Real Estate Developments

Lincoln Westmoreland Phase II (Channing Phillip Apartments)

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Description

Phase II of the Lincoln Westmoreland development (Channing Phillip Apartments) will provide 56 residential apartments next to the existing Lincoln Westmoreland property when completed by the Summer of 2016 according to KeyUrban. Phase I, which is scheduled to be delivered during the summer of 2015 will produce 110 residential units. Similar to phase I, all units will be affordable to families at or below 60% of AMI.  

The residential unit mix will be 28 one-bedroom units, 21 two-bedroom units, and 7 three-bedroom units. The total development costs of $23.4 million will be partially financed by approximately $11.5 million of tax-exempt bond proceeds and $10 million of equity/loan proceeds from the developer according to DCHFA. AGM will be the HUD/FHA Lender. The bonds will be sold through a public offering by Jeffries LLC and RBC Capital Markets. Hudson Housing Capital will be the LIHTC syndicator.


Project Details

Type

Mixed-Use

Status

Planned

Address

1710 Seventh Street NW

City

Washington

State

DC

Zipcode

20001

Construction

New Development

Start Date

2015

Expected Completion Date

Summer 2016

Developer(s):

KeyUrban LLC

Architect(s):

Shalom Baranes Associates PC
General Contractor(s):
Hamel Builders Inc

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Financier(s):
Wells Fargo & Company
District of Columbia Housing Finance Agency
AGM Financial Services Inc
Hudson Housing Capital
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Number of units for rent

56

Number of units for sale

0

Number of affordable housing units

56

LEED Designation

Project Cost

23400000

Parking Spaces

Zoning

Hotel Rooms

0

Retail Space

3300

Office Space

0

Square Footage

0

Lowest Housing Sales Price

0

Highest Housing Sales Price

0

Lowest Rent Price

0

Highest Rent Price

0

Neighborhood:

Northwest Washington,Shaw

Housing Rental Price Range:

Housing Sales Price Range:

# of Residential Units in Progress:

Hotels Rooms in Progress:

Office Space in Progress:

Retail Space in Progress:

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