Baltimore, Maryland based SA+A Development has partnered with Langdon Apartments Affordable Company LLC, and Langdon Lofts Holdings (a joint venture between Avanti Real Estate Services & Owa Associates) to create 33 affordable housing apartment units in a 35,000 SF building along Bladensburg Road in the District of Columbia. The unit mix will include 1-and-2 bedroom apartments and 17 parking spaces.
Red Stone arranged and acquired $5.34 million of tax-exempt bonds issued by the District of Columbia Housing Finance Agency, Stratford Capital Group will provide equity capital by purchasing approximately $3 million in LIHTC funding, DC Department of Housing and Community Development will contribute $3.29 million in subordinate funding, the Department of Behavioral Health will provide $210,000 in grant funding, and The Reinvestment Fund Inc will provide a letter of credit.