As communities across the United States contend with a shortage of affordable housing, Washington, D.C. is among one of the metro areas experiencing affordability impacts. Thanks to a recent development, some of the city’s residents will soon have access to affordable apartments in one of its most sought-after neighborhoods.
Park Regent is a historic apartment building located in the Mount Pleasant area in the Upper Northwest area of Washington. Construction is currently underway to renovate and convert the building, originally built in 1909, into one-, two-, three-, and four-bedroom apartment units. Once complete, the project will support 105 residential units, including 10 large family-style layouts. All units will be affordable to households with incomes at 60% and 80% of AMI for 99 years. American Housing will provide households with Housing Choice Vouchers (HCVs) for most of the 60% AMI units, enabling the project to serve lower-income households. Residents will be able to benefit from the area’s walkable access to public parks, grocery stores, public schools, restaurants, and nightlife.
The development came to fruition through a collaboration between PNC Multifamily Capital and American Housing, a real estate development firm specializing in workforce, affordable, and market-rate transit-oriented development in Northwest Washington, D.C. It’s the latest development in a long relationship between the two entities, which share a common goal, according to Trevor Tolbert, senior originator with PNC Multifamily Capital. “American Housing’s mission aligns perfectly with one of our paramount goals in PNC Multifamily Capital, which is to make a difference in the communities where we live and work by investing in providing access to affordable housing,” said Tolbert.
The project is the largest transaction PNC has done directly with American Housing thus far, and it was accomplished in part through Freddie Mac Non-LIHTC (Low-Income Housing Tax Credit) Forward financing, which helps preserve and create affordable housing stock through flexible transaction structuring. PNC will provide permanent financing once the rehabilitation is complete and the project has been stabilized.
Brilliant Begins Here
PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, seniors housing and conventional products. Each year, PNC Multifamily Capital finances or invests in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more, or contact your relationship manager.
