1100 Eastern Avenue NE
Total Development Cost – $31.3M
Construction and Permanent Financing Closed February 2020
Audubon Enterprises was engaged by Neighborhood Development Company (NDC) to lead the financing processes for their ground-up, mixed-used development located at 1100 Eastern Avenue NE. The development will consist of 63 units and will be made up of a variety of studios, one, two, three, and four-bedroom units. All the units are to be affordable to households who earn up to 50% of the metropolitan area median income (AMI), and 13 units will be Permanent Supportive Housing (PSH) units reserved at 30% AMI. The 13 PSH units will benefit from project based rental assistance through the Local Rent Supplement Program, which is administered by the District of Columbia Housing Authority. Additionally, these units will have services provided by Community Connections, a local nonprofit organization.
In addition to the residential units, there is approximately 4,000 square feet of retail space planned on the ground floor of the building. There are also two open-air courtyards that will provide natural light and well-manicured seating areas for residents to enjoy the outdoors. .
The building was divided into separate air rights parcels in order to legally separate the residential and retail components of the building. This was necessary due to restrictions associated with the use of Housing Production Trust Fund (HPTF) allocations on non-residential uses. The residential transaction was financed with tax-exempt bonds issued by the District of Columbia Housing Finance Agency (DCHFA), 4% LIHTC equity, an HPTF loan from the DC Department of Housing and Community Development (DHCD), and deferred developer fees. The retail transaction was funded using senior debt from Eagle Bank and developer equity.
The development will be environmentally friendly, as it is registered to comply with Enterprise Green Communities’ 2015 standards. The project achieves 82 points on the Intended Methods Checklist which is substantially higher than the minimum compliance requirement of 35 points for new construction projects. Some of the green features include Energy Star appliances, water-efficient fixtures, and high-efficacy lighting. Additionally, the site is within walking distance of bus and metro stations, which provides tenants with a reliable form of transportation to access both employment and recreation opportunities.
Other development team members included Hamel Builders, Residential One, and MOS Architects.