Public-Private Collaboration Closes on $20 Million of Construction Financing for First-of-Its Kind Affordable Assisted Living Apartment Project at the Parks at Walter Reed
Financing paves the way for construction of 54 units for low-income seniors for whom access to assisted living has been non-existent
(Washington, DC April 5, 2021) A joint venture of Urban Atlantic, Housing Up, and Triden Development Group, in partnership with R4, the District Department of Housing and Community Development (DHCD), and the District of Columbia Housing Authority (DCHA), has closed on $20 million of construction financing for a 54-unit project that will be among the first of its kind in the District.
The project will provide 54 furnished apartments to seniors 62+ with incomes below 30% of the Area Median Income (AMI), and will provide them with assisted living services through Medicaid’s EPD Waiver program. Residents will be referred to the project through the District Department of Human Service’s (DHS) Coordinated Entry process, which places individuals experiencing or at risk of experiencing homelessness in permanent supportive housing throughout the District.
“Bringing 54 furnished assisted living apartments to low income seniors is an investment in supporting the most important members of our community – our seniors,” said Deputy Mayor for Planning and Economic Development John Falcicchio. “Today represents the latest step in our effort to build a diverse and vibrant community along Georgia Avenue and brings us closer to achieving 36,000 new housing units by 2025 including 12,000 affordable units spread across all 8 Wards.”
“Urban Atlantic is proud to be part of this groundbreaking project that will provide much-needed assisted living services to low-income seniors in our city. We greatly appreciate the commitment of Mayor Bowser and each of the District agencies involved in making it a reality. Abrams Hall Senior Affordable Assisted Living represents a core value of our company – inclusivity – and further expands the mixed-income, multigenerational community that we and our partners are creating in partnership with the local community at The Parks at Walter Reed,” said Caroline Kenney, Managing Director of Public-Private Ventures at Urban Atlantic.
The closing represents a multi-year collaboration between the development team and several District Agencies, including DHCD, DCHA, Department of Human Services (DHS), Department of Healthcare Finance (DHCF), and Department of Health (DOH). An innovative mix of public and private funding sources, programs and services has been combined to bring assisted living to very low-income seniors for whom access to assisted living facilities has been nearly non-existent.
Financing for the project is being provided by through a Housing Production Trust Fund loan by DHCD, Low Income Housing Tax Credit equity from R4 Capital, a construction loan from Cedar Rapids Bank & Trust, and sponsor equity.
Abrams Hall Senior Assisted Living completes the redevelopment of the larger Abrams Hall, a former Army barracks on The Parks at Walter Reed Campus. Abrams Hall Senior, an 80-unit senior affordable (<50% AMI) project, and HELP USA, a 77-unit project housing formerly homeless veterans, delivered in 2019 and are now fully occupied.
The Parks at Walter Reed is a 66-acre redevelopment of the former Walter Reed Army Medical Center. At full build-out, The Parks will include 3.1 million square feet of mixed-use development and will feature adaptive reuse of existing historic building, new construction and over 20 acres of open space. Learn more at https://theparksdc.com/.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in transformational, large-scale, urban communities. Urban Atlantic focuses on creating vibrant, mixed-use, mixed-income, TOD neighborhoods. Headquartered in the Washington metro area for 20 years, the firm’s portfolio includes over $3 billion in completed real estate developments, creating nearly 9,000 residential units and 1 million square feet of commercial space. Urban Atlantic’s third-party investments have leveraged an additional $3 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.
About Housing Up
Founded in 1990, Housing Up builds thriving communities in Washington, D.C., by developing affordable housing and offering comprehensive support services to homeless and low-income families. Housing Up currently serves more than 800 families and individuals across a continuum of housing that includes permanent supportive housing, rapid re-housing, transitional housing and affordable rental housing in Wards 1, 4, 5 and 7. Housing Up is recognized as a leading nonprofit affordable housing developer in the District of Columbia. Since 2010, Housing Up has developed or preserved 372 units of housing for low-income families, all of whom have incomes below 60% of the area median income (AMI), with an additional 423 units in our development pipeline. Visit housingup.org to learn more.
About Triden Development Group
Triden Development Group was established in 2004 as a local District-based firm and is a master development partner on more than $7 billion of local mixed-use projects. The Triden team has many years of combined experience at the forefront of public-private collaborations addressing economic development challenges in the District of Columbia and major urban centers throughout the nation. Triden provides development, equity investment and advisory services related to infrastructure, retail and community benefits. Triden is a local equity participant and investment development partner in major projects including three of the largest mixed-use projects in the District of Columbia: CityCenterDC, The Wharf and The Parks at Walter Reed.
About R4
R4 Capital is a nationwide syndicator, lender, loan servicer, and asset manager. Founded in 2011, the firm manages more than $5 billion of affordable housing equity and debt investments, including $3.7 billion of LIHTC equity and more than $1.6 billion of tax-exempt debt. R4 Capital’s growing investment portfolio spans 47 U.S. states and territories, and consists of more than 44,000 units of affordable housing. R4 Capital has offices in New York, NY, Boston, MA, Newport Beach, CA, and Austin, TX. Learn more: R4cap.com.
About Cedar Rapids Bank & Trust
Cedar Rapids Bank & Trust was established as a de novo bank in 2001 in Cedar Rapids, IA, and provides full-relationship commercial and consumer banking and trust and asset management services. As of December 31, 2020, Cedar Rapids Bank & Trust reported approximately $1.9 billion in assets, and offers five convenient locations across the greater Cedar Rapids area. CRBT is a wholly-owned subsidiary of QCR Holdings, Inc., a publicly traded $5.6 billion asset bank holding company based in Moline, IL.”
Abrams Hall, on The Parks at Walter Reed campus
Site Aerial, The Parks at Walter Reed, Washington, D.C.