Four Points LLC – Progression Place

Four Points LLC secured $23 Million of New Market Tax Credit allocation for $150 Million Mixed-Use Development over 320,000 GSF of office space, storefront retail, apartments and below-grade parking.

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Progression Place (NMTC component – $25 Million)

NMTC Closing – July 2011

Sponsor – The Four Points LLC (Formerly the West Group)

Washington, D.C. – Audubon Enterprises principals were instrumental in financing the development of the Northeast corner of the Headquarters for the United Negro College Fund (UNCF) using a combined $18,000,000 NMTC allocation from two local CDE’s[1]. The project is located directly above the Shaw-Howard University Metrorail and is a mixed-use, transit-oriented development with approximately 320,000 GSF of office space, storefront retail, apartments and below-grade parking. The project is located in Ward 1 and was included in the Planned Unit Development (PUD) application which was approved by the Zoning Commission in November 2008.

The office component of the project is owned by Four Points and UNCF which each occupy a portion of this space as their headquarters. The storefront retail space is fully leased to local restaurant tenants and also includes the UNCF College of Knowledge Center which is a resource center for local residents and visitors of the District. The 204 residential apartments are mixed-income, of which 51 are set aside for families earning 30%-120% AMI[2] and the final component includes a below-grade garage which provides the required parking for the facility users, the general public and Howard Theatre.

Audubon principals assisted in securing $23,000,000 in non-traditional capital to help close the financing for this $150,000,000 development. $13,000,000 of New Markets Tax Credits (NMTC) Allocation was provided by the District of Columbia Housing Authority’s (DCHA) subsidiary entity DCHE[3] and was crucial to securing all funding sources needed to close this inspiring development as was the $5,000,000 allocation provided by Mid City Urban CDE ($18,000,000 total NMTC allocation secured). NMTC’s were sold to US Banc Corp.

This LEED Silver project brings numerous community benefits including DCHA job set asides and a $100,000 contribution to job training program for DCHA residents. The developer also agreed to fund a $250,000 scholarship for Shaw high School Students to attend the Howard University School of Business.

[1] Community Development Entities

[2] Area Median Income

[3] DC Housing Enterprises

 

To learn more about how Audubon Enterprises strategically financed this project, email info@audubonenterprises.com or fill out the form below and a member of our team will contact you within 24 hours.

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