Walter Reed Development Team Secures Financing For Affordable Senior Housing Project
The team behind the 66-acre Parks at Walter Reed development has landed financing to move forward with the next phase.
Urban Atlantic, along with its partners, announced Monday it closed on $20M of construction financing for a 54-unit affordable assisted living community.
The financing included $2.4M from the District's Housing Production Trust Fund and $1.1M in federal tax credits from the D.C. Department of Housing and Community Development. Urban Atlantic's partners on the project are Triden Development Group, Housing Up and R4 Capital.
The project is part of the redevelopment of Abrams Hall, a former barracks on the Walter Reed Army Medical Center Campus. Separate portions of Abrams Hall have been redeveloped over the last three years into 77 units for formerly homeless veterans and 80 units for seniors.
The 54 units in the next phase will be set aside for those age 62 and above with incomes up to 30% of the area median income. The assisted living units will be fully furnished, and residents will be referred through D.C.'s Department of Human Services.
"Urban Atlantic is proud to be part of this groundbreaking project that will provide much-needed assisted living services to low-income seniors in our city," Urban Atlantic Managing Director of Public-Private Ventures Caroline Kenney said in a release. "We greatly appreciate the commitment of Mayor [Muriel] Bowser and each of the District agencies involved in making it a reality."
The latest closing comes one year after the Parks at Walter Reed development team closed the deal for a 323-unit building anchored by Whole Foods, which signed on as an anchor tenant in December 2019. The team broke ground in January 2019 on a pair of multifamily buildings totaling 301 apartments, 89 condos and 18K SF of retail.
