This Week's D.C. Deal Sheet: 100-Unit Affordable Project Gets Financed
A 100-unit project in Ward 5, which the developer has been attempting to finance with D.C. affordable housing funds since 2021, finally has the cash in hand.
Lincoln Westmoreland Housing’s $82M project at 2911 Rhode Island Ave. is planned to be all affordable. The nonprofit is using KeyUrban as its development manager and owner’s representative.
District of Columbia Housing Finance Agency provided the development with $35M in tax exempt bonds, underwrote $26M in federal and $5.6M in local Low Income Housing Tax Credits, DCHFA announced this week. It also received a $26M loan from D.C.’s Housing Production Trust Fund.
“Funding the addition of new, beautiful, healthy, and affordable homes is a fantastic and encouraging start to the year for DCHFA’s staff and me,” DCHFA CEO Christopher Donald said in a statement.
Lincoln Westmoreland Housing announced in 2022 that the development had secured HPTF financing, but KeyUrban Founder Dahn Warner told Bisnow Friday that the financing fell through due to inadequate bond capacity.
DC Green Bank announced on LinkedIn that it was providing $3.1M in financing for the development, the fifth to be funded under the Building Energy Performance Standards revolving loan fund. The project is set to break ground by March and construction should last 24 months, Warner said.
“We’re thrilled to be able to move forward with this project, which will provide homes to 100 low- and- middle-income families along a major commuter route,” Warner said.
LEASES
Barnes & Noble inked a 16K SF lease in downtown D.C.
The bookseller is opening at Douglas Development’s Woodies building at 1025 F St. NW in a space that was formerly occupied by clothing retailer Zara, the Washington Business Journal reported. Barnes & Noble opened a Georgetown store in October, re-leasing a 34K SF space it had vacated more than a decade prior.
KLNB represented both sides of the deal, according to the WBJ. Tom Maddux and Adam Miller represented the tenant, and Joe Fleischman and Michael Pratt represented Douglas.
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Another Tatte is opening in the D.C. metro. The Boston-based eatery that has exploded in the DMV over the past five years is now opening its first Rockville location. Tatte Bakery & Café is opening at Towne Plaza, Lerner Enterprises, which owns the 59K SF mixed-use property, announced. Its neighboring tenants include Rockville Pike Animal Hospital, PM Pediatrics, Comfort One Shoes and Crystal Spa. California Fish Grill is opening at the plaza soon.
CBRE’s Gary Taubin and Kelly Silverman represented Tatte, and Lerner was represented in-house by William Winterburn.
SALES
Jamestown has sold its stake in a 318K SF portfolio of retail, residential and office properties in Georgetown and Alexandria. New York-based Acadia Realty Trust, which was already a partner in the 22-property portfolio, purchased Jamestown’s stake, the seller announced. It didn't disclose the size of the stake or the price. The vast majority of the properties are in Georgetown's high-end retail corridor.
FINANCING
The 229-unit second phase of a Ward 8 apartment complex received financing. Gilbane Development Company, MED Developers, Equity Plus Manager LLC and Housing Help Plus are the developers behind Barnaby & 7th’s second phase. DCHFA issued $63M in tax-exempt bonds and underwrote $47M in federal and $10.4M in local Low Income Housing Tax Credit equity. The project also received a $43M loan from D.C.’s Housing Production Trust Fund. The total cost is expected to be $138M.
MILESTONES
A members-only club down the street from the White House is opening Friday. Ned’s Club is taking the top three floors of the Milken Center for Advancing the American Dream at 734 15th St. NW. Located in the former home of the Riggs Bank, the private club has an art deco design inspired by past presidential administrations and includes four different culinary venues.
