By Keith Loria, Commercial Observer,
Urban Atlantic Development has closed on $69 million of financing to build a new affordable senior housing development in Washington, D.C. ‘s Ward 3, which will be the first independent senior living development in the Friendship Heights area.
The financing will go toward building 93 affordable units on the campus of the Lisner-Louise-Dickson-Hurt Home, one of the oldest long-term care facilities in the District, having been in operation for more than 80 years. It is scheduled to undergo a renovation in the next year.
The project is being financed through DC Department of Housing and Community Development’s Housing Production Trust Fund, federal and state low-income housing tax credits, and District of Columbia Housing Finance Administration bonds. Boston Financial Investment Management and Rise Impact Capital provided equity investment, and Capital One Community Finance, Cedar Rapids Bank & Trust, and DC Green Bank provided debt financing.