Apartment City

August 17, 2017 https://www.masshousing.com MassHousing has provided $17.6 million in affordable housing financing to the Claremont Companies for the refinancing of the 200-unit Solemar at South Dartmouth. The refinancing of the mixed- income senior citizen community preserves the affordability of the property’s 100 affordable units through 2034. Affordability of 100 units will be extended to 2034 “This transaction provides a great outcome for the residents of Solemar at South Dartmouth and for the Claremont Companies,” said MassHousing Executive Director Tim Sullivan . “This refinancing extends housing affordability protections for lower- income senior citizens , and improves the property’s long- term financial health , all without using scarce state resources . And it demonstrates MassHousing’s commitment to working creatively with the owners and developers of affordable housing , to offer competitive financial products suited to their unique needs, while meeting the Commonwealth...

With SoCal rents rising , developers are busy building apartment communities , particularly in Los Angeles. L.A. remains among the top 10 least affordable housing markets in the nation. Rents climbed to $2,054 in January, way above the national average . Ballooning home prices have made home-ownership more difficult, and in turn put downward pressure on apartment vacancy rates . Despite the issues with affordability and the growing amount of lifestyle supply, we expect continued strong demand . The pronounced need for housing has resulted in a construction boom, and there are no signs of slowing down. At this point, everyone is trying to get a slice of the action, buying and building along the way. According to Yardi Matrix data , these are the top 10 owners in the Los Angeles market , based on unit counts. 10. Aimco Palazzo East at Park La Brea Aimco, or Apartment Investment Management Co., is among the largest owners and operators of apartment communities in the United States. T...

proposed Easton Crosssing subdivision on Sport Hill Road ." width="800" height="518" /> An artist’s rending of the proposed Easton Crosssing subdivision on Sport Hill Road . Saddle Ridge Developers , LLC brought its attorney, architect, builders, engineers and an environmental scientist and sat opposite a team of town commissioners who fired off questions, while about 65 Easton residents watched , listened, and were eager to shoot off their opinions, albeit at a later hearing. The Planning and Zoning Commission and Conservation Commission held a special meeting at Helen Keller Middle School cafeteria Sept . 16 so a team of professionals could answer questions regarding the third revised development plan and application for the Saddle Ridge project , Easton Crossing . The proposed Easton Crossing would consist of 48 new houses built on one- to two-acre lots with 20 of the new houses containing a one- bedroom attached affordable apartment . In 2011, the...

The 25-building Solemar at South Dartmouth features 100 affordable and 100 market-rate apartments for seniors. SOUTH DARTMOUTH, MASS. — Claremont Cos. has received $17.6 million in affordable housing financing from MassHousing for the refinancing of Solemar at South Dartmouth. The refinancing of the mixed- income seniors housing community preserves the affordability of the property’s 100 affordable units through 2034. Claremont Cos. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/ Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp . Built in 1977, Solemar at South Dartmouth features 200 mixed - income rental units across 25 buildings. Fifty of the affordable units are rented to residents earning at or below 50 percent of the area median income (AMI), and 50 are rented to residents earning at or below 80 percent of AMI. The remaining 100 units are rented at market rate. Tagged loans

Photo: Contributed Photo / Contributed Photo Image 1 of / 3 Caption Close Image 1 of 3 Potential Source water area of Proposed Easton Saddle Ridge development . Potential Source water area of Proposed Easton Saddle Ridge development . Photo: Contributed Photo / Contributed Photo Image 2 of 3 Final look at potential proposed including buildings and apartments Easton Saddle Ridge Development . Final look at potential proposed including buildings and apartments Easton Saddle Ridge Development . Photo: Contributed Photo / Contributed Photo Image 3 of 3 Permitted Residential Density in the Aspectuck Easton Lake and Hemlocks Reservoir Waterbeds near Saddle Ridge Development . Permitted Residential Density in the Aspectuck Easton Lake and Hemlocks Reservoir Waterbeds near Saddle Ridge Development . Photo: Contributed Photo / Contributed Photo In Easton, Saddle Ridge back for third try Back to Gallery EASTON — After a pair of failed attempts, a proposal for construction on 12...

The popularity of the Windridge Townhomes west of Highway 281 and north of Faidley Avenue has resulted in a new set of townhomes being constructed in the very same LaRue Subdivision. "We actually have a Windridge I and Windridge II, and there are 58 apartments for those two projects, and they are completely occupied with a waiting list," said co- owner Cathy Mesner of Central City. "That's why we decided to build another project over there." Windridge caters to the 55-and-older population earning 60 percent or less of median income. The next project, called Stonewood Townhomes, will be open to the same clientele. It will be on the opposite side of the LaRue Subdivision, located west of Highway 281 and south of 13th Street. "We hadn't planned to do it, but there is such a strong need in the community for rentals and particularly for affordable rentals ," Mesner said, noting that Windridge has never had even a full month's vacancy in any ...

Seven years ago, a turn down Osage Street from West Colfax Avenue would take you to an area with pretty much the same people it has now: mostly Hispanic, mostly women, and mostly low-income. While the faces haven’t changed, the face of public housing has. Colorful new apartments now stand in the mixed- income neighborhood , surrounded by parks, and a new pool that replaced the Denver Housing Authority ’s severely depressed and obsolete South Lincoln Homes . Though the contemporary architecture might evoke fears of a “problem” population being driven out by a more affluent group of residents, the $ 197 million Mariposa District wasn ’t a ploy by DHA to build more luxury apartments in central Denver . Instead, it was a plan to give the residents who already lived there an upgrade – and more options by tripling the number of units available. RJ Sangosti, The Denver Post Doris Watson recently moved into a two bedroom apartment that is part of the $197 million redevelopment of the South L...

Centre Street Partners , which is comprised of three local companies — The Community Builders, Jamaica Plain Neighborhood Development Corporation and Urban Edge, have been selected to begin the restoration of the Mildred C. Hailey public housing apartments . Hailey Apartments , Wednesday, May 18, 2016." width="771" height="518" class="size-large wp-image-19570" /> Richard Heath Dedication of Bromley Heath as Mildred C. Hailey Apartments , Wednesday, May 18, 2016. In February the Boston Housing Authority (BHA) announced they were seeking a private developer to renovate the Jackson Square apartment complex into a mixed- income community , with a commitment to preserve all of the existing affordable housing units . “In order to meet the housing needs of all of our residents, we must think creatively to preserve our existing affordable housing stock , while developing new housing,” said Mayor Martin Walsh via a press release on August 8th. “I am pl...

MINEOLA, NY (TIP): Nassau County Executive Edward P. Mangano announced that the Nassau County Industrial Development Agency (IDA) has approved an economic compact that will assist a developer in building an apartment complex in Farmingdale, intended and operated for occupancy for persons 55 years of age or older. “This project will further the redevelopment efforts of the Village of Farmingdale as its works with its master plan to revive its downtown and will create new, much- needed housing options for seniors,” said Mangano. The compact, approved by the IDA at its Aug. 16 meeting, will assist Ronkonkoma- based Carlyle Building LLC in constructing an approximately 50,497-square foot, 3-1⁄2- story apartment building on vacant land at 776-780 Fulton St. The project would have 24 units, three one-bedroom apartments and 21 two-bedroom apartments. Designated as a “Housing for Older Persons” project in accordance with the Fair Housing Act , the development would be intended and opera...

FARMINGDALE, NY - The Nassau County Industrial Development Agency (IDA) recently approved an economic compact that will assist a developer in building an apartment complex in Farmingdale for persons 55 years of age or older. “This project will further the redevelopment efforts of the Village of Farmingdale as its works with its master plan to revive its downtown and will create new, much- needed housing options for seniors,” County Executive Edward Mangano . The compact, approved by the IDA at its Aug. 16 meeting, will assist Ronkonkoma- based Carlyle Building LLC in constructing a 50,497-square foot, 3-1⁄2- story apartment building on vacant land at 776-780 Fulton Street. The $7.9 million project would have 24 units, three one-bedroom apartments and 21 two-bedroom apartments. Designated as a “Housing for Older Persons” project in accordance with the Fair Housing Act , the development will only be occupied by persons 55 years of age or older. In addition, three of the units will ...

Four down, four to go: Monadnock files plans for new resi building in Bronx megacomplex Building to be part of Compass Residences project in Claremont Rendering of Compass Residences (Credit: Dattner Architects) UPDATED, 3:33 p.m. August 24:  The massive Compass Residences affordable housing development in the Bronx is moving forward. Monadnock Development filed plans with the city on Wednesday for an additional building in the eight-building complex. This one will be located on a vacant lot in Claremont at 1560 Boone Avenue and contain 366 affordable residential units , filings show. The mixed-use project will be 16 stories tall and span 604,082 square feet, including 7,276 square feet of commercial space and 1,202 square feet of community space. The remainder of the space will be residential. Monadnock is developing Compass Residences with Signature Urban Properties as part of the West Farms Redevelopment Plan . The neighborhood was rezoned from industrial to residential in 201...

CLOSE Since January journalists David Plazas and George Walker IV have examined how pro-growth policies have prepared Nashville for prosperity, but it has been paired with growing inequality in their "Costs of Growth and Change in Nashville" series. Wochit The buyers of Riverchase Apartments say they don't plan to leave the federal Low Income Housing Tax Credit Program, a move that would've allowed them to charge market rates for the apartments. Riverchase Apartments in McFerrin Park has a new owner. (Photo: Submitted) Story Highlights Riverchase Apartments is one of the few remaining low- income housing complexes near downtown. Roughly 99 residents use Section 8 vouchers to help pay their rents compared with 106 a year ago. Nashville- based Elmington Property Management now handles leasing and management of Riverchase Apartments. A new Nashville- based company  has paid $11.2 million for Riverchase Apartments, one of the few remaining low- income housing comple...