Loan Type: Affordable Housing
Total Development Cost: $56,326,766
Times Leveraged: 32.2x
Loan at a Glance:
PCG Capital financed $1,750,000 of a total loan of $17,458,671 with Enterprise to bridge equity installments connected to federal and state Low Income Housing Tax Credit contributions. This loan is a second equity bridge loan with Enterprise and the fourth participation with this lending partner.
Project Summary:
This loan will fund the development of 50 units of affordable multifamily, mixed-income housing in Washington, DC. The now-vacant buildings are located in a gentrified neighborhood in DC’s Ward 1. The property is 100% income/rent-restricted, with some units subsidized for very low-income families.
Borrower Summary:
Jubilee Housing, Inc. (JHI) is a non-profit that has a highly experienced development and management team with a successful track record in rehabilitation and new construction. JHI has been actively developing and owning affordable housing since 1973 and currently owns and operates 15 buildings totalling 302 residential units. JHI is a high-impact organization working to preserve the long-term affordability of housing in Washington, DC.
Loan Result:
50 family-size units will provide affordable housing and supportive services for low-income families in the area. The project is restricted to residents with household income levels between 30% AMI and 50% AMI with two-thirds of the units for households earning less than 40% AMI. The development plan includes 6,200 SF arts center, which will create an opportunity for residents to enjoy programming. The project will redevelop long-vacant buildings into renovated properties that match the profile of neighboring buildings.