Urban Atlantic secures $69M for Friendship Heights affordable senior development

By Tristan Navera, Washington Business Journal,

The team behind the long-planned expansion of the Lisner-Louise-Dickson-Hurt Home in Friendship Heights has landed the financing to begin construction and deliver nearly 100 units of affordable senior housing to Ward 3.

Bethesda’s Urban Atlantic, which will lead the construction, and the LLDH have secured $69 million from a variety of sources for the 93-unit project, an independent senior living development with 41 units reserved for families earning up to 50% of the median family income and the rest for those at or under 30% of MFI. The LLDH campus is located at 5425 Western Ave. NW, less than a block south of the Chevy Chase Recreation Center.

Financing includes support from D.C.’s Housing Production Trust Fund — the project was approved as the first HPTF Ward 3 beneficiary in 2022 — plus Low-Income Housing Tax Credits, and D.C. Housing Finance Administration bonds. Boston Financial Investment Management and Rise Impact Capital provided equity, while Capital One Community Finance, Cedar Rapids Bank & Trust and D.C. Green Bank provided debt financing.

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