Affordable DC Asset Receives $39M in Financing
The NHP Foundation secured the loans, which will preserve Takoma Place, a 104-unit property in suburban Maryland.
After purchasing the 104-unit Takoma Place Apartments in Washington, D.C., in March 2017, housing provider NHP Foundation has secured financing to redevelop and preserve the affordable asset. D.C. Department of Housing and Community Development, R4 Capital and R4 Capital Funding provided loans that total $39.4 million. The latter provided a permanent loan of $10.8 million, while R4 Capital contributed $12 million in LIHTC.
Located at 6676 Georgia Ave. N.W., in the Brightwood neighborhood of the city, the property is across the street from the former Walter Reed Hospital. According to Yardi Matrix data, the 1953-built asset encompasses studios and one- and two-bedroom apartments, ranging 1,260 square feet. The seven-building community features six laundry facilities and a playground. Planned upgrades include new kitchens, bathrooms, energy improvements, windows, appliances, HVAC, plumbing and electrical systems, as well as a new community center.
Takoma Place will preserve affordable housing for residents making less than $70,320 a year, which is 60 percent of the median family income for a family of four. Construction work is anticipated to last 14 months. The property is one of the seven current Tenant Opportunity to Purchase Act deals The NHP Foundation entered into in the district.
Image courtesy of Yardi Matrix