WASHINGTON, DC–Mass Place, an affordable housing complex located at 1111 Massachusetts Ave., NW, traded for $22 million or $137,500 per unit.
We looked at this transaction from another perspective earlier this week: New York City-based Pembrook Capital Management provided a $15.25-million first mortgage bridge loan for its acquisition.
Read A PE Fund Seeks Affordable Housing Opportunities
The financing was part of a larger plan to implement renovations via a tax-exempt bond issuance and re-syndicate the property under the Low-Income Housing Tax Credit program. The sponsor is National Housing Trust – Enterprise Preservation Corp., a not-for-profit affordable housing preservation owner and developer based in Washington, DC.
The seller was a JV between Jair Lynch and Macfarlane Partners. They acquired the property in November 2011 for about $10 million or $64,073 per unit. Sometime in 2011 the 50-year-old building underwent a renovation.
WASHINGTON, DC–Mass Place, an affordable housing complex located at 1111
We looked at this transaction from another perspective earlier this week:
Read A PE Fund Seeks Affordable Housing Opportunities
The financing was part of a larger plan to implement renovations via a tax-exempt bond issuance and re-syndicate the property under the Low-Income Housing Tax Credit program. The sponsor is National Housing Trust – Enterprise Preservation Corp., a not-for-profit affordable housing preservation owner and developer based in Washington, DC.
The seller was a JV between Jair Lynch and Macfarlane Partners. They acquired the property in November 2011 for about $10 million or $64,073 per unit. Sometime in 2011 the 50-year-old building underwent a renovation.
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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.
