The renovation of a multifamily housing community in Washington, D.C., has received key financing, announced officials.
TD Bank is providing a $28 million loan to Dantes Partners, the Delta Housing Corporation of D.C. (DHCDC), and Gilbane Development Co. to rehabilitate the 10-story Delta Towers.
Initially constructed in 1979 as an affordable senior housing facility, the property will be renovated into 166 units of workforce housing and amenities, targeting young professionals, police officers, teachers, and others. Half of the units will be reserved for households earning no more than 80% of the area median income.
Hugh Franklin, senior relationship manager at TD Bank, helped secure the financing.
The overall development cost for the Delta Towers renovation is $39 million. TD Bank is the source of construction financing. A $28 million Freddie Mac permanent loan will be funded at completion to repay the construction loan. Walker & Dunlop secured this permanent financing.
The closing represents the second project at the site led by the partners.
The recently completed first project—Fortitude at Delta Towers—consists of 179 units of affordable housing for seniors with many of the residents relocating there from the original Delta Towers facility, according to officials.
"Delta Towers was the first affordable housing building for seniors in the H Street renewal area after the devastating 1968 riots and was, at the time, the first and only building of its kind developed by a group of Black women," said Trinette Smith-Campbell, president of DHCDC, a nonprofit established in 1977 to provide affordable housing. "The DHCDC has long maintained a trailblazing presence in the Trinidad community of D.C., and we are excited for the site's next chapter to begin."
“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 significant intersection," added Buwa Binitie, CEO of Dantes Partners.
