Dominium gives affordable
townhomes new life
PLYMOUTH, MINN.Dominium Development & Acquisition has just completed the renovation of Willow Wood Estates, a 40-unit, Sec. 8 townhouse development. The $7 million rehab included a new community center, expanded parking and landscaping.
Completed in 1980, the property has 36 three-bedroom and four four-bedroom units. Services at the community center include school programs, housing advocacy, job services and other assistance.
Project partners are architects BKV Group, general contractor Benson-Orth Associates, and financial partners the Minnesota Housing Finance Agency, Hennepin County Housing and Redevelopment Authority, Hennepin County, the city of Plymouth, Paramount Financial Group, the Department of Housing and Urban Development (HUD), and Glaser Financial Group.
Jenkins Terrace starts construction
Columbus, Ohio Metropolitan Housing Partners, Inc., an affiliate of the Columbus Metropolitan Housing Authority, is replacing a functionally obsolete 11-story building with a four-story, 100-unit seniors housing complex.
Jenkins Terrace Apartments will be operated as a public housing community, financed with a combination of public housing capital grant funds, $6.8 million in tax-exempt bonds, and 4% low-income housing tax credits (LIHTCs). Red Capital Markets, Inc., the investment-banking arm of RED Capital Group, provided bond underwriting services, and the Ohio Capital Corporation for Housing syndicated the tax credits. The County of Franklin issued the bonds.
The one-bedroom units, when completed in late 2006, will be reserved for tenants earning no more than 30% of the area median income (AMI).
Factory, firehouse adapted
for affordable housing
BALTIMORE Printer’s Square Developers, LLC, a partnership between Bolton Properties Management, Osprey Property Group and Transom Development, Inc., is converting Printer’s Square into affordable housing.
The historic landmark will be transformed from a vacant factory and single-engine firehouse into 60 mixed-income lofts. Half of the one-and two-bedroom units will be targeted to tenants earning between 50% and 60% of AMI.
The $14 million project’s financing includes $1.9 million in LIHTC equity, $3.2 million in historic rehabilitation tax credits, a $1.2 million city of Baltimore HOME loan, and a $4.1 million private loan from Reilly Mortgage insured by the Federal Housing Administration.
Partners include Madison Avenue Development Group, the nonprofit participant; Archplan, Inc, the architect; Hamel Builders, Inc., the general contractor; SunTrust bank, the equity provider; and AGM Financial Services, the consultant. Bolton Properties is the property manager.
The apartments are expected to open in August 2006.
Forrest Pointe opens first phase
EAST GREENBUSH, N.Y.Forrest Pointe, LLC, has opened the first phase of The Apartments at Forrest Pointe, a new garden-style apartment complex in Rensselaer County.
The first phase of the 200-unit complex comprises 104 units in 13 two-story buildings. The 24 one-bedroom and 80 two-bedroom units range in size from 800 to 1,100 square feet, and rent from $795 to $980. At press time, 39 of the units were leased.
The complex features a clubhouse and fitness center.
The Community Preservation Corp. (CPC) provided construction and permanent financing totaling $7 million. The permanent loan will be sold to the New York State Common Retirement Fund and insured by the State of New York Mortgage Agency. Additionally, the project received $2.6 million in construction and permanent financing from the New York State Housing Finance Agency.
Dawn Homes Management, LLC, will manage the property.
Lee Rosen, the developer of Forrest Pointe, is also working with CPC to build the 36-unit Northern Pines Senior Apartments, a tax credit project in Wilton, N.Y.
n SOUTH CENTRAL
HUD restores New Orleans
NEW ORLEANS The Department of Housing and Urban Development (HUD) is providing $1.8 billion in assistance for the long-term recovery effort in the Gulf Coast region. The funding would be to redevelop public housing, remediate mold damage and help local leaders with strategic revitalization planning.
HUD’s plan to redevelop public housing in the city starts with repairing the C.J. Peete public housing development that was damaged by Hurricane Katrina. The Housing Authority of New Orleans (HANO) will be the developer and HUD funding will be provided through HANO’s capital fund.
“There should be no doubt that we are committed to making certain that New Orleans’ public housing residents will have a place to call home,” said HUD Secretary Alphonso Jackson.
In other news, AmSouth Bank loaned $10 million to River Garden Homes, LLC, to finance the single-family residential phase of the revitalized River Garden neighborhood near the former St. Thomas housing project. The loan will finance the construction of 73 single-family homes to be built by HRI Properties, Inc.
As part of a mixed-income strategy to revitalize the neighborhood, 15 of the 73 homes will be affordable to low- and moderate-income families, while the rest will be market rate.
Tri-Park rehabs Waverly Park
jACKSOn, MISS.The 120-unit Waverly Park is being rehabilitated by Tri-Park, LLC, with financing from CharterMac. Despite an inflow of displaced residents from Hurricane Katrina, this complex is the only rental property in the development pipeline for the northeast side of the city, according to CharterMac.
Related Capital, a subsidiary of CharterMac, provided $6.9 million in LIHTC equity, while CharterMac Mortgage Capital provided $3.6 million in first-mortgage financing. The loan is credit-enhanced through a joint Freddie Mac/CharterMac risk-share program.
The property will have one- to three-bedroom units ranging in size from 745 square feet to 1,200 square feet, with most of the units targeting tenants earning 60% of AMI or less.
Completion is expected in December 2006.
Constitution Avenue Apartments breaks ground
ATLANTA RHA/Housing Inc. is building Constitution Avenue Apartments here with $8.5 million in LIHTC equity from Boston Capital. This is their second partnership.
The 168 units in the $17.1 million project will be set aside for families earning 60% of AMI or less, and will feature two- and three-bedroom
Twelve units will be reserved for special-needs tenants, and four units will be set aside for visually or hearing-impaired tenants.
Completion is expected in January 2007.
targets extended families
LOS ANGELES Advanced Development and Investment, Inc., is constructing the $25 million, 55-unit Yale Terrace Apartments here in Chinatown.
The four-story building will have three- and four-bedroom apartments ranging from 1,100 square feet to 1,460 square feet to serve the need for larger housing units. All of the apartments will be reserved for families earning no more than 60% of AMI. Responsive Housing Services Corp. has committed to providing free on-site social services here for at least 10 years.
Related Capital provided more than $14.9 million in LIHTC equity financing.
Additional funds were provided by the Los Angeles Housing Department and the city Community Redevelopment Agency.
The project is expected to open in late 2007. n
Willow Wood Estates is a 40-unit Sec. 8 townhouse development in Plymouth, Minn.
Printer’s Square will be converted to 60 mixed-income lofts.