2 Firms Land $25M Financing for DC Affordable Housing

EagleBank is providing the construction loan for the project.

Washington, D.C., skyline. Image by Andra C Taylor Jr via Unsplash

Dantes Partners and The Community Builders have lined up construction financing for a fully affordable community in Washington, D.C.

EagleBank provided a $25 million construction loan to developers, which will use it to build housing at 610 Park Road NW. The District of Columbia Housing Finance Agency also previously provided $51.2 million in tax exempt bonds and underwrote $31.5 million in federal low-income housing tax credits for the project.

The five-story community will offer 142 units when fully built out, 40 of which will be public housing replacements. All of the units at the project, which totals 173,533 square feet, will be 100 percent affordable.

Amenities will include a rooftop lounge, pet grooming station, bicycle storage, resident storage and meeting spaces. The sponsors plan to install a rooftop solar system, as well as a below-grade parking garage with 71 spaces.

The community will be part of the Park Morton and Bruce Monroe redevelopment plan being developed by The Community Builders, Dantes Partners and the District of Columbia Housing Authority. The project’s goal is to convert a 174-unit public housing property into a mixed-income community totaling nearly 500 units.

Adding to Mid-Atlantic affordable housing

The two sponsors have constructed several affordable housing projects, with The Community Builders recently breaking ground on a 51-unit mixed-income community in Pittsburgh consisting mainly of affordable units.

Dantes Partners is currently working on upgrading the 132-unit Cascade Park Apartments affordable housing community in Washington, D.C., alongside H Street Community Development Corp. Dantes Partners also partnered with Jonathan Rose Cos. to acquire a 930-unit workforce community in District Heights, Md., which will offer 372 rent-restricted units.

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