The Pierce County Council has approved $12.2 million to fund four housing projects that will create or preserve 646 units of affordable housing for individuals and families.
The funding comes from tax generated by the Maureen Howard Affordable Housing Act, which has supported the creation, development, or preservation of 1,387 units of affordable housing in just over two years. These new projects build on the success of previously funded developments, including Copper Way in Spanaway and Viridian Grove in Tacoma.
The Cedar Flats project in South Hill/Frederickson was awarded $7 million for the new construction of 276 family-sized units, with two- to four-bedroom apartments. The Chateau Rainier project in Fife was awarded $5 million for the rehabilitation of 248 units to preserve affordability. The FFC Homes XIV project in Buckley was awarded $166,800 for the acquisition and rehabilitation of three group homes, and the Fairway at Dupont p[project will receive $69,752 for the new construction of 113 family-sized affordable units near Joint Base Lewis-McChord.
TruAmerica Multifamily acquired Bricks at Perimeter Center for $120 million. Clark Ventures was the seller of the 446-unit, garden-style apartment community in Atlanta’s Perimeter Center submarket. Clark paid $69.5 million for the property in 2016. TruAmerica will revamp nearly all of the rooms in the complex, which was built in 2007. The company plans to incorporate...
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BTI Partners and Bridge Investment Group closed on $109 million in financing for the Bread Building, a multifamily property located in downtown Hollywood, Florida. Cushman & Wakefield arranged, and Greystone provided the Freddie Mac loan for the transaction on behalf of borrowers, BTI Partners and Bridge Investment Group. Cushman & Wakefield’s Equity, Debt & Structured Finance...
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Synergy held the official opening of Altitude Worcester, the largest office-to-residential conversion in Massachusetts, with a ribbon cutting ceremony with Juana Matias, the Secretary of the Massachusetts Executive Office of Housing and Livable Communities , and the City of Worcester. The event also marked the completion of 22 Elm St., the adjacent affordable homeownership community Synergy...
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