Ridgecrest Village Apartments
Affordable Housing in Washington, DC
REDEVELOPMENT – PHASE 2
Total Cost
| $47,296,929 |
Financing
This community is the first residential 501c3 bond transaction in the District. There are no LIHTCs in the capital stack. Financing sources are as follows:
$13,250,000 First Mortgage
$23,252,125 DC Housing Production Trust Fund
$5,000,000 DOEE Funds
$2,250,000 DC Green Bank Funds
$961,677 HOME
$2,060,307 Deferred Developer Fee
$522,820 Interim Income
REDEVELOPMENT – PHASE 1
Total Cost
$48,922,762
Description
Recapitalization of the first phase of Ridgecrest Village (140 units) closed in September 2022. The substantial rehabilitation of six buildings at the property introduced a new, more efficient HVAC system with new water piping, new exterior windows, updated kitchens with new cabinets, countertops, and kitchen fixtures, and updated bathrooms with new bathtubs, vanities, shower controls, and toilets. Construction on Phase 1 was completed in Summer 2024.
FInancing
Secured financing and funding for this redevelopment project included:
$14,041,022 4% LIHTC Equity
$13,900,000 First Mortgage
$16,133,487 DC Housing Production Trust Fund
$2,792,245 DC LIHTC Equity
$1,534,713 Deferred Developer Fee
$521,315 Interim Income
ACQUISITION
Total Cost
$31,106,440
Description
The property consists of 1, 2, and 3 bedroom units in 13 three-story buildings. 50% of the units are at 80% AMI.
Financing
Secured financing and funding for this project included:
$21,075,000 Chase Senior Mortgage Debt
$7,500,000 DHCD DHCD/Capital Impact Partners Subordinate Debt
$2,524,740 Seller Note
REDEVELOPMENT – PHASE 1
Total Cost
| $48,922,762 |
Recapitalization of the first phase of Ridgecrest Village (140 units) closed in September of 2022. This substantial rehabilitation of six buildings at the property will include installation of a new, more efficient HVAC system with new water piping, replacement of all exterior windows, updating and replacement of older kitchens with new cabinets, countertops, and kitchen fixtures, and updating of bathrooms with new bathtubs, vanities, shower controls, and toilets. Construction on Phase 1 was completed in Spring 2024.
FInancing
Secured financing and funding for this redevelopment project included:
| $14,041,022 | 4% LIHTC Equity |
| $13,900,000 | First Mortgage |
| $16,133,487 | DC Housing Production Trust Fund |
| $2,792,245 | DC LIHTC Equity |
| $1,534,713 | Deferred Developer Fee |
| $521,315 | Interim Income |
ACQUISITION
Total Cost
| $31,106,440 |
The property consists of 1, 2, and 3 bedroom units in 13 three-story buildings. 50% of the units are at 80% AMI.
Financing
Secured financing and funding for this project included:
| $21,075,000 | Chase Senior Mortgage Debt |
|---|---|
| $7,500,000 | DHCD DHCD/Capital Impact Partners Subordinate Debt |
| $2,524,740 | Seller Note |
