Deanwood Hills Apartments
WASHINGTON, DC–The District of Columbia Housing Finance Agency has issued $6.10 million in long term and $10.73 million in short term tax exempt bonds that will serve as acquisition and construction financing for a $34.9 million affordable housing project in Ward 7.
The developer is a joint venture partnership between Pennrose Properties and The Warrenton Group called Deanwood Hills LLC.
The four-story Deanwood Hills Apartments, located at 5201 Hayes St., NE, will have 150 residential units, 40 of which will be set aside for households earning up to 30% of area median income and 10 units will be set aside for households earning up to 60% of AMI. The remaining 100 units will be affordable to households earning up to 60 percent of AMI.
Deanwood Hills' financing also consists of low income housing tax credit equity of $14.16 million, a DC Office of the Deputy Mayor for Planning and Economic Development New Communities Initiative loan of $9.50 million, a District of Columbia Housing Authority loan of $2 million, and a Citi Community Capital loan of $1.50 million. DCHFA also provided a $1 million McKinney Act loan for predevelopment that was repaid at closing by Deanwood Hills LLC.
This is the DCHFA's first affordable housing finance project for fiscal year 2017 — the first of several, according to DCHFA's Executive Director Todd A. Lee.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
