The renovation of a multifamily housing community in Washington, DC, has received key funding, officials announced.
TD Bank offers a $ 28 million loan to Dantes Partners, Delta Housing Corporation of DC (DHCDC) and Gilbane Development Co. to rehabilitate the 10-story Delta Towers.
Initially built in 1979 as affordable housing for the elderly, the property will be renovated into 166 housing units and services for the workforce, aimed at young professionals, police officers, teachers and others. Half of the units will be reserved for households that do not earn more than 80% of the average income in the area.
Hugh Franklin, senior relations director at TD Bank, helped secure the financing.
The total development cost of the Delta Towers renovation is $ 39 million. TD Bank is the source of financing for construction. Upon completion, a $ 28 million Freddie Mac permanent loan will be funded to pay off the construction loan. Walker & Dunlop secured this permanent funding.
The closure represents the second project on the partner-led site.
The first recently completed project, Fortitude at Delta Towers, consists of 179 affordable housing units for seniors with many of the residents relocating from the original Delta Towers facilities, according to officials.
“Delta Towers was the first affordable housing building for seniors in the H Street renovation area after the devastating riots of 1968 and was, at the time, the first and only building of its kind developed by a group of black women, ”Trinette Smith said. Campbell, president of DHCDC, a non-profit organization established in 1977 to provide affordable housing. “The DHCDC has long maintained a pioneering presence in the DC Trinity community, and we are excited to begin the next chapter of the site.”
“This independent living housing development has been a very visible institution in the district, and thanks to our continued partnership with TD Bank we can begin the next phase of our overall plan for the revitalization of this important intersection,” he added. Buwa Binitie, CEO of Dantes Partners.