Generation Housing Partners purchased an a 6.5-acre tract of land located at 4710 W. Illinois Avenue at Knoxville Street, directly across from the Dallas College Mountain View campus.
The land, occupied by a church, now slated for relocation at the time of the sale, will be the site of a new 200-unit Class A mixed-income multifamily community project, HiLine Illinois, by Generation Housing Partners in partnership with the City of Dallas.
Scott Smith and Corbin Tanenbaum, with Weitzman, represented the seller, the Templo De Alabanza church.
The $70 million project will be funded by $35 million in mortgage revenue bonds issued by Dallas Housing Finance Corporation, NOFA gap financing grants and 4% housing tax credits by the city.
The affordable housing project will include 40 one-bedroom units, 100 two-bedroom units and 60 three-bedroom units. Tenants will qualify who fall into the 30% to 70% of the area’s median income level.
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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