By Emily Wishingrad, BisNow,
A senior housing community and its development partner have secured financing to move forward with a 93-unit affordable addition to the property in Northwest D.C.’s Friendship Heights neighborhood, a part of the city where such projects are rare.
The team behind the addition to the Lisner-Louise-Dickson-Hurt Home, an affordable senior facility that has been operating since 1941, closed on a $69M financing deal with money coming from several capital sources, development partner Urban Atlantic announced Monday.
The expansion will reserve 41 units for residents making 50% of the median family income and 52 units for those making up to 30% of the median family income. Wiencek + Associates will design the addition.
In addition to funding from D.C.’s Housing Production Trust Fund, the expansion received federal and state Low-Income Housing Tax Credits and District of Columbia Housing Finance Agency bonds.
Equity came from Boston Financial Investment Management and Rise Impact Capital, and debt was provided by Capital One Community Finance, Cedar Rapids Bank & Trust and D.C. Green Bank.