Ridgecrest Village Apartments
Affordable Housing in Washington, DC
Ridgecrest Village Apartments is a 272-unit apartment development located at 2000 Ridgecrest Court, SE in the Congress Heights neighborhood of Washington, DC. In the Fall of 2022, The NHP Foundation began a substantial, two-phase rehabilitation of Ridgecrest Village Apartments. The first phase of construction will rehabilitate 140 units at the property. The rehabilitation of Ridgecrest Village will ensure that this previously naturally affordable housing resource remains affordable while providing essential repairs and sustainability upgrades to the property.
REDEVELOPMENT – PHASE 1
Total Cost
| $48,559,309 |
Description
Recapitalization of the first phase of Ridgecrest Village (140 units) closed in September of 2022. This substantial rehabilitation of six building 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 is expected to take 18 months to complete.
Financing
Secured financing and funding for this redevelopment project included:
| $13,913,665 | 4% LIHTC Equity |
| $13,900,000 | First Mortgage |
| $15,924,378 | DC Housing Production Trust Fund |
| $2,766,921 | DC LIHTC Equity |
| $1,534,713 | Deferred Developer Fee |
| $519,631 | 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 |