Loan Type: Multifamily Housing
Total Development Cost: $2,725,000
Times leveraged: 20x
Loan at a Glance:
The loan to Victory Lakeside, Inc. is Partners’ third funding of a loan originated by Economic Justice Partnership (EJP) Fund. Partners providing $136,250 subordinated funding for a $2,725,000 EJP Fund loan, resulting in leveraging Partners’ investment by 20 times. National Housing Trust (NHT) referred the loan to EJP Fund and purchased a participation of the subordinated tranche. The EJP loan refinanced and consolidated a maturing loan and a subordinate loan and also supported the borrower’s completion of critical upgrades.
Borrower Summary:
Victory Lakeside is a single-purpose entity that was formed by Victory Housing, Inc. (VHI), specifically to own and manage the project. VHI, the nonprofit housing development arm of the Catholic Archdiocese of Washington DC, manages the property. VHI has a significant track record in affordable housing development, having built or acquired more than 2,800 units in the greater DC area, primarily serving seniors since 1979.
Project Summary:
The project is a 54-unit multifamily property that provides affordable housing for senior citizens in Charles County, MD. Planned upgrades include the overhaul of HVAC systems and kitchen facilities within a 54-unit affordable housing community for senior citizens.
Loan Result:
The funding will help maintain 54 affordable housing units for senior citizens in an area with high living costs. The borrower commits to maintaining rents at an affordable level for tenants earning 60% of the local median income. Presently, 81% of the tenants are Black, and 70% are female.