Hilltop Apartments – 908 Eastern Avenue NE

Predevelopment Loan Closed March, 2017
DHCD TOPA Acquisition/Critical Repair Loan Closed September, 2017
Construction and Permanent Financing Closed December, 2017


Total Development Cost – $27,450,000

Audubon Enterprises was engaged by WinnDevelopment (Winn) to serve as the exclusive financial
advisor to its Tenant Opportunity to Purchase Act (TOPA) acquisition and 4% LIHTC rehabilitation
project called Hilltop Apartments at 908 Eastern Avenue NE in Washington, DC.

This previously market-rate community was put up for sale by its previous owner and the Tenant Association exercised its TOPA rights and assigned them to Winn after a competitive process. Audubon and Winn worked in
conjunction to plan and execute the financial structure which included three separate closings, with the
ultimate rehabilitation and permanent financing closing in December, 2017.

Major rehab began shortly after closing and included numerous in-unit upgrades to the interiors and a
new patio area with tables and benches was added on site. A substantial overhaul of the property’s
security system was performed, new exterior fencing was installed, and a new community sign was

The fully renovated community will feature long term set asides for units at 60% and 80% of the Area
Median Income (AMI) as well as some market rate units. The project was awarded funding from the
DC Department of Housing and Community Development (DHCD) in January, 2017 through the
rolling, competitive TOPA Acquisition/Critical Repairs application process. Audubon led the financing
effort by coordinating the private capital market funding sources with local agencies including DHCD
and DC Housing Finance Agency (DC HFA) across three separate closings from March to December
2017. The long-term debt was provided through a Fannie Mae MBS as Tax Exempt Bond (M.TEB)

Other development team members included Keith Construction, The Architectural Team, and Winn
Management Company.