Member News

CREA, LLC said it named Ed Stone as chief credit officer. Stone will lead and further develop CREA’s credit and underwriting functions as well as its construction feasibility and monitoring group, the company said.

Merchants Capital announced it has established a Washington, D.C., office – the company’s fifth nationwide.

Monarch Private Capital announced its inaugural $235 million social bond issuance. Proceeds of the Monarch Social Bond will be used to finance affordable housing projects to support the firm’s commitment to narrowing the affordable housing gap in the United States, Monarch said. 

Dominium announced the successful closing of Harbor at Twin Lakes, located at 2730 Hershel St. in Roseville, MN. 

The new development will complete Dominium’s commitment to the Twin Lakes Station redevelopment, which includes Harbor of Twin Lakes’ sister property Oasis at Twin Lakes—an apartment community constructed in July 2020. The total development cost for the project is $72 million, the company said. 

The Louisiana Housing Corporations board of directors unanimously approved a resolution to adopt the state’s 2022-2023 QAP. The most recent draft is available here, the final document will be released to the public by August 1. The board also approved the election of Anthony “AP” Marullo, III as chairman and Tonya P. Mabry as vice-chairwoman.

U.S. Bank and Enterprise announced the issuance of an innovative racial equity bond. Issued by Enterprise Community Loan Fund, the $30 million bond will support issuing loans to Black, Indigenous and people of color (BIPOC) housing developers under Enterprise’s Equitable Path Forward initiative. The bond, which is the first racial equity bond issued by a Community Development Financial Institution (CDFI), will enable U.S. Bank to help advance racial equity in underserved communities of color.

Holladay Ventures announced that Nathan Herber joined the firm as an architect and project manager. The company said Herber will support Evan Holladay and the team leading the planning and design of mixed-used communities, managing and being the liaison with design and construction partners, master planning design concepts and advancing sustainable design methods.

Standard Communities announced it has led a public-private partnership that acquired Union South Bay Apartments, a 357-unit community in Carson, CA. Standard said it utilized California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing.  

Pennrose announced the promotion of Sharon Jacob to vice president of operations. Jacob will provide property management oversight to nearly 4,000 units and support of the regional teams in New Jersey, Connecticut, Massachusetts and New York, according to Pennrose. She previously served as regional property manager for Pennrose for ten years. 

CREA announced it closed CREA Corporate Tax Credit Fund 85, LP (Fund 85) totaling $396.9 million of investor equity, which will finance 37 affordable housing developments, spanning 23 states.  

FTK Construction Services, LLC, (FTK) announced the contract award for Brandywine Apartments, located in Richardson, TX. The contract for this LIHTC rehabilitation award is $4,267,543.

Boston Mayor Kim Janey (D) joined the officials from the Boston Housing Authority (BHA), WinnCompanies and MassHousing to formally open a unique $30.2 million development project that delivers 52 units of both rental and homeownership opportunities to households of all incomes along the East Boston waterfront, WinnCompanies said in an announcement.