Walter Reed Project Secures $ 20 Million Affordable Assisted Apartment Loan – Business Watcher

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A joint venture between Urban atlantic, Housing up, and Triden Development Group received $ 20 million in funding to develop an affordable assisted living apartment project of 54 units in Parks in Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center in Washington, DC

The financing will be provided by a loan from the Trust Fund for the production of housing by the Districts Department of Housing and Community Development, the net value of the low-rental housing tax credit Capital R4, and a construction loan of Cedar Rapids Bank & Trust.

The property will include 54 furnished apartments for people aged 62 and over, whose incomes are less than 30 percent of the area’s median income. In addition, privacy support services will be provided to tenants as part of Medicaid’s EPD Waiver program.

“The need for affordable assisted living for seniors in Washington is great because it is almost non-existent in Washington, DC,” Caroline kenney, Told Commercial Observer the general manager of Urban Atlantic of public-private companies. “To our knowledge, only one small facility exists today, with another under construction.”

Priority for assisted living units to be created within Abrams Hall will be given to applicants who will be served through the District’s Coordinated Assessment and Housing Placement Program for households living or at risk of living in the area. roaming.

“Bringing 54 furnished and equipped apartments with services to low-income seniors is an investment to support the most important members of our community – our seniors,” John falcicchio, DC’s deputy mayor for planning and economic development, said in prepared remarks. “Today represents the final step in our efforts to build a diverse and vibrant community along Georgia Avenue, and brings us closer to the completion of 36,000 new housing units by 2025, including 12,000 affordable housing units across the region. eight quarters. ”

The assisted living project is part of the redevelopment of Abrams Hall, the former barracks on the campus of the Walter Reed Army Medical Center. Last year, Urban Atlantic and Triden teamed up with Hines and Bridge investment group at The Hartley, a 323-unit mixed-use luxury development in Walter Reed Parks. Other sections of Abrams Hall were redeveloped into 77 units to house homeless veterans and 80 units for the elderly.

“Parks prioritize inclusiveness at all levels, including based on age, income, background, and racial identification,” Kenney said. “The more than 2,200 new housing units to be developed in the community include both rental and rental units, apartments, condominiums and townhouses, and will serve seniors, families and individuals at 0%, 30 %, 50% and 80% AMI, as well as the market rate. In addition, 20% of all units will be affordable. “

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