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Jair Lynch, Nuveen and Amazon Acquire DC Community to Ensure 99 Years of Affordability
Jair Lynch Real Estate Partners and Nuveen Real Estate have preserved of 312 units of affordable housing through the acquisition of the Carver Terrace in Washington, DC. The residential community’s proximity to the gentrifying H Street Corridor places it at risk of market-rate redevelopment.
The acquisition is supported in part by the Amazon Housing Equity Fund, whose acquisition and gap financing commitment ensures the preservation of the property’s affordability for 99 years
The acquisition also allows Jair Lynch and Nuveen to preserve the affordability of a property nearing the end of its long-term LIHTC compliance period. As an additional level of affordability protection, Jair Lynch intends to do a LIHTC re-syndication next year which will extend the compliance period and continue to restrict rents at the property to 60% AMI for 100% of the units.
Berkadia served as the seller’s broker, while Klein Hornig served as transaction counsel for the purchaser.
- ◦Sale/Acquisition
