Urban Atlantic Secures $69M for Affordable Senior Housing in Friendship Heights
Urban Atlantic Development has closed on $69 million of financing to build a new affordable senior housing development in Washington, D.C. ‘s Ward 3, which will be the first independent senior living development in the Friendship Heights area.
The financing will go toward building 93 affordable units on the campus of the Lisner-Louise-Dickson-Hurt Home, one of the oldest long-term care facilities in the District, having been in operation for more than 80 years. It is scheduled to undergo a renovation in the next year.
“The Lisner continuing care campus will provide a unique and wonderful location for very low-income seniors to live from independent living to assisted living to nursing care, and provides a well recognized, five-star-rated level of care,” Vicki Davis, managing partner at Urban Atlantic, told Commercial Observer.
The project is being financed through DC Department of Housing and Community Development’s Housing Production Trust Fund, federal and state low-income housing tax credits, and District of Columbia Housing Finance Administration bonds.
Boston Financial Investment Management and Rise Impact Capital provided equity investment, and Capital One Community Finance, Cedar Rapids Bank & Trust, and DC Green Bank provided debt financing.
The 93 one-bedroom units, designed by the architectural firm Wiencek + Associates, include 41 units priced for people earning 50 percent of median family income (MFI), or $53,250 for a one-person household. Fifty-two units will be for seniors with incomes below 30 percent of MFI, or a maximum annual income of $31,950.
Each unit will have a washer and dryer, center island, microwave and walk-in closet.
“The Lisner home has a proud history of serving seniors in the Friendship Heights area,” Davis said. “It is important for seniors to be in a walkable community, close to shopping, transit and amenities.”
The site is across the street from parks, churches, the Friendship Heights Metro station, and shops along Western and Wisconsin avenues.
“The new affordable senior living apartments, along with the renovation of the 1940s assisted living building, will transform the lives of the seniors we serve for generations to come,” L. Ward Orem, CEO of the Lisner-Louise-Dickson-Hurt Home, said in a prepared statement.
Keith Loria can be reached at Kloria@commercialobserver.com.