Federal Home Loan Bank, the Pennsylvania Department of Community & Economic Development, and Community Development Block Grant funding from the city of Scranton.
Boston Capital Invests in Virginia Development
DUMFRIES, VA.—Boston Capital has invested in Chesapeake Apartments, a 184-unit development located about 20 miles southwest of Washington, D.C.
The developer is Maryland-based Orchard Development Corp.
Chesapeake Apartments will include the substantial renovation of 14 three-story buildings that feature 36 one-bedroom, 111 two-bedroom, and 37 three-bedroom garden-style units. Site amenities will include a newly built clubhouse with a fitness center, an on-site management office, and a playground.
The proposed rehabilitation and upgrades will equal about $36,380 per unit in construction costs. The apartments will be available to residents earning no more than 60 percent of the area median income.
Dominium Enters New Market
CANTON, GA.—Dominium Development and Acquisition, LLC, has acquired Canterbury Ridge Apartments, a 212-unit affordable housing development. The acquisition marks the Minnesota-based company’s first property owned in Georgia.
The development was originally constructed in 1999.
Housing to be Built on Tulalip Reservation
SNOHOMISH, WA.—KeyBank and Raymond James Tax Credit Funds, Inc., have partnered on a multimillion dollar deal to create 66 affordable homes on the Tulalip Reservation here.
Key is investing $7.3 million in LIHTCs in the project. It is the second transaction in the five-year, $50 million Native American Housing Opportunities Fund II, which was established by Key and Raymond James.
Thirty-two of the 66 new homes will be built at Mission Highlands subdivision Phase II, which will consist of 22 three-bedroom units, seven four-bedroom units, and three five-bedroom units. The remaining 34 units will be located at different sites on the Tulalip Reservation. The housing is located near employment opportunities, and construction on the project will create jobs for tribal members. The Tulalip Tribe will provide land, property management, social services, on-site health care, financial literacy programs, child-care and infrastructure, and rent subsidies for the next 15 years to the development.
Dominium Buys Denver Property
DENVER—Dominium Development and Acquisition, LLC, has purchased Park Avenue West Apartments, a 122-unit apartment complex providing affordable housing here. Dominium will take over management of the property.
The complex was originally built in 2004. Dominium purchased the general partner interests from U.S. Bank.