Affordable Housing Project for Veterans Breaks Ground in DC
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TD Bank has facilitated a $9.5 million construction loan for an adaptive reuse project built on part of a former military building at the Walter Reed Army Base.
Construction has begun on a 77-unit property dedicated to homeless veterans in Washington, D.C. The community will be a component of The Parks at Walter Reed, a 3.1 million-square-foot project. TD Bank closed on a $9.5 million construction loan, used to purchase bonds issued by the DC Housing Finance Agency. The bonds will partially finance the adaptive reuse of part of a former building at the Walter Reed Military Campus. HELP USA Inc. is the sponsor of the loan.
Located at the corner of Aspen Street and Georgia Avenue in the heart of upper northwest D.C., the property will be roughly five miles from downtown Washington. The future community will be part of a mixed-use, 66-acre redevelopment of the former Walter Reed Army Medical Center. At full build-out in 2030, the master development is set to include 2,100 units (of which 432 will be affordable), retail space with a grocery store anchor, office space, a hotel, charter schools, a 20-acre park, as well as medical, arts and entertainment components. Hines, Urban Atlantic and Triden Development Group are all part of the master development team.
HELP USA will provide social and supportive services to residents. Homeless individuals will immediately be able to occupy the units. The Walter Reed National Military Medical Center will still be on the property and remain fully operational.
Image via Google Street View