Berkadia Secures $37.8M in Financing for Affordable Housing Community in Washington, D.C.
Philadelphia, PA – October 4, 2023 – Berkadia Affordable Housing announced today the closing of a $37.8 million Low-Income Housing Tax Credit (LIHTC) investment that will facilitate the new construction of Northwest One Phase II, a mid-rise multifamily property in Washington, D.C. Financing for the project will include proceeds from 4 percent Low-Income Housing Tax Credits.
“Berkadia is thrilled to partner with the development team on this phased development in an area in need of more affordable housing options. We appreciate the trust the development team has shown in allowing Berkadia to provide equity financing,” said Managing Director Chris McGraw of Berkadia Affordable Housing.
Northwest One Phase II will consist of 212 units, accommodating family households with a mix of studio, one-, two-, three-, and four-bedroom units at Area Median Income (AMI) levels ranging from 30 percent to 60 percent. 11 of the units will be set aside for tenants that were once homeless and continue to be at imminent risk of becoming homeless, including persons with disabilities. Residents will enjoy amenities such as a business center, clubhouse, fitness center, laundry room, and game room. The property is being developed by a joint venture of MRP Realty, CSG Urban Partners, and Taylor Adams Associates.
“As a Washington D.C. based development team, we are keenly aware of the history of this development site and the need for more affordable housing options in the District. We are proud to work with members of the community, DMPED, and DCHA to achieve the goals of DMPED’s New Communities Initiative to re-vitalize the neighborhood and deliver much needed affordable housing units,” said Matthew Robinson, Principal, MRP Realty.
With a more than $1 billion LIHTC equity portfolio, Berkadia’s LIHTC syndication team has helped finance the development of more than 9,800 units of affordable housing across more than 100 properties. In 2022, Berkadia had over $5.2 billion in affordable housing transaction volume across its three business lines comprised of mortgage banking, investment sales, and tax credit syndication.