Tuesday, November 5, 2024
HomeBusiness$39M Loan Secured To Redevelop Affordable DC Apartments

$39M Loan Secured To Redevelop Affordable DC Apartments

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The NHP Foundation, a non-profit organization that specializes in multifamily housing, has secured financing for redeveloping a 104-unit property in Maryland named “Takoma Place Apartments.” The Washington, D.C. asset was acquired by the housing provider in March 2017.

A total of $39.4 million loan was provided by the D.C. Department of Housing and Community Development, R4 Capital and R4 Capital Funding.

The property is close to the former Walter Reed Hospital and is located at 6676 Georgia Ave. N.W., in the Brightwood neighborhood.

The property has studios and one- and two-bedroom apartments, ranging 1,260 square feet, as per the Yardi Matrix data. The complex, which was established in 1953, is reportedly in bad shape due to outdated plumbing and electrical systems. No major work has been done on the property in the past 15 years.

The seven-building property has six laundry facilities and also a playground. New kitchens, bathrooms, energy improvements, windows, appliances, HVAC, plumbing and electrical systems, along with a new community center are among the planned developments for the future.

Residents who make less than $70,320 a year, which comprises 60 percent of the median family income for a family of four, will be able to benefit from affordable housing in the Takoma Place.

The construction work of apartments is expected to take 14 months. The NHP Foundation has also sealed six more Tenant Opportunity to Purchase Act deals in the District.

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