Real Estate Developments

The Severna

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Description

The Severna is a 60 unit LIHTC property located in Washington, DC . The site was placed in service in 2011 after New Construction by the ownership team. The subject property is considered a 9% tax credit deal, the annual LIHTC allocation amount is $995,000.00, and the property provides housing for households with incomes at or below 60% AMGI.

PNC Bank was the equity investor, and provided construction and permanent financing. Additional financing included New Communities funds from the Office of the Deputy Mayor for Planning and Economic Development and capital grant funds from the DC Housing Authority. Half of the units at the site receive project-based subsidy through the Local Rent Supplement Program.

Project Details

Type

Multi-Family

Status

Completed

Address

1001 First St Nw

City

Washington

State

DC

Zipcode

20001

Construction

New Development

Developer(s):

Mission First

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Financier(s):
PNC BANK, NATIONAL ASSOCIATION
Property Manager(s):
Columbus Property Management
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Number of units for rent

60

Number of units for sale

0

Number of affordable housing units

60

LEED Designation

Project Cost

15600000

Parking Spaces

Zoning

Hotel Rooms

0

Retail Space

0

Office Space

0

Square Footage

0

Lowest Housing Sales Price

0

Highest Housing Sales Price

0

Lowest Rent Price

0

Highest Rent Price

0

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# of Residential Units in Progress:

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Retail Space in Progress:

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          Project Financier(s):

          PNC BANK, NATIONAL ASSOCIATION

          Property Manager(s):

          Columbus Property Management

          Tax Exempt Bond:

          No

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            Washington, DC 20005
            Phone: 202-788-0407
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          AreaProbe is a research and advisory firm focused on housing and commercial real estate development in urban communities. Our proprietary tech platform reduces turnaround time on research and analysis projects for developers by an average of 75% relative to the market. We combine that efficient, data-backed analysis with an understanding of how different cultural groups interact with the real estate market, and what it means for developers, investors, and financiers. We also facilitate access to capital and project management services from the network we've built during more than four decades of collective experience in real estate development, finance, design and urban planning.