The renovation of a multi-family housing community in Washington, DC, has received key funding, officials said.
TD Bank is providing a $28 million loan to Dantes Partners, Delta Housing Corporation of DC (DHCDC) and Gilbane Development Co. to rehabilitate the 10-story Delta Towers.
Originally built in 1979 as affordable seniors housing, the property will be renovated into 166 workforce and amenities housing units, targeting young professionals, police officers, teachers and others. Half of the housing will be reserved for households whose income does not exceed 80% of the median income of the territory.
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 financing source for the construction. A permanent Freddie Mac loan of $28 million will be funded upon completion to repay the construction loan. Walker & Dunlop secured this permanent funding.
The fence represents the second project on the site carried out by the partners.
The recently completed first project, Fortitude at Delta Towers, consists of 179 units of affordable seniors housing, with many residents moving there from the original Delta Towers facility, officials said.
“Delta Towers was the first affordable seniors’ housing building in the H Street Renewal Area after the devastating riots of 1968 and was, at the time, the first and only such building developed by a group black women,” said Trinette Smith-Campbell, president of DHCDC, a nonprofit organization established in 1977 to provide affordable housing. “The DHCDC has long maintained a pioneering presence in the Trinidad community in DC, and we are excited to have the next chapter of the site begin.”
“This self-reliant housing development has been a highly visible institution in the district, and through our continued partnership with TD Bank, we can begin the next phase of our comprehensive plan to revitalize this important intersection,” Buwa added. Binitie, CEO of Dantès Partners.