11. SUSTAINABLE CITIES AND COMMUNITIES

D.C. Closes on Financing for Hebrew Home Redevelopment – ConnectCRE

Impact team
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D.C. Closes on Financing for Hebrew Home Redevelopment  ConnectCRE

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The District of Columbia closed on financing for Spring Flats, a redevelopment of the historic Hebrew Home for the Aged at 1125 Spring Rd., NW. The 185-unit mixed-income rental community is being developed by Victory Housing, Brinshore Development and Banc of America Community Development Corporation.

“These types of projects are helping to continue our commitment to delivering a variety of housing options – rental and home ownership – for all different income levels and family sizes across the District,” said Washington Mayor Muriel Bowser.
The financing covers the project’s 88-unit senior affordable housing component. Deal terms weren’t disclosed.

In addition to D.C. municipal agencies, other financial partners for Spring Flats include TD Bank, BlueHub Capital, Walker & Dunlop, Boston Capital, JPMorgan Chase and the Local Initiative Support Corporation. Financing for the remainder of the Spring Flats project will close in the coming months.

Read more at DC.gov

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Tags: Affordable, Apartments & Multifamily, Development, Financing, Senior Housing

Source: connect.media

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