Member News

Love Funding announced the closing of a $14.3 million loan to rehabilitate Thorpe Village, a senior apartment community in Sparkill, New York. The property consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract.

Novogradac & Company LLP has been named to INSIDE Public Accounting’s (IPA’s) list of “Best of the Best Firms” for the 13th time. The national firm was also named one of the 50 largest accounting firms for 2015.

Boston Capital is investing in the construction of Alexander Station, a 262-unit apartment community for individuals and families located in Gilroy, CA. Alexander Station will be built with tax credit equity from the Low Income Housing Tax Credit program.

City Real Estate Advisors announced Executive Vice President of the Boston office, Tony Bertoldi, as a newly elected board of director’s member of Victory Programs. Victory Programs is a Boston-based non-profit organization dedicated to helping homeless individuals and families who may have substance use disorders.

Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of a $5.5 million loan to be used for the acquisition and renovation of Wesley Highland Meadows Apartments, a 200-unit Section 8 apartment community in Memphis, Tennessee.

Beacon Communities and The Architectural Team continue to redevelop the Old Colony public housing community, a former symbol of poor housing conditions, into healthy, energy efficient apartments for low-income residents. They completed 40 new units in June 2015, bringing the total number of redeveloped units to 169.

Boston Capital is investing in the rehabilitation of Trinity Towers West Apartments, a 192-unit apartment community for seniors in FL. Preservation of Affordable Housing will rehabilitate the property with tax credit equity from the low-income housing tax credit program.

Through a reorganization of the housing programs at Volunteers of America, Patrick Sheridan, formerly Senior Vice President, Housing Development, has been promoted to the position of Executive Vice President, Housing. Several others have also been promoted to new leadership positions.

The Board of Homes for America has selected Paula C. Sampson to become the next President of the organization after Nancy Rase makes her planned departure on November 1, 2015. Paula Sampson has had a distinguished career in the public and nonprofit affordable housing field and real estate finance. The Board feels she is the ideal person to lead the organization.

Ballard Spahr announced that Heather S. Swa has joined Ballard Spahr as of counsel in the Baltimore office and Laura B. Redstone has joined the firm in the Denver office.

USA Properties Fund will begin construction on a much-needed affordable senior community in Aliso Viejo, a city in southern Orange County. The 202-apartment community will offer affordable housing to seniors 55 years and older with household incomes between 50% and 60% of the area median income for the county.

Lancaster Pollard worked with the owners of a Sec. 202 affordable seniors housing property in Oakland, CA, that needed significant rehabilitation. Lancaster Pollard ultimately advised on the sale of Northgate Terrace for $27.5 million to WNC, which will perform a complete renovation of the existing property at a total cost of $47 million, including the acquisition and renovation.