Washington Housing Conservancy Secures DC Community for $72M

The nonprofit Washington Housing Conservancy has acquired the Loree Grande at Union Place Apartments, a 212-unit community located at 250 K Street NE in Washington, DC, for $71.5 million.

Eagle Bank provided first mortgage financing; Amazon Housing Equity Fund provided subordinate financing, and the Washington Housing Initiative Impact Pool provided mezzanine financing for the acquisition. Arnold & Porter provided pro bono legal counsel to Washington Housing Conservancy on the transaction.

In partnership with the Amazon Housing Equity Fund and the Washington Housing Initiative Impact Pool, an investment vehicle managed by DC-area developer JBG SMITH that provides financing for the preservation and creation of affordable workforce housing in the region, the acquisition enables Washington Housing Conservancy to stabilize rents for moderate income workers and their families who would be at risk of displacement in a highly competitive housing market.

Washington Housing Conservancy will preserve Loree Grand’s existing 30 Inclusionary Zoning units for 99 years, create an additional 129 affordable units for residents earning 80% of AMI or less, and offer remaining 53 units at market rate.

The 10-story, 195,000-square-foot Loree Grand is walking distance of Union Station, Capitol Hill and the Smithsonian Museums. An early childcare and preschool center recently opened nearby.