BWE, a national commercial and multifamily mortgage banking company, today announced the closing of a $54,790,000 bond purchase to finance the substantial renovation and preservation of Edgewood 611 and Edgewood Gardens, two affordable housing properties that previously operated under separate ownership entities in Washington, DC.
Victor Agusta, Jr., Executive Vice President in BWE's Raleigh, NC, office, originated the private placement bond on behalf of Enterprise Community Development.
"Preserving existing affordable housing is a critical aspect of solving our country’s housing crisis, especially in Washington, DC. We’re proud to work with our partners at Enterprise Community Development to bring financing to these properties to ensure they remain safe and affordable for low-income families," said Agusta. "We will continue to work with developers across the District to increase and preserve the city’s affordable housing supply.”
Located within Enterprise Community Development’s larger Edgewood Commons campus, the 11-story Edgewood 611 Apartments contains 258 units, while Edgewood Gardens comprises three buildings with 42 total apartments. These communities have access to shared community centers and other common area amenities such as walking trails, playgrounds, and more. The newly renovated properties are located just a short walk from the Rhode Island Avenue Metro station, giving residents easy access to other parts of Washington.
The syndication of Edgewood 611 and Edgewood Gardens will legally combine both properties under one new LIHTC partnership entity. At stabilization, a portion of the $54,790,000 bond purchase will be redeemed, while the remaining $30,490,000 worth of tax-exempt bonds will remain outstanding for a term of 16 years. The property will benefit from a tax abatement through the District of Columbia, and there is a ground lease in place owned by the District of Columbia Housing Authority.