VIDA Senior Residences at Brightwood

Ground up construction of 36 units funded with 9% LIHTC.

CS_Image_DMPED

Total Development cost: $8.6 Million

Washington, D.C. – The principals of Audubon Enterprises were instrumental in acquiring, financing, closing, developing and leasing this landmark building located 1330 Missouri Ave NW, which was among the first new construction projects in the Brightwood area in over 25 years. In 2008, VIDA Senior Centers, a local non-profit that has served area seniors for over 45+ years, partnered with Dantes to lead VIDA’s first housing development. Through a competitive process administered by the Deputy Mayor for Planning and Economic Development (DMPED), the development team was successful in securing a 9,000 SF parcel in northwest Washington D.C.

As project managers, Audubon principals were intimately involved in all aspects of the development process. Working with the District, Seller and VIDA, Audubon principals negotiated and executed a long term exclusive option purchase agreement as a way to minimize risk to VIDA. Through an RFP[1] process, the development team carefully selected a first rate architectural and design team to create a unique property that addressed both VIDA’s programmatic and residential needs. Audubon principals were instrumental in crafting and successfully implementing a complex financing strategy that required utilizing six (6) unique capital sources including 9% LIHTC[2] equity via the Section 1602 Exchange Program, an Enterprise Green Communities Grant, McKinney Act Predevelopment Loan, a NIF[3] Grant along with conventional debt (construction and permanent). Ultimately Audubon Principals structured a deal to develop 36 affordable housing units with minimal capital outlay from VIDA. The $8,600,000 development was awarded a competitive allocation of 9% LIHTC’s in August 2009 and received its certificate of occupancy in Fall 2011.

The state of the art building is fully stabilized and houses seniors (age 55+) earning less than 50% of the Area Median Income. The building includes many energy saving features such as 57 LG Photovoltaic Panels, a vegetative roof system, permeable pavers and dual flush toilets. VIDA Senior Centers has leased over 2,000 GSF of programmatic space in the building which was custom designed to provide comprehensive wrap around services to residents and area seniors alike.

[1] Requests for Proposals

[2] Low Income Housing Tax Credits

[3] Neighborhood Investment Fund

 

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.

Send Message