Enterprise Starts $121 MM Preservation Project of Edgewood 611 and 400 block of Edgewood Gardens
Enterprise Community Development, Inc. has successfully closed on the acquisition and financing of Edgewood 611 Apartments and three adjacent buildings on the Edgewood Commons campus in Northeast Washington, D.C. To help preserve well-designed affordable homes for current and future residents, Enterprise will extend the period of affordability of these apartments for households earning 80% or less of the area median income (AMI) using 4% Low-Income Housing Tax Credits (LIHTC).
Built in 1973, and under the ownership of Enterprise Community Development since 2001, Edgewood 611 Apartments, located at 611 Edgewood Street, NE, Washington, DC 20017, is an 11-story high-rise building comprised of 197 one-bedroom and 61 two-bedroom apartments. The 42 two-bedroom apartments located at 401, 415 and 425 Edgewood Street, NE, Washington, DC 20017, are part of Edgewood Gardens and have been owned by Enterprise Community Development since 1999.
“This preservation effort aligns well with Enterprise’s mission to make home and community places of pride, power and belonging. We are committed to preserving Edgewood 611 and Edgewood Gardens as affordable communities to ensure those who have called Edgewood Commons home can continue to do so. These 300 renovated apartments will be leased to current and future residents at affordable rents in an area of Washington, DC that is rapidly changing and becoming more difficult to find quality affordable housing,” said Christine Madigan, Interim President, Enterprise Community Development.
Enterprise Community Development will make significant renovations to Edgewood 611/Edgewood Gardens and its 300 apartments. Exterior upgrades include new windows and balcony sliding doors and new paint. Edgewood 611 common areas will receive new hallway flooring and lighting, elevator modernization, HVAC upgrades, and a new building sprinkler system. Apartment interior renovations across all buildings include upgraded kitchens, new lighting, and new flooring, toilets, vanities and vanity tops in the bathrooms. Energy efficiency improvements include new HVAC units which give each resident control over temperatures in their own apartment, low flow plumbing fixtures and new light fixtures. The preservation development will meet Enterprise Green Communities standards and, through the installation of stormwater management measures, will achieve the District’s Green Area Ratio (GAR) requirement. In 2019, solar panels were installed on all buildings.
Located in Ward 5, Edgewood 611/Gardens enjoys a prime location adjacent to the Metropolitan Branch Trail and the new pedestrian bridge, providing residents with direct access to the Rhode Island Avenue metro station, as well as nearby shopping centers, restaurants and other public amenities.
“Enterprise is one of DCHFA’s longstanding and valuable partners in providing affordable housing,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. “The agency’s investment in the rehabilitation of Edgewood 611 Apartments and Edgewood Gardens is an investment that ensures that the current and future residents will have beautiful and healthy housing at rates that are aligned with their incomes.”
The total development cost for Edgewood 611 and Gardens is $121 million. Financing comes from tax-exempt bonds and 4% LIHTC equity from Capital One that was syndicated through Enterprise Housing Credit Investments, DC LIHTC equity issued through DCHFA and a taxable construction equity bridge loan from Capital One. Monarch Capital is selling a portion of the DC LIHTC Credits and Bellwether Enterprise placed the first mortgage with ARC-70 Capital. The permanent financing also includes a seller loan and deferred developer fee.
“Capital One is pleased to provide financing that enables the long-term affordability and preservation of the Edgewood community through our construction equity bridge loan and federal and state LIHTC investments,” said Ed Delany, Senior Capital Officer for the Mid-Atlantic at Capital One. “This successful rehabilitation for Enterprise Community Development represents our commitment to supporting community development opportunities in the D.C. region.”
Harkins Builders will serve as the general contractor and Miner + Feinstein Architects as the project architects.
Enterprise Community Development is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic and is an affiliate of Enterprise Community Partners. We specialize in high-impact residential development, preservation, property management and resident services for more than 23,000 people who call our communities home. Our $1.3 billion portfolio includes 114 communities and 13,000 homes, positioning us as one of the top six nonprofit owners of affordable housing in the United States. Our mission is to uplift residents and communities. More than 20 percent of our revenues are reinvested in programs and services to advance our residents’ social, educational, financial and physical well-being. For more information, visit www.enterprisecommunitydevelopment.org.
