Neighborhood Development Company – Bowen Road

This development will bring brand new, mixed income units to downtown Anacostia.

October, 2015

Total Development cost – $1.5 Million

Washington, D.C. – Audubon Enterprises was engaged by Neighborhood Development Company LLC (“NDC”) to serve as the exclusive financial advisor to its ground-up 4% LIHTC development at 2620 Bowen Road SE. This development will bring 41 mixed income units to a previously unused parcel of land in the Anacostia neighborhood of Southeast Washington, DC. The project was awarded DHCD funding in the 2013 NOFA Application round. Audubon lead the financing effort for the transaction by procuring competitive bids for LIHTC equity and debt financing, interfacing with DHCD and DC HFA , and by coordinating all parties to a smooth closing in December 2015.

In addition to sourcing advantageous terms from the transaction’s equity investor (Boston Financial Investment Management) and bond purchaser (Citi Community Capital), Audubon also improved the transaction by the following metrics during the engagement:

• $1.5 Million increase in DHCD gap funding (HOME Investment Partnership Program)
• $400,000 increase in other subordinate “gap” funding from Citi’s Catalyst Loan Program
• 24% increase in total developer fee to NDC
• 30% decrease in deferred developer fee to NDC

The unit mix includes one, two, and three bedroom units all constrained at 45% or 55% of the Area Median Income for at least fifty years pursuant to a DHCD LURA which was recorded at closing. Other development team members included Hamel Builders Inc., EDG Architects LLC, and Residential One LLC (previously Equity Management), and Montage Development Group. Project amenities include a sub-grade parking garage, in-unit washer/dryers, a community room, a management office, and an outdoor garden area.

 

[1] DC Department of Housing and Community Development

[1] Notice of Funding Availability

[1] DC Housing Finance Agency (bond issuer)

[1] Land Use Restriction Agreement

 

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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