First constructed in 1971, the Waterstone Apartments were acquired under the NEF Preservation loan program in 2021. The 354 apartments are reserved for households earning at 80 percent of the Area Median Income (AMI). This community has been transferred to a HUD Section 8 Housing Assistance Payment (“HAP”) contract. Most of the common areas have been upgraded and renovated and 163 units are being fully renovated and 96 partially renovated. The sponsor, Lincoln Avenue Capital, plans to continue to renovate units as they are vacated.
The Waterstone Apartments are located in Chatsworth, California, close to the San Fernando Valley, which is famous as being home to Warner Bros. Studio, Walt Disney Studios, and the Universal Studios Hollywood theme park. This community provides an affordable place to live for those who work in the surrounding area.
Lincoln Avenue Capital is the NEF Preservation Program's most prolific sponsor with approximately 75 properties acquired to date. This acquisition received a $99.3 million loan from NEF with a 5-year term.
The 1704 N. Humboldt development is the substantial rehabilitation and historic preservation of a 1920s low-rise courtyard building in Chicago, which was originally purchased in 1988 by sponsor, Bickerdike Redevelopment Corporation. At that time, the existing 54 studio apartments were converted into 29 units of Section 8 family housing.
The recent rehabilitation of the five one-, 15 two- and nine three-bedroom apartments continues their Section 8 status targeting them to households earning at or below 60 percent Area Median Income.
Renovation included installation of high-efficiency heating and cooling systems and kitchen and bathroom fixtures. Roofs were replaced, existing walls repaired and tuck-pointed and windows, doors and lintels restored. A new laundry facility in the building’s basement is equipped with Energy Star appliances. Each apartment features a dishwasher, garbage disposal, air conditioning, blinds and new hardwood flooring.
Founded in 1967, Bickerdike Redevelopment Corporation is one of Chicago’s strongest community-based non-profit organizations and is widely recognized for its excellence in community development.
National Equity Fund® invested $8.8 million of LIHTC equity in 1704 N. Humboldt, its ninth partnership with Bickerdike.
Recognized on the National Register of Historic Places, the preservation of Miriam Apartments has not only preserved the building’s original classic Chicago front façade elements and floors, but also 66 homes for residents in Chicago’s Uptown community. Mercy Housing Lakefront took over from Lakefront SRO, which updated the property in 1990, to improve this four-story historical building that was built in 1925. The rehabilitation work transformed shared bathrooms and communal kitchens into private spaces.
In the interest of long-term affordability, Rental Assistance Demonstration Program (RAD) secured 20-year project-based assistance contracts for all apartments. Mariam Apartments aims to improve the quality of life of residents coming out of homelessness. All 66 units are restricted to residents earning 30 percent of the Area Median Income (AMI) and benefits from a Section 8 contract. The rehabilitation also features a steam heating system, which provides the residents with air conditioning for the first time as well as access to a computer lab, fitness room, community room, and resident storage.
Miriam Apartments has gained recognition as the 2020 Residential Development that Best Exemplifies Major Community Impact at the Novogradac Rehabilitation Awards and was a 2020 Affordable Housing Finance Readers’ Choice Awards Winner in the Preservation category. This community was developed by Mercy Housing Lakefront, and NEF invested over $9.4 million in LIHTC equity.
Dwell at Greenridge, first constructed in 1980, was acquired under the NEF Preservation loan program in 2021. This development was renovated prior to acquisition in 2020 with each of the 256 units undergoing $16,000 in upgrades. To make this development of 17 buildings affordable, 103 units are restricted at 60 percent of the Area Median Income (AMI), 90 units at 80 percent AMI, and the remaining 63 units are unrestricted.
Located in North Charleston, SC, Dwell at Greenridge is close to two major roadways, and grocery stores, services, and schools are accessible within three miles of the community. The renovation includes installing stone countertops, replacing appliances, and installing new flooring. Dwell at Greenridge serves the community by providing a safe, stable, and affordable place to call home for nearly 200 households.
Lincoln Avenue Capital LLC developed this property, and the five-year loan amount from NEF was nearly $44.5 million.
Forest and Magnolia are two affordable housing properties in Columbia, South Carolina that were acquired under the NEF Preservation loan program in 2022. There are 322 residential units between 5000 Forest and 42 Magnolia with 65 of the units restricted at 50 percent of the Area Median Income (AMI) and 187 of the units restricted at 80 percent AMI. Amenities in the community include a coffee bar, outdoor fire pit, yard game lawn, tennis courts, and a swimming pool.
Spain Companies, the sponsor of Forest and Magnolia, has a focus on the South Carolina region to provide quality affordable housing. NEF provided a $71.2 million 5-year loan to preserve these affordable housing properties.
Constructed in 2006, Park at Woodland Springs was acquired under the NEF Preservation loan program in 2022. This community is a located in North of Houston and comprised of 23 two-story buildings with 250 residential units. With affordability in mind for the next 15 years, all 250 units are restricted for households with income at or below 60 percent of the Area Median Income (AMI) using low-income housing tax credits (LIHTC).
Park at Woodland Springs represents Community HousingWorks' (CHW), a nationally recognized 501(c)(3) nonprofit organization, first acquisition of affordable housing in the state of Texas, expanding CHW's extensive contributions to the preservation and new developments of affordable housing outside of California. This acquisition received a $27.6 million loan from NEF with a 5-year term.
Constructed in 1929 in Staten Island, NY, Seaview Estates resides near the Staten Island Ferry and was substantially renovated in 1999. With 316 multifamily apartments, 43 units are reserved for households earning no more than 70 percent of the Area Median Income (AMI), 150 units are restricted to 90 percent AMI, 88 units to 100 percent AMI, and 33 units to 120 percent AMI. There are 48 units reserved for eligible homeless tenants in need of emergency shelter.
Operating under the City of New York’s Article XI program, which encourages new construction and rehabilitation of affordable housing by Housing Development Fund Corporations. Supportive services will be provided by the Church Avenue Merchant Block Association (CAMBA). CAMBA helps individuals and families facing eviction remain in their homes to ensure children remain in the schools they already attend. A capital improvement plan started prior to the closing at $13,924 per unit and $2,895 per unit was set aside for improvements post-closing.
This development is sponsored by Iris Holdings Group, which specializes in acquisition, rehabilitation, and management of distressed real estate. Seaview Estates has been refinanced with a $75.7 million loan with a five-year term through NEF's Preservation Loan program.