The Hampstead Companies acquired Concord Apartments (5807 14th Street NW), Valencia Apartments (5922 13th St NW ), and Vizcaya Apartments in 2014, then rebranded the cluster of buildings as The Brightwood Portfolio. Hampstead received financing to make renovations to the existing sites which include adding 10 market rate apartments to the existing properties. 126 units will be designated as affordable housing for families making below 60 percent AMI. The proposed unit mix for The Brightwood Portfolio include twenty-four efficiency apartments, ninety five one-bedroom units, and twenty one two-bedroom units.
The Brightwood Portfolio was financed using proceeds from the tax-exempt short and long-term bonds, low income housing tax credits and historic tax credit proceeds, and syndication proceeds. An acquisition loan from the Department of Housing and Community Development, project operating income, District Department of Energy tax credits and subsidies and deferred developer fee will also finance the development of the project. R4 Capital will be the tax credit investor, and Citibank will be the bond purchaser.
The $32 million in financing for the project is broken down into 1) $14.3 million in tax-exempt bonds issued by the D.C. Housing Finance Agency; 2) An acquisition loan of $10.8 million issued by the D.C. Department of Housing and Community Development; 3) $2.6 million in federal Historic Tax Credits; and 4) $4.5 million in federal Low-Income Housing Tax Credit (Housing Credit) equity.