This Week's D.C. Deal Sheet
Enterprise Community Partners secured $121M in financing for five buildings, totaling 300 units of affordable housing in Ward 5.
Enterprise has owned Edgewood 611 Apartments and four adjacent properties within Edgewood Gardens, totaling 300 units, for over two decades.
The financing will allow the local nonprofit to extend the affordability of the units reserved for those making at or below 80% of the area median income, as well as launch a renovation project, according to the press release.
The renovation will include upgrades to the exteriors, hallways, elevators and HVAC as well as interior upgrades across the buildings.
“This preservation effort aligns well with Enterprise’s mission to make home and community places of pride, power and belonging,” Enterprise Community Partners interim President Christine Madigan said in the release.
“We are committed to preserving Edgewood 611 and Edgewood Gardens as affordable communities to ensure those who have called Edgewood Commons home can continue to do so. These 300 renovated apartments will be leased to current and future residents at affordable rents in an area of Washington, DC that is rapidly changing and becoming more difficult to find quality affordable housing.”
The $121M loan was financed with tax-exempt bonds and 4% low-income housing tax credit equity from Capital One, which was syndicated through Enterprise Housing Credit Investments, DC Housing Finance Agency LIHTC equity and a taxable construction equity bridge loan from Capital One.
LEASES
Hoffman & Associates signed four new leases to the 1.2M SF West Falls development in Falls Church, set to open in fall 2024. Early education company Tierra Encantada will take 10K SF. Three fast-casual eateries also signed: SEOULSPICE and BurgerFi each took 2K SF and Mason’s Famous Lobster Rolls secured 1,300 SF. West Falls is one piece of a 40-acre development between Leesburg Pike and the West Falls Church Metrorail Station. Hoffman & Associates leads the West Falls development, joined by Trammell Crow. KLNB leases the property.
FINANCING
Walker & Dunlop announced it provided a $108M loan to WC Smith for its Park Chelsea apartment building in the Navy Yard. The 429-unit building was developed by WC Smith in 2016 as the first phase of its three apartment building complex The Collective, which totals 1,138 units. Walker & Dunlop provided initial financing for the first three phases in 2016 for a total of $364.2M, according to the release.
Walker & Dunlop's multifamily finance team, led by Brendan Coleman and Connor Locke, closed the deal.
MILESTONES
A 32K SF Lego Discovery Center opened in Springfield Town Center, with a ribbon-cutting ceremony Wednesday. The location includes a DUPLO park, a building area, a train ride through a mini Lego world, a Lego café and a make-your-own-minifigure area. PREIT owns the 1.3M SF center, which is 90.2% leased, according to its website. It includes an H&M, Sephora, Bath & Body Works, Dave & Buster's, Five Below and Target. In December, PREIT was approved to sell two parcels attached to the center for a new hotel and multifamily building.
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Flexible office and coworking space Orchard Workspace by JLL is open in Arlington’s National Landing. The 39K SF location at 2451 Crystal Drive is JLL’s third location for the coworking concept; one opened in Brooklyn in the spring of 2021 and one in Seattle in the fall of 2022. A New Jersey location is set to launch this month, according to its website. National Landing’s Orchard Workspace is the second partnership between Flex by JLL and JBG. Their first, Workspace at Reston Town Center, launched in spring 2021.
PERSONNEL
WCS Construction named Stephen Skinner as president. Skinner joined the D.C.-area company in April as senior vice president, and he has since focused on strategic planning and improving processes and procedure, according to a press release. Before joining WCS Construction, he was a vice president at construction company The Walsh Group for four years and before that, he was an executive vice president at Skanska for five years, according to his LinkedIn profile.
