NEW YORK, NY – Shorewood Real Estate Group, an industry-leading, multi-strategy real estate investment firm, announced a $155 million Opportunity Zone partnership with Bridge Investment Group LLC and Capricorn Investment Group LLC. The partnership, which brings together three leaders in the Opportunity Zone space, will develop a 315-unit rental project in Jamaica, Queens.

“We’re excited to align ourselves with such distinguished partners on this vital project,” said Shorewood President and CEO S. Lawrence Davis. “With our firms’ combined experience in urban real estate, I’m confident this partnership will have a positive impact in Jamaica and other future community development projects.”

Bridge Investment Group and Capricorn Investment Group are prominent investment firms with substantial assets under management and a focus on sustainable investments. Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management.  Capricorn Investment Group boasts a $5 billion multi-asset class portfolio that focuses on sustainable investments.

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CLEMSON, SC – Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private real estate fund advised by Crow Holdings Capital, announced the acquisition of the 598-bed student housing complex, Aspen Heights, for an undisclosed amount. Serving Clemson University, the property has been rebranded The Collective at Clemson and is undergoing major upgrades.

“Year-to-date, we are averaging nearly one major transaction a month and believe the second half of 2019 will be as robust as the first half,” said Susan Folckemer, TPCO chief acquisitions & development officer. “We continue to see favorable investment opportunities in markets across the country and have the most active pipeline ever in our 32-year history.”

The significant upgrade program will have special emphasis on enhancing the clubhouse, the complex’s social and study center, as well as improving amenities. Other improvements include flooring upgrades and new furniture in select units, as well as painting the exterior.

“We have a long and successful history with the Clemson University student community,” said Adam Byrley, chief operating officer, TPCO. “We have served students there since 2002 and know their housing, amenity and social preferences. We have tailored our proprietary operation programs to fit their needs. With strong academic programs and high visibility athletics, Clemson currently is ranked 24th among all public universities by U.S. News & World Report, which bodes well for continued enrollment growth.”

Situated at 673 Ancient Greenville Highway in Clemson, the property consists of a collection of cottages and townhouses surrounding a well-landscaped resort-style pool, hot tub, outdoor fireplaces and full-court volleyball and basketball courts. A clubhouse features a computer lab, study lounge, movie theater, game room and fitness center.

The complex offers two-, three-, four- and five-bedroom floor plans, each providing a private bedroom, bathroom and ample closet space. The open space layout features a living room and spacious kitchens with granite countertops, black appliances and shaker-style cabinets. Linen closets and extra storage are provided, as well as a full-sized washer and dryer.

“We have passed the half billion-dollar mark in transactions for a single year in record time and believe we will exceed our previous record year of acquisitions, dispositions and development in the third quarter,” said John Preiss, chief investment officer, TPCO. “We have a strong group of institutional investors with whom we have built trust and fantastic working relationships. Together we continue to see brilliant growth opportunities in student housing.”

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WASHINGTON, DC – Capital Impact Partners, Washington D.C. Mayor Muriel Bowser, and the Department of Housing and Community Development (DHCD) announced the financing of the first two projects through their partnership under the D.C. Affordable Housing Preservation Fund launched in the spring of 2018. The two projects have helped protect more than 600 affordable housing units, and pushed the total number of affordable units under the Fund to more than 1,000.

Another unique aspect of these deals is their use of the Tenant Opportunity to Buy Act (TOPA). The Act gives residents of for-sale, multifamily, residential properties the right of first refusal to buy their properties, allowing them to work with mission-driven developers to buy the buildings. This helps keeps rents affordable and prevents residents from being displaced in the face of rapid gentrification in mixed-income neighborhoods.

“We are incredibly proud to work and support residents through the use of TOPA to take charge of the future of their homes and their communities in partnership with mission-driven developers,” said Ellis Carr, president and CEO of Capital Impact Partners. “We applaud Mayor Bowser and the city of Washington, D.C. for setting up the D.C. Affordable Housing Preservation Fund and partnering with us as a way to preserve affordable housing, support community stability, and make equity and wealth-building opportunities for those often displaced as a result of increasing development.”

The two projects are:

Worthington Woods: Located in Congress Heights, a residential neighborhood in Washington, D.C.’s Ward 8, Worthington Woods provides 394 units of affordable housing to more than 900 people. The Worthington Woods Tenant Association assigned their TOPA rights to the Montgomery Housing Partnership (MHP) in exchange for a commitment to preserve the property as affordable, make improvements, and avoid tenant displacement. The housing community is near shops, groceries, and three bus lines. Capital Impact provided MHP with a $6.1 million loan as part of a $40 million transaction to buy the property. 

Ridgecrest Village: Originally built in 1951, Ridgecrest Village in Washington, D.C.’s Ward 8 is 90 percent occupied by residents who earn up to 60 percent of the Area Medium Income (AMI). The Ridgecrest Village Tenant Association assigned their TOPA rights to the National Housing Partnership Foundation to ensure long-term affordability of the Village’s 272 units. Capital Impact provided $7.5 million as part of a $31 million loan to support the buy of the property as well as future improvements.

“MHP is thrilled to have bought Worthington Woods. This would not have been possible without the critical gap financing provided by Capital Impact Partners and the Affordable Housing Preservation Fund. Working with a mission-driven lender who understood the complexity of an affordable housing project made all the difference,” said Robert Goldman, MHP’s President.

The Mayor’s Housing Preservation Strike Force recommended the creation of this public-private partnership Fund, under the Department of Housing and Community Development, to finance the acquisition and preservation of affordable properties in the District.  

This allows Capital Impact to provide small-term bridge acquisition and predevelopment financing to eligible borrowers. Properties targeted for fund investments are occupied multifamily housing properties of more than five units, in which at least 50 percent of units are currently affordable to households earning up to 80 percent of the Median Family Income (MFI).  

“Not only is it vital to preserve affordable housing in D.C.’s rapidly gentrifying neighborhoods, but we must be thoughtful about working with developers who share our vision for mixed-use, mixed-income neighborhoods with simple access to employment and critical social services,” said Diane Borradaile, Capital Impact’s Chief Lending Officer. “It is this kind of development that supports equity, opportunity, and economic growth in the region.”

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