Enterprise Community Development Lands $121M to Preserve 300 Affordable Apartments in Ward 5
Enterprise Community Development has secured $121 million to preserve four buildings at the Edgewood Commons campus in Northeast Washington, D.C., including the 11-story Edgewood 611 Apartments.
Enterprise will extend the period of affordability of these apartments for households earning 80 percent or less of the area median income using 4 percent Low-Income Housing Tax Credits (LIHTC).
Financing comes from $54.7 million in tax-exempt bonds, 4 percent LIHTC equity from Capital One that was syndicated through Enterprise Housing Credit Investments, and a taxable construction equity bridge loan from Capital One.
The financing also includes a seller loan and deferred developer fee.
Built in 1973 and under Enterprise’s ownership since 2001, the 258-unit Edgewood 611 is located at 611 Edgewood Street NE in Ward 5. The financing will also go toward three adjacent buildings at 401, 415 and 425 Edgewood Street NE, which together house 42 two-bedroom units, and are also part of the Edgewood Commons campus. They have been owned by Enterprise since 1999.
Enterprise plans significant renovations to all 300 apartments, including exterior upgrades such as fresh paint, new windows and balcony sliding doors. Apartment interior renovations across all buildings include upgraded kitchens, new lighting and new flooring.
Edgewood 611 common areas will receive new hallway flooring and lighting, elevator modernization, HVAC upgrades, and a new building sprinkler system.
“These 300 renovated apartments will be leased to current and future residents at affordable rents in an area of D.C. that is rapidly changing and becoming more difficult to find quality affordable housing,” Christine Madigan, interim president of Enterprise Community Development, said in a prepared statement.
The properties are adjacent to the Metropolitan Branch Trail and the new pedestrian bridge, providing residents with direct access to the Rhode Island Avenue Metro station.
Harkins Builders will serve as the general contractor and Miner + Feinstein Architects as the project architect.
Keith Loria can be reached at Kloria@commercialobserver.com