The Solstice – 3534 East Capitol Street, NE, Washington, DC
MidAtlantic Realty Partners LLC and Taylor Adams Associates
Total Development Cost – $45,400,000
Construction and Permanent Financing Closed November, 2017
MidAtlantic Realty Partners LLC (“MRP”) and Taylor Adams Associates selected Audubon Enterprises to source $45,400,000 in financing for their ground-up 4% LIHTC development known as The Solstice at 3534 East Capitol Street NE in Washington, DC. This development will create 137 affordable, mixed income units and 2,272 square feet of retail space at the intersection of East Capitol Street and Minnesota Avenue, just east of the Whitney Young Memorial Bridge and Robert F Kennedy Stadium. A second phase for the property that proposes 95 additional affordable housing units is currently in predevelopment.
The project was selected for an allocation of competitive funding by the DC Department of Housing and Community Development’s (DHCD) Notice of Funding Availability (NOFA) in 2016. Audubon led the financing effort for the transaction by procuring competitive bids for LIHTC equity and debt financing, interfacing with DHCD and the DC Housing Finance Agency, and by coordinating all parties to a smooth closing in November 2017.Despite the financial market turbulence following the presidential election and subsequent tax cuts, Audubon and it partners persevered on the path to the closing the $45.4 million transaction.
The unit mix includes one, two, and three-bedroom units all constrained at 30% or 50% of the Area Median Income for at least forty years pursuant to a DHCD covenant which was recorded at closing. The 30% AMI units are Permanent Supportive Housing units with services provided by Community Connections. Community Connections will provide services such as assistance with daily living necessities (cooking, cleaning, laundry, personal hygiene), healthcare assistance, budgeting skill training, connection to employment services, and social connectedness.
Other development team members included McCullough Construction, Blue Skye Construction, KTGY Architects, and Kettler Management. The development’s common amenities include a business center, a multipurpose club room, an office for PSH service administration, and a fitness center. In-unit amenities include carpeting, ample storage including walk-in closets, and EnergyStar appliances. There is also a below-grade parking deck with 75 spaces.