6A — August 10 - 23, 2018 — Multifamily Financing — Financial Digest — M id A tlantic

Real Estate Journal


M ultifamily F inancing

ASHINGTON, D.C. —The Parks at Wal- ter Reed, a 66-acre First Vertical Component closing & commencement of construction for Abrams Hall DC developers join forces to close on financing for $27MM deal to fund affordable senior community W has included both public and private funding, below is the monetary breakdown:

Sky Housing) with support from the District of Colum- bia, is an adaptive reuse of a vacant Army barrack build- ing— “Building 14M”—at Walter Reed. The building will feature 64 apartments targeting seniors earning 50 percent or less of area median income (AMI) and 16 perma- nent supportive housing units for seniors earning 30% or less of AMI. This project will help meet critical affordable housing needs for seniors in the Dis- trict upon completion in 2019. Financing for the project

• Citi will provide $12.5 mil- lion in construction financing and $5.4 million in permanent financing will be provided by the Federal Home Loan Mortgage Corporation (Freddie Mac) . • The D.C. Department of Housing and Community Development’s Housing Production Trust Fund will provide an additional $9.7 million loan alongside a $168K Department of Behavioral Health grant. • SunTrust Community Captial will invest $10.8 mil- lion in equity raised through the investment in Low-Income Housing Tax Credits. The developer team behind the project includes: • Urban Atlantic, a na- tionally recognized expert in large-scale, public-private redevelopment and finance. • Hines, a privately owned global real estate investment, development andmanagement firm with locations in 201 cit- ies in 24 countries. • Housing Up, an award- winning nonprofit affordable housing developer and provid- er of housing-based services designed to combat homeless- ness in DC • 1750 K Affordable Part- ners, a CBE joint venture between two experienced DC based developers: Evergreen Urban and Blue Sky Housing. “We are delighted that this is one of the first developments at The Parks at Walter Reed. The 80 affordable seniors apartments at Abrams Hall meet our promise to the com- munity and will serve one of the largest unmet needs in Washington, DC,” said Vicki Davis , managing partner at Urban Atlantic. Abrams Hall Senior Apart- ments is a component of the broader project –The Parks at Walter Reed—a 66-acre, 3.1 million SF public-private rede- velopment of the former Wal- ter Reed Army Medical Center campus. The Parks, led by the Master Development team of Hines, Urban Atlantic, and Triden Development Group, will feature adaptive reuse of existing historic buildings, new construction and over 20 acres of open space. The project is a public-private redevelopment in partnership with the Dis- trict of Columbia. 

redevelopment of the former Walter Reed Army Medical Center, announced the close on financing for Abrams Hall Senior Apartments, a $27 mil- lion deal to fund an 80-unit affordable senior housing de- velopment. The project, led by a joint venture between Urban At- lantic, Hines , non-profit Housing Up and 1750 K Af- fordable Partners (a CBE joint venture comprised of Evergreen Urban and Blue

Rendering of The Parks at Walter Reed (Courtesy Walter Reed Army Medical Center Local Redevelopment Authority)

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