Funding secured for Washington, DC renovation development| Magazine housing finance

0
After serving as senior housing, the Delta Towers will be converted into blue-collar housing.

The renovation of an apartment building in Washington, DC has received key funding, officials said.

TD Bank is providing a $28 million loan to Dantes Partners, Delta Housing Corporation of DC (DHCDC) and Gilbane Development Co. to redevelop the 10-story Delta Towers.

Originally constructed in 1979 as affordable senior housing, the property is being redeveloped into 166 worker housing units and facilities catering to young professionals, police officers, teachers and others. Half of the units will be reserved for households earning no more than 80% of the area’s median income.

Hugh Franklin, senior relationship manager at TD Bank, helped secure the funding.

The total development cost for the Delta Towers renovation is $39 million. TD Bank is the source of mortgage lending. A $28 million Freddie Mac loan will be funded upon completion to repay the construction loan. Walker & Dunlop secured this permanent financing.

The completion is the second project at the site led by the partners.

The recently completed first project — Fortitude at Delta Towers — consists of 179 affordable housing units for seniors, with many of the residents moving there from the Delta Towers’ original facility, officials said.

“Delta Towers was the first affordable senior housing development in the H Street regeneration area after the devastating 1968 riots and was, at the time, the first and only building of its kind to be developed by a group of black women,” said Trinette Smith. Campbell, President of DHCDC, a non-profit organization founded in 1977 to provide affordable housing. “DHCDC has long had a pioneering presence in DC’s Trinidadian community, and we look forward to the next chapter of the site beginning.”

“This independent housing development has been a very visible institution in the district and our continued partnership with TD Bank allows us to begin the next phase of our overall plan for the revitalization of this significant crossroads,” added Buwa Binitie, CEO of Dantes Partners.

Share.

Comments are closed.