MM Property, LLC – Mayfair Mansions III
MM Property, LLC utilized both short and long term tax exempt bonds (via the New Issue Bond Program), Low Income Housing Tax Credit Equity, Historic Tax Credit Equity, and a Housing Production Trust Fund Note to fund this $33 million renovation.
Total Development cost – $33 Million
Washington, D.C. – MM Property LLC purchased this 160 unit multifamily property in July 2010. Audubon Enterprises principals were instrumental in finalizing the acquisition (via a foreclosure auction), during which Dantes Partners purchased a 25% ownership interest in MM Property LLC.
The development team has completed its renovation of the entire property by investing over $87,000 per unit in hard construction costs. Our team completed all requisite 3rd party due diligence, negotiated and executed a new property management agreement, negotiated a detailed development and temporary relocation agreement with the tenant association and finalized the construction and permanent financing for the major rehabilitation which began in November 2011.
The exhaustive renovation to preserve this historic property included repairing the parking areas, curb and gutter, concrete and sidewalks; new landscaping on the site; adding site and building entrance cameras and security system; supplying a new gate system; replacing all windows and exterior doors; installing individual washer/dryer units in each apartment; replacing all interior lighting; installing new toilet, bath accessories, sinks, tubs, faucets, cabinets and mirrors in each bathroom; new hardwood parquet floor and carpeting; painting of all apartments; all new kitchen cabinets and appliances.
Financing: This $33,500,000 transaction utilizes both short and long term tax exempt bonds, Low Income Housing Tax Credit Equity, Historic Tax Credit Equity, and a Housing Production Trust Fund Note which was assumed by MM Property LLC.
This five (5) building multifamily development was rehabilitated in three phases to minimize the disruption to tenants which were temporarily relocated throughout the 12 month construction period. This new mixed income community provides 160 newly renovated units which are made affordable to families earning below 60% of the Area Median Income.