May 11, 2020
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.
For comments, questions or concerns, please contact Paul Bubny