Victory Lakeside
Victory Lakeside is a 54-unit multifamily property that provides affordable housing for senior citizens. Located in an area with high living costs, the property will maintain rents at a level affordable to tenants earning 60% of the area median income.
Loan Purpose: Acquisition, mini-perm
Project: Affordable, senior rental housing
This funding will help maintain 54 affordable housing units for senior citizens. Planned upgrades include the overhaul of HVAC systems and kitchen facilities.
Borrower: Victory Lakeside, Inc. is a single-purpose entity that was formed by Victory Housing, Inc. (VHI) 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.
Loan Details: The loan to Victory Lakeside, Inc. is Partners’ third funding of a loan originated by Economic Justice Partnership (EJP) Fund. Partners provided $136,250 in subordinated funding for a $2,725,000 EJP Fund loan, 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.