FUNDING Legacy Real Estate Development, Domaine and The NHP Foundation Secure $23M for Construction of 17 Mississippi Avenue Apartments Joint venture will create 41 new affordable apartments in DC’s Congress Heights Neighborhood
New York, NY, August 17, 2021— Legacy Real Estate Development, Domaine and The NHP Foundation (“NHPF”), national not-for-profit providers of affordable housing, announced that they have received funding for the construction of 41 rental apartments at 17 Mississippi Avenue in the Congress Heights. area in DC’s Ward 8. Funding for the development was provided by District of Columbia Housing Finance Agency (DCHFA), Citi Community Capital, and the DC Department of Housing and Community Development’s Housing Production Trust Fund. DCHFA provided $10.3M in tax-exempt bond financing and underwrote $8.8M in 4% Low Income Housing Tax Credits (LIHTC), provided by WNC & Associates, Inc. DC Department of Housing and Community Development’s Housing Production Trust Fund provided a $9.1M loan and Citi Community Capital provided $4.43M in debt financing. The apartment community is being built for residents earning at or below 50% of median income and will feature 16 efficiency, 12 one-bedroom and 13 three-bedroom apartments, nine of which will be permanent supportive housing (PSH). There are also nine units designated for artists. “The resources brought together by this partnership ensure that residents at 17 Mississippi will enjoy affordable rental living and many amenities in a sought-after neighborhood,” said Tim Pryor, Vice President, Acquisitions, NHPF, “We are grateful to the funders for enabling this important construction.” Planned amenities at 17 Mississippi Avenue include on site management, a community room, artist studio and bicycle storage. “Working with a like-minded organization such as NHPF, which also has tremendous familiarity with the District, allows all of us to continue to reach the important goals of the industry, namely, bridging the enormous affordable housing divide,” said Donahue Peebles, Founder and CEO of Legacy Real Estate Development. “We are proud to be part of the solution to this ongoing need.” Construction began August 9, 2021.
About Legacy Real Estate Development Legacy Real Estate Development, LLC (“Legacy”) is a CBE/ SBE certified privately held commercial real estate investment and development company specializing in residential, hospitality, and mixed-use commercial properties. Founded by R. Donahue Peebles III, Legacy aspires to reach nationwide recognition as a top investor in potential development deals, both large and small- scale. Headquartered in Washington, D.C., Legacy is focusing in our nation’s capital area searching for potential investments and an opportunity for growth. About Domaine Founded by Lloyd H B Grosklags, Domaine is the culmination of nearly a decade of real estate investment and development experience. Prior to founding Domaine, Lloyd headed asset management for West End Capital Group, a $550M private-equity fund focused on heavy value-add multi-family acquisitions and redevelopments. Areas of expertise include Asset Management: Heavy Value-Add, Affordable, & Market Rate, Portfolio Management: Investor and Lender Relations, Capital Procurement, & Strategic Partner Identification and Development: Ground-Up Market Rate, For-Sale, & Affordable (LIHTC)
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