DCHFA Closes $11M Deal to Fund DC Affordable Community
- Jan 18, 2018
The DC Housing Finance Agency has approved the issuance of $11.3 million in bonds for the preservation of Maplewood Apartments, a 94-unit affordable rental housing community in Ward 8’s Randle Heights neighborhood. The $23.1 million project consists of the acquisition and rehabilitation of seven garden-style apartment buildings. The 1969-built property is being redeveloped in partnership with Vesta Maplewood LLC. According to Yardi Matrix data, Patriot Realty is the former owner of the asset.
Located at 2306 Hartford St. S.E., Maplewood Apartments includes a laundry facility and 94 surface parking spaces. A 1,180-square-foot learning center will be built adjacent to the leasing office. Ten of the units will be set aside for tenants earning 30 percent of the area’s median income and 84 apartments will be reserved for tenants earning 60 percent of the area’s median income or less.
The D.C. Department of Housing and Community Development’s Housing Production Trust Fund will provide an additional $6.7 million loan, and PNC Bank will contribute with $7.6 million in equity raised through the syndication of Low-Income Housing Tax Credits.
Marous Brothers Construction is the builder of the project and the company is also handling the construction of Aspen Place, an affordable apartment development in Cleveland.
Image courtesy of Marous Brothers Construction