Walker & Dunlop Structures $10M Construction Loan for Hebrew Home Redevelopment
Walker & Dunlop has structured $10.1 million in construction financing for Spring Flats, the redevelopment of a historic property known as The Hebrew Home in Washington D.C.
Located in the Petworth neighborhood of Washington D.C., the 185-unit mixed-income development will cater to mostly seniors and low-income residents. The property was originally built in 1925 and served as a nursing home until 1968, when it was purchased by the District of Columbia.
Rob Rotach of Walker & Dunlop secured the financing with a combination of funding sources, including capital from nine percent and four percent Low Income Housing Tax Credit (LIHTC) equity, loan proceeds from the United States Department of Housing and Urban Development’s (HUD) 231 loan program, as well as cash-collateralized tax-exempt bond proceeds and subordinate debt from the DC Department of Housing and Community Development. Financing terms included a 40-year, fixed rate loan for the property co-developers, Victory Housing, Brinshore Development, and Banc of America CDC.
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