Enterprise Community Development starts $121M preservation project in NE Washington

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Silver Spring-based nonprofit developer Enterprise Community Development Inc. has successfully closed on the acquisition and financing of Edgewood 611 Apartments and three adjacent buildings on the Edgewood Commons campus in northeast Washington.

The total development cost for Edgewood 611 and Edgewood Gardens is $121 million. Financing comes from tax-exempt bonds and 4% LIHTC equity from Capital One that was syndicated through Enterprise Housing Credit Investments, DC LIHTC equity issued through DCHFA and a taxable construction equity bridge loan from Capital One.

Monarch Capital is selling a portion of the DC LIHTC Credits and Bellwether Enterprise placed the first mortgage with ARC-70 Capital.  The permanent financing also includes a seller loan and deferred developer fee.

To help preserve well-designed affordable homes for current and future residents, Enterprise will extend the period of affordability of these apartments for households earning 80% or less of the area median income (AMI) using 4% Low-Income Housing Tax Credits (LIHTC).

Built in 1973, and under the ownership of Enterprise Community Development since 2001, Edgewood 611 Apartments, located at 611 Edgewood St., is an 11-story high-rise building comprised of 197 one-bedroom and 61 two-bedroom apartments. The 42 two-bedroom apartments located at 401, 415 and 425 Edgewood St. are part of Edgewood Gardens and have been owned by Enterprise Community Development since 1999.

Enterprise Community Development will make significant renovations to Edgewood 611/Edgewood Gardens and its 300 apartments. Exterior upgrades include new windows and balcony sliding doors and new paint. Edgewood 611 common areas will receive new hallway flooring and lighting, elevator modernization, HVAC upgrades, and a new building sprinkler system.

Apartment interior renovations across all buildings include upgraded kitchens, new lighting and new flooring, toilets, vanities and vanity tops in the bathrooms. Energy efficiency improvements include new HVAC units which give each resident control over temperatures in their own apartment, low flow plumbing fixtures and new light fixtures. The preservation development will meet Enterprise Green Communities standards and, through the installation of stormwater management measures, will achieve the District’s Green Area Ratio (GAR) requirement. In 2019, solar panels were installed on all buildings.

Located in Ward 5, Edgewood 611/Gardens is adjacent to the Metropolitan Branch Trail and the new pedestrian bridge, providing residents with direct access to the Rhode Island Avenue metro station, as well as nearby shopping centers, restaurants and other public amenities.

Harkins Builders will serve as the general contractor and Miner + Feinstein Architects as the project architects.