Urban Atlantic Development Closes on Financing for Construction of 93 Units of Affordable Assisted Living in Upper Northwest Washington, DC
Lisner-Louise-Dickson-Hurt Home Expands Capacity and Affordable Housing Options in DC’s Ward 3 in Partnership with DC Government and Developer Urban Atlantic
Exterior of Existing Lisner-Louise-Dickson-Hurt Home, Photo Courtesy of Urban Atlantic
(Washington, DC—September 18, 2023) – Urban Atlantic Development announced today that they have closed on $69 million of financing to build 93 units of affordable, independent living senior housing on the Lisner-Louise-Dickson-Hurt Home’s (LLDH) existing beautiful campus located directly in the heart of Ward 3’s Friendship Heights neighborhood. The site is across the street from parks, churches, the Friendship Heights Metro Station, and shopping along Western and Wisconsin Avenues.
This 93-unit affordable seniors housing is the first affordable housing of its kind in its surrounding neighborhood and is warmly welcomed and strongly supported by its neighbors, Advisory Neighborhood Commission, its community, and Ward 3 Councilmember Matt Frumin. This development will allow the LLDHH to provide services to an even larger segment of vulnerable seniors within the community, and make it possible for residents to move between housing environments as their needs change, assuring a continuity of care while remaining in one community.
The project is financed through DC Department of Housing and Community Development (DHCD)'s Housing Production Trust Fund, Federal and State Low-Income Housing Tax Credits, and District of Columbia Housing Finance Administration (DCHFA) bonds. Boston Financial Investment Management and Rise Impact Capital provided equity investment, and Capital One Community Finance, and Cedar Rapids Bank & Trust, and DC Green Bank provided debt financing.
The 93 one-bedroom units include 41 units at 50% of MFI, or residents with an income of $53,250 for a one-person household, and 52 units at 0-30% MFI, or residents with a maximum annual income of $31,950, and were designed by Wiencek and Associates Architects.
“We are thrilled that our dream of a continuing care community for the city’s most vulnerable seniors will soon become a reality,” said L. Ward Orem, CEO of the Lisner-Louise-Dickson-Hurt Home. “The new affordable senior living apartments, along with the renovation of the 1940’s assisted living building, will transform the lives of the seniors we serve for generations to come. We are grateful to our development partner Urban Atlantic Development and our financing partners DHCD, DCHFA, private finance partners, and donors, our community neighbors, volunteers, and partners and all our supporters who have helped us get the new affordable housing independent senior living facility to this historic point. As well, we continue to be grateful to those who are or will actively provide financial support necessary to meet the full cost of the assisted living building renovation via our capital campaign.”
Exterior of new affordable assisted living, Rendering Courtesy Wiencek and Associates Architects
With convenient access to Metro, restaurants and shopping, the new building will feature common areas with a computer center, salon, hobby room, fitness center, outdoor patio areas and extensively landscaped grounds designed to mesh with the surrounding bucolic neighborhood. Each unit will have a washer and dryer, center island, microwave, and spacious walk-in closet.
Consistently recognized as one of the “Best Nursing Homes'' in the Country by US News and World Report and receiving the highest rating from the Federal Centers for Medicaid and Medicare, the Lisner Louise Dickson Hurt Home offers one of a very few affordable housing options for low- and moderate-income seniors in the District for more than 80 years. LLDHH is known for excellent care for residents, strong bonds with its neighbors and surrounding community, who volunteer and provide financial support, and a caring and stable workforce.
“Urban Atlantic is honored to serve as the development partner with this extraordinary Lisner team. We are particularly gratified by the embrace of this project by LLDHH’s neighbors who are setting a national precedent of support for affordable housing in their community,” said Vicki Davis, Managing Partner at Urban Atlantic.
About the Lisner-Louise-Dickson-Hurt Home
The mission of the Lisner-Louise-Dickson-Hurt Home is to provide extraordinary health and life care services to low- and modest-income seniors of the District of Columbia, empowering them to live their lives to the fullest. The Home is one of the oldest, continuous-serving long term care facilities in Washington, DC, and has been in operation for more than 80 years. Our commitment to providing superior care for some of the most at-risk individuals of the nation’s capital and our delivery of such care every single day marks us as an institution which brings a legacy of service to at-risk senior citizens of DC which is perhaps unparalleled. The Home is licensed by the District of Columbia as an assisted living residence (ALR) and a skilled nursing facility (SNF) and is recognized as a 501(c)(3) public charity by the Internal Revenue Service. Visit www.lldhhome.org for more information. Visit www.lldhhome.org for more information.
About Urban Atlantic
Since its founding in 1998, Urban Atlantic has established a strong track record of successfully investing and developing in inclusive, large-scale, mixed-income TOD communities exceeding 10,000 residential units and three million square-feet of commercial. Headquartered in the Washington metro area, the firm’s portfolio includes over $3 billion in completed real estate developments. Additionally, Urban Atlantic’s third-party investments have leveraged over $2 billion in real estate developments and operating businesses in emerging markets. Visit www.urban-atlantic.com for more information.