Location: 2001 15th Street NW
Target Area: MidCity
Cost: $43 million
Size: 171 units
JAIR LYNCH partnered with the Paul Laurence Dunbar Residents Association, Inc. (“PLDRA”), a non-profit, to purchase The Paul Laurence Dunbar Apartments, a 171-unit senior citizen rental housing community located at 2001 15th Street NW. PLDRA exercised its rights under the District of Columbia Tenant Opportunity to Purchase Act (TOPA) after the prior owner notified tenants of its intent to sell the property.
JAIR LYNCH structured a complex package of debt and equity totaling $43.3 Million to facilitate the rehabilitation of the property. The new financing package includes Housing Revenue Bonds insured by the U.S. Department of Housing and Urban Development through the Federal Housing Administration’s 221(d)(4) mortgage insurance program. The tax-exempt bonds were issued by the DC Housing Finance Agency as part of the U.S. Treasury Department’s New Issue Bond Program (‘NIBP’). The NIBP program was implemented under the Housing and Economic Recovery Act of 2008. The debt package also includes taxable GNMA mortgage backed securities.
PNC Real Estate provided equity in the form of Low Income Housing Tax Credits (LIHTC), which was bridged by Enterprise Community Loan Fund via a collateralized Bridge Loan facility. The LIHTC allocation was provided by the DC Department of Housing and Community Development. HUD also extended the existing Section 8 contract for 20 years, allowing the property to further help seniors most in need. In addition, the project secured a 40-year real estate tax abatement from the District of Columbia.
JAIR LYNCH, in addition to having its offices on U Street, has been active in this area since the company’s inception in 1998. Whether as a developer of historic community centers such as Center for Community Change and the Thurgood Marshall Center; multifamily housing such as Barcelona, Verona Parc or Solea condominiums; affordable housing such as Capital Manor Cooperative; or neighborhood assets such as KIPP DC's WILL Academy, Bread for the City and Unity Health Care in Upper Cardozo, JAIR LYNCH has been a long-term neighborhood leader in MidCity Washington, DC.