Member News

Merchants Capital secured more than $33.8 million for the construction and financing of Village of Valor, a 54-unit affordable housing community in Palm Springs, Florida for military veterans and their families.

Pennrose celebrated the opening of Sankofa Village Phase IV in Cleveland, Ohio. 

The Michaels Organization founder and chairman Michael J. Levitt passed away at the age of 94. Levitt created the first scholarship and supportive services programs in affordable housing communities, leading the charge to make affordable housing a holistic community center. He was a longtime NH&RA supporter and passionate advocate for expanded, accessible affordable housing.

Beacon Communities, the City of Boston, and the Boston Housing Authority completed the redevelopment of The Anne M. Lynch Homes at Old Colony in Boston, MA, culminating a 20-year long project. Old Colony is now a community of 887 homes across a mix of mid-rise and townhome buildings, replacing all 845 original units.

MassHousing began construction and restoration at the historic Warren Hall building at 329-337 Washington Street in Boston. The restored building will have 37 residential units and three commercial spaces.

Churchill Stateside Group closed a $5.2 million equity bridge loan in support of a 4% LIHTC transaction for Pickens Gardens, a 76-unit affordable housing community in Pickens, South Carolina serving mixed family and senior tenants at 60% AMI.

Cinnaire closed a $307 million LIHTC equity fund, the Fund for Housing Limited Partnership 45 (Fund 45). This fund will finance the creation and preservation of 2,259 affordable housing units across 27 properties in ten states, directly benefiting 5,196 residents.

KeyBank Real Estate Capital announced that Bill Lafferty has joined the organization as a senior mortgage banker within its Commercial Mortgage Group.

Pennrose and MidTown Cleveland celebrated the groundbreaking of the Warner & Swasey redevelopment, launching construction on a long-awaited adaptive reuse of the historic former manufacturing facility located at 5701 Carnegie Avenue in Cleveland’s MidTown neighborhood. The rehabilitation will transform the 194,000 square-foot, five story building vacant since 1985 into a vibrant mixed-use, 140-unit mixed-income community.

Pennrose broke ground on 95 Everett Street, an 88-unit mixed-income housing development in the Allston-Brighton neighborhood of Boston.

Dominium acquired Sunrise Pointe, a 208-unit multifamily housing community in Port Orange, Florida. Originally built in 2001 using 4% LIHTC, Sunrise Pointe will continue to serve residents at 60% AMI.

Merchants Capital provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit mixed-use, mixed-income workforce housing community in Fort Wayne, Ind. The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that celebrated its grand opening last month.