MidAtlantic Realty JV Lands $47M for Washington, DC Apartments
- Oct 22, 2020
The joint venture of CSG Urban Partners, MidAtlantic Realty Partners and Taylor Adams Associates has received a $47.3 million financing package for the construction of 220 apartments at Northwest One, the $700 million mixed-use, mixed-income development within Ward 6’s NoMa neighborhood in Washington, D.C. The District of Columbia Housing Finance Agency provided $29.9 million in tax-exempt bonds and $17.4 million in 4 percent low-income housing tax credits for the first phase of the project.
Taking shape in three phases, the Northwest One redevelopment is a New Communities Initiative project of the Office of the Deputy Mayor for Planning and Economic Development. DMPED also financed the project’s first phase with a $13.8 million loan. Michael Marshall Design and SK & I Architects designed the $80.6 million Phase I to include 750 residential units and 56,000 square feet of retail.
220 new units
The five-story development will rise at the intersection of K and North Capitol streets, on the 3.5-acre former site of Temple Courts. Apartments will range from efficiency to four bedrooms. Of the total, 150 units will cater to residents earning 30 percent and 60 percent of the area’s median income, while the remainder will be market rate. Amenities will include 83 parking spaces and an open courtyard.
The site is some 2 miles east of downtown Washington, D.C., and 1 mile north of the U.S. Capitol. The location is easily accessible through public transportation, having several bus and tram stations nearby.
This June, DCHFA provided $67 million in financing for the acquisition and redevelopment of a 358-unit affordable community in Ward 8. Vesta Corp. is the developer of the $88.6 million rehabilitation.