Commonwealth Celebrates Numerous Closings, Credit Awards, and Multifamily Community Completions During the Summer of 2023
September 7, 2023
It sure has been a busy summer for The Commonwealth Companies, including Commonwealth Development Corp., Commonwealth Construction Corp., and M+A. In addition to opening numerous affordable housing multifamily properties across the U.S., we were thrilled to celebrate back-to-back closings and tax credit awards. Read on to see what we have been up to over the past few months.
HAWTHORNE POINT – BONDURANT, IOWA – We closed out the month and headed into Labor Day weekend with another exciting August 31st closing of Hawthorne Pointe!
Hawthorne Pointe is a $12.3M development that will provide 40 2 & 3-bedroom townhomes to families making between 30-60% of the area median income. The community will include 3 2-story townhome buildings and a clubhouse with a community room, fitness center, business center, and property management offices. A playground and pergola will also reside on the property.
We look forward to opening in Fall of 2024!
Partner/Lender Acknowledgements: Iowa Finance Authority, Polk County Housing Trust Fund, Raymond James, Great Southern Bank, Legacy Bank and Trust, Accurate Commercial, Commonwealth Construction Corp., M+A.
FAIRHAVEN PLACE – GASTONIA, NORTH CAROLINA – On Friday, August 11th, Commonwealth closed our first deal in North Carolina – Fairhaven Place!
In partnership with Wisconsin Partnership for Housing Development (WPHD), Fairhaven Place is a $50.9M development that will provide 200 1, 2, & 3-bedroom homes to families making between 30-60% of the area median income. The community will include 10 2 & 3-story, new construction, garden-style walk-up buildings. Additionally, residents will have access to a clubhouse with a community room, fitness center, business center, laundry facility, and property management offices. A dog park, playground, and splash pad will also reside on the property.
We look forward to beginning the lease-up in December of 2024!
Partner/Lender Acknowledgements: Gastonia Housing Authority, North Carolina Housing Finance Agency, Hunt Capital Partners, Grandbridge Real Estate Capital, Specialty Finance Group/Cedar Rapids Bank and Trust, Align Finance Partners, Arlington Construction, CAHEC Management, Inc., Timmons Group, Commonwealth Construction Corp., M+A. .
LEXINGTON SCHOOL APARTMENTS – GRAND RAPIDS, MICHIGAN – Commonwealth was able to round out July with one last closing – Lexington School Apartments on Monday, July 31st
Lexington School Apartments is an adaptive reuse of the historic Lexington School that will provide 39 1 & 2-bedroom homes to seniors making 59% (income averaging) of the area median income. The community will include the 3-story school building along with a 3-story new construction addition that will house apartments on the top two floors and parking and community space on the first floor. Residents will have access to a community room, library and business center, management office, and a park on the property.
The City of Grand Rapids originally targeted this property for redevelopment over nine years ago. Since then, redevelopment plans fell through with two other developers until Commonwealth successfully obtained the tax credits necessary to help fund the project. We plan to renovate the school to historic standards while maintaining the features and charm of the original 1915 structure.
We are amped up to start construction and open in Fall 2024!
Partner/Lender Acknowledgements: Edifici, LLC (co-developer), Mercantile Bank, Legacy Bank and Trust, Mercantile Community Partners, The City of Grand Rapids, Grand Rapids Housing Commission, Michigan State Housing Development Authority, CarbonSix Construction, Commonwealth Construction Corp., M+A. .
CEDAR RIDGE – MEDFORD, WISCONSIN – July 27th marked the successful closing of Cedar Ridge!
Cedar Ridge is an $11.2 development that will provide 40 2 & 3-bedroom townhomes to families making below 60% of the area median income (AMI). The community includes three residential buildings as well as a clubhouse with a community room, fitness center, business center, and property management office.
CCC will commence construction soon and watch for this property to open in late Summer 2024!
Partner/Lender Acknowledgements: City of Medford, WNC, WHEDA, FHLB Chicago, Commonwealth Construction Corp., M+A.
PORTSIDE LOFTS – ALGOMA, WISCONSIN – Portside Lofts was fortunate to receive a late tax credit award in mid-July. Portside Lofts is a $12.4M project that will provide 32 1, 2 & 3-bedroom homes throughout a 3-story midrise building. The first floor will include covered parking along with a community room, fitness center, and property management office. Additionally, 8 3-bedroom townhome units will sit adjacent to the property. The development covers almost an entire downtown block and involves the demolition of numerous run-down, single-family homes through efforts led by the City that started back in 2018.
Portside Lofts was fortunate to receive this award due to a surplus of credits after the initial Wisconsin tax credit awards were announced back in May. Because of this delayed timing, Commonwealth missed the application cycle for crucial gap financing; however, the City was able to award $1.5M in TIF within just 48 hours, which is a testament to all our partners’ perseverance and dedication to the development.
We plan to close on the land next May and watch for it to open in May of 2025!
Partner/Lender Acknowledgements: City of Algoma, WHEDA, Commonwealth Construction Corp., M+A.
PACIFIC FLATS – PHOENIX, OREGON– Commonwealth cruised into July with the news that Pacific Flats was awarded Local Innovation & Fast Track (LIFT) funding which assists with the development of new, affordable homes in historically underserved communities. This area was devastated by the 2020 wildfires and is still recovering from the damage and loss of over 500 housing units across the city.
Pacific Flats is a $26M development that will include five 3-story garden-style walk-up apartments along with a clubhouse, offering a total of 72 2 & 3-bedroom homes for families making between 30-60% of the area median income. In the clubhouse, residents will have access to a community room, fitness and business centers, property management office and the exterior will include a playground.
The opening date is scheduled for the Summer of 2025!
Partner/Lender Acknowledgements: Unete (co-developer), Commonwealth Construction Corp., M+A..
EAST HIGH LOFTS – SIOUX CITY, IOWA – It was also announced in early July that East High Lofts in Sioux City, IA was awarded federal tax credits and loan funds from the Iowa Finance Authority. This $19M development is the adaptive reuse of the prior East High School that was originally constructed in 1918 and will provide 41 1,2, & 3-bedroom units to families making between 30-60% of the AMI. Additionally, residents will have access to a community room, fitness and business centers, and a property management office.
Watch for it to open in the Summer of 2025!
Partner/Lender Acknowledgements: Commonwealth Construction Corp., M+A.
ASPEN GROVE – BARRON, WISCONSIN– June 20th marked the successful closing date of Aspen Grove!
Aspen Grove is a $11.8 development that will provide 40 2 & 3-bedroom homes to families making between 30- 60% of the area median income (AMI). The community includes five cottage-style buildings as well as a clubhouse with a community room, fitness center, business center, and property management office.
Construction will commence soon and watch for this property to open next Summer!
Partner/Lender Acknowledgements: City of Barron, WHEDA, Cinnaire, Wisconsin Department of Administration, FHLB Chicago, Commonwealth Construction Corp., M+A.
CLEAR21 – BULLHEAD CITY, ARIZONA – We started the summer off strong with the June 1st announcement that Clear21 was awarded a 9% credit allocation!
Clear21 is a $22.8 development will provide 66 1, 2, and 3-bedroom homes to families making between 30-60% of the area median income (AMI). Residents will have access to a clubhouse with a community room, fitness center, business center, and property management office. Additionally, this award is extra special as it will be the first affordable housing development in Bullhead City in over 20 years.
Clear21 is Commonwealth’s third credit award in Arizona, joining Lynne Village and The Cove… watch for it to open in early 2025.
Partner/Lender Acknowledgements: Arizona Department of Housing, Bullhead City, Commonwealth Construction Corp., M+A.
In addition to the closings and tax credit awards this summer, Commonwealth opened Statesburg Apartments in Kaukauna, WI; Dell Range Senior Apartments in Cheyenne, WY, North Moorhead Village in Moorhead, MN, Southern Commons in Oklahoma City, OK; and Greenway Cottages in Mosinee, WI!
We plan to keep this momentum going and continue to do our part to offer quality, affordable housing; stay tuned for more announcements to come!
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