TODAY’S DEALS: HFF Secures $53M in Financing for Mixed-Use D.C. Apartment
Holiday Fenoglio Fowler has secured $53 million in financing for a 231-unit mixed-use project in Washington, D.C.; A Woods Partners development was completed in Massachusetts; and NCB deploys capital to support low- and moderate-income communities.
Washington–Holliday Fenoglio Fowler has secured $53 million in financing for the development of a mixed-use project situated on the former site of a YMCA on the northeast corner of 14 Street NW and W Street NW. HFF placed the construction loan with Wells Fargo Bank on behalf of a newly formed venture between Rockpoint Group LLC, Jefferson Apartment Group and Perseus Realty LLC.
The project, dubbed 14W, will include 231 units of luxury multi-hosing, a YMCA and 12,200 square feet of street-level retail. The YMCA contributed the land to the development venture and will retain a 44,000-square-foot condo in the mixed-use building. The new YMCA will feature a 25-meter indoor swimming pool, wellness center, rooftop terrace and state-of-the-art fitness facility.
“The entire Washington, D.C. metro apartment market continues to outperform the broader national apartment market,” says Bill Asbill, senior managing director, HFF. “In addition there is a declining apartment pipeline, which will continue to fuel future demand for projects such as 14W.”
Woods Partners completes $13.5 million, 154-unit apartment community
Stoughton, Mass.—Construction was recently completed on Alta at Indian Woods, a 154-unit apartment community developed by Wood Partners. The development was built by Pro Con Inc., based in Manchester, N.H.
Alta at Indian Woods offers one- and two-bedroom units in three, four-story garden-style buildings. Amenities include a clubhouse, fitness center and outdoor grilling areas complete with seating. The development participated in the New Homes with Energy Star program, a standard designed to reduce energy consumption by 15 percent.
NCB commits over $374M for low- to moderate-income communities
Washington, D.C.–NCB Financial Group, consisting of National Consumer Cooperative Bank, NCB,FSB and NCB Capital Impact, reported more than $374 million was deployed in 2010 to support underserved communities and cooperative expansion initiatives.
The capital was provided through direct lending,investments and the facilitation of creativetransactions that directly support low- to moderate-income communities.
The activity includes $141.4 million invested for housing cooperatives and affordable housing initiatives nationwide; and $2.1 million to support entities serving low to moderate income communities.
“Due to the tougher economic climate and limited financial support many underserved communities and cooperative development programs are facing challenges,” says Charles E. Snyder, president & CEO of National Consumer Cooperative Bank.
“We are proud of our continued support of these initiatives, allocating over $374 million to low- and moderate-income communities in 2010 alone. The bank continues its pledge by providing non-traditional funding and technical assistance programs through NCB Capital Impact, as well as conventional financing through NCB, FSB.”
