LONG BEACH, CA – Linc Housing announced the start of construction on Bloom at Magnolia, an all-new, 40-unit apartment community in Long Beach for people who have experienced homelessness.
Located in the South Wrigley neighborhood in central Long Beach, Bloom at Magnolia is aligned with key concepts in the City s proposed General Plot Update by incorporating smart growth principles to develop a thriving and livable community that promotes healthy living, education, opportunity and neighborhood engagement. The 37,900-square-foot site was bought from the City of Long Beach s nonprofit affiliate, the Long Beach Community Investment Company (LBCIC), following a competitive bidding process.
Building supportive housing for our city s most vulnerable populations is now more critical than ever, said Long Beach Mayor Robert Garcia. We are proud of innovative developments like Bloom at Magnolia that offer residents improved quality of life and access to a wide range of onsite social and supportive services.
The new community, located at 1770 Magnolia Avenue, will have 39 one-bedroom apartments and one manager s unit. Other features include a computer lab, office space for supportive services case managers, dedicated bicycle parking, 3,000 square feet of indoor community space, 3,000 square feet of outdoor common areas, and convenient access to public transportation, shopping and community services.
“Now, more than ever, we see that housing formerly homeless individuals can be life changing, said Emilio Salas, acting executive director, Los Angeles County Development Authority. Among the various dangers that exist for an unsheltered individual, avoiding illnesses, like COVID-19, is yet another. The Measure H funds used to build Bloom at Magnolia will serve as a long-term investment for some of our most vulnerable populations.”
Construction of affordable housing has been designated an essential activity during the COVID-19 pandemic, and the construction team will follow recommended safety protocols to keep the job site safe.
Our work has always been essential, but these challenging times raise this thought of essential to new heights, said Rebecca Clark, Linc Housing president and CEO. Even with so many on our team and others working remotely, our partners at the City of Long Beach and the County of Los Angeles have remained committed to helping us get this much needed development underway by working with us to finalize the financing and obtain needed permits. We can t thank everyone enough for ensuring our work can continue through these trying times. We want to get this supportive housing built as quickly as possible.
With funding support from Los Angeles County, residents will receive intensive case management to help ensure they thrive. Supportive services will include mental health and physical health services, employment counseling and job placement, education, substance abuse counseling, money management, help in obtaining and maintaining benefits, and referrals to community-based services and resources.
Funding for the development comes from a variety of sources including $8.5 million from the Los Angeles County Development Authority (general funds, Mental Health Housing Program Funds, and Measure H Funds), $2 million in gap financing from the Long Beach Community Investment Company (LBCIC), a conventional loan from the California Community Reinvestment Corporation, a construction loan from Union Bank, tax credit equity from Raymond James Tax Credit Funds, Inc., and Affordable Housing Program funds from the Federal Home Loan Bank. The California Endowment provided predevelopment support. Bloom at Magnolia also benefits from the federal Opportunity Zone incentive program intended to spur economic development and job creation in distressed communities.
The new community was designed by Withee Malcolm Architects and will be built by Sun Country Builders. The development is due to be completed in late 2021. All units will be filled through referrals from the County of Los Angeles Coordinated Entry System (CES). Bloom at Magnolia is Linc Housing s third development in Long Beach. Spark at Midtown, with 95 units, will be completed in early 2021, and The Palace, opened in 2012, has 13 homes for transition age youth.

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BETHESDA, MD – Walker & Dunlop, Inc. announced that it closed the largest transaction in company history; a $2.4 billion Fannie Mae Credit Facility to refinance 67 multifamily properties located in the Washington, D.C. metropolitan area. The borrower, Southern Management Corporation, is the largest privately-owned residential property-management company in the Mid-Atlantic region. The portfolio financed is comprised of 22,439 units in total, over 60 percent of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
“Walker & Dunlop’s creativity, tenacity, and market knowledge resulted in a superior execution for this large and complex transaction amidst the uncertainty of a rapidly unfolding financial and health crisis,” said Suzanne Hillman, President and CEO of Southern Management Corporation. “I am so glad that Southern chose to work with Brendan Coleman and his team at W&D. The effort, skill, expertise, and responsiveness of all parties involved was unprecedented.”
Multifamily Finance Senior Managing Director, Brendan Coleman, and team members Chris Forte, Connor Locke, Colin Coleman, Adam Johnston, and Skye Stansbury structured the financing to provide the borrower maximum flexibility, with staggered maturities across a mix of fixed and floating-rate, full-term, interest only financing.
Willy Walker, Walker & Dunlop Chairman and CEO commented, “It is an incredible honor to be the selected financing partner for Southern Management, and is reflective of the team, brand, and capabilities we have built at Walker & Dunlop.” Mr. Walker added, “Our team, along with our partners at Fannie Mae, did an exceptional job executing this enormous transaction under exceedingly challenging circumstances given the current environment. I am deeply appreciative of the trust and confidence Southern Management placed in Walker & Dunlop.”
“At Fannie Mae we are committed to the development and preservation of affordable housing for America’s communities,” stated Jeffery Hayward, Executive Vice President of Multifamily, Fannie Mae. “This $2.4 billion Southern Management transaction gave us the opportunity to partner with one of our top DUS lenders, Walker & Dunlop, using the credit facility, one of our most flexible financing products, to structure a winning solution for the borrower while delivering affordability to the Washington, D.C., market.”

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JACKSONVILLE, FL – EJF Capital and Chance Partners announced the acquisition of a 284-unit multifamily housing community under development in the San Marco neighborhood of Jacksonville, FL. The project, known as San Marco Promenade, is expected to be complete in the third quarter of 2020 in an area certified as an Opportunity Zone under the Tax Cuts and Jobs Act of 2017 ( TCJA ). The TCJA offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.
EJF OpZone Fund I LP and Chance Partners bought the Project from a majority owned joint venture of the Carlyle Group, one of the world s largest investment firms, based in Washington, D.C. Synovus Bank provided nearly $29 million of financing to the transaction. Additional financial details regarding the transaction were not told.
This is the second project EJF and Chance Partners have embarked upon in the San Marco neighborhood. Last year, the companies announced the development of a two-building, 486-unit multifamily housing community called San Marco Crossing in the historic neighborhood.
We are thrilled to partner again with Chance Partners on the acquisition of San Marco Promenade, said EJF Co-Chief Executive Officer Neal Wilson. This project will benefit the San Marco neighborhood in many ways, including adding much needed housing inventory for roughly 400 new residents. We believe the connectivity to Southbank and its nearby healthcare complexes will continue to make San Marco a hub of activity.
Asheel Shah, EJF s Senior Managing Director and Head of Real Estate Development, said, In spite of economic interruptions brought on by the pandemic, both the EJF and Carlyle teams worked with fantastic fortitude and collaboration to make this deal come to fruition. Everyone involved was focused on making sure this transaction went as smoothly as possible. We are very pleased with the results.
Judd Bobilin, Founder of Chance Partners, said, We are excited to continue our fantastic partnership with EJF in the rapidly changing San Marco community. We look forward to seeing the evolution of this historic neighborhood.
Jacksonville-based Live Oak Contracting is the General Contractor for the Project.

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