Neighborhood Development Company Closes on Bowen Road SE Property for New 41-Unit Affordable Housing Project

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Neighborhood Development Company Closes on Bowen Road SE Property for New 41-Unit Affordable Housing Project

Washington, D.C. – December 30, 2015 – Neighborhood Development Company (NDC) is excited to announce the acquisition and closing of construction financing for 2620 Bowen Road in Southeast DC. Funding will go towards the ground-up construction of a $13.5 million, 3-story work force rental project.

Today, the property is a vacant lot in the historic Anacostia community, one block from the Anacostia metro. 2620 Bowen Road will be a 41-unit rental project, and Neighborhood Development Company’s first affordable housing project in Southeast DC. The building is over 48,000 square feet and will include a parking garage, a courtyard, community room, and bike racks for residents. Units will range from one to three bedroom with sizes from 600 to 1,000 square feet. This project is priced for residents earning 45%-60% of area median income, a substantially-underserved cohort in Southeast DC.

“Giving residents with diverse incomes a chance to have a high-quality, well-designed living environment is critical to our vision at NDC. Introducing our first project in the Historic Anacostia neighborhood, a neighborhood where I grew up, adds an extra level of excitement,” said Adrian Washington, CEO & Founder, Neighborhood Development Company.

4100 Georgia Avenue NW and 3232 Georgia Avenue NW are both successful, mixed-use affordable housing projects that NDC has constructed from the ground-up. As a real estate developer, Neighborhood Development Company is known for its revitalization of the Georgia Avenue corridor.

“With the close of the acquisition and financing, NDC is taking a huge step in our next chapter of growth, and growth of the Historic Anacostia community,” said Juan Powell, COO & Principal, Neighborhood Development Company.

Debt funding for this project is sourced through Citi Community Capital and The DC Department of Housing and Community Development (DHCD). Equity funding is being provided by Boston Financial Investment Management, with tax exempt bond funding from the DC Housing Finance Agency (DCHFA). The architect for the project is EDG Architects LLC. Hamel Builders will serve as the general contractor for construction.

“Citi is committed to the Washington DC area and particularly pleased to have provided the financing for this project,” said Bryan Dickson, Director, Citi Community Capital. “We look forward to seeing these new affordable units become available to families in the Barry Farm neighborhood.”

The project is expected to break ground for construction in March 2016.

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DCHFA Invests in the Revitalization of Historic Anacostia

As published on www.realestaterama.com

The Agency raises funds for the construction of Bowen Flats, a 100 percent affordable apartment building coming to Ward 8. 

Washington, D.C. – December 23, 2015 – (RealEstateRama) — The District of Columbia Housing Finance Agency is closing out 2015 by funding another development in Southeast, Washington, D.C. The Agency finalized the issuance of $3.4 million in long term and $3.2 million in short term DCHFA tax exempt bonds for the construction of Bowen Flats.

The Agency’s investment in this new apartment complex also includes $5.1 million in low income housing tax credit equity (LIHTC). The financing of Bowen Flats furthers the Agency’s investment in affordable housing in Ward 8. There are currently eight DCHFA projects in development in Southeast, representing an additional $173 million in DCHFA bond debt and $344 million in total development activity. This includes two projects that are currently under construction. Additionally, 222 units in three projects were recently delivered representing $80.1 million in total development activity completed in the last four months. “Historically Ward 8 has been a hub for affordable housing,” said Maria K. Day-Marshall, Interim Executive Director, DCHFA. “This Agency is committed to ensuring that not only affordable housing continues to be available in Ward 8 but that quality housing is accessible for all residents at affordable rates.”

The Neighborhood Development Company is the principal developer of Bowen Flats, which will consist of 41 units of housing in a three story, newly constructed apartment building at 2620 Bowen Road, Southeast. The building will consist of one, two and three bedroom units. Twenty parking spaces will be provided to residents at no cost.

The project is located less than a mile from the Anacostia Metro station and near the Barry Farm neighborhood. Barry Farm is being redeveloped as part of the Office of the Deputy Mayor for Planning and Economic Development’s New Communities Initiative. The initiative was designed to revitalize severely distressed subsidized housing and redevelop neighborhoods into vibrant mixed-income communities.

Through its Public Finance division, DCHFA issues tax-exempt housing mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing. The Agency offers private for-profit and non-profit developers low cost construction and permanent financing that supports the new construction, acquisition, and rehabilitation of affordable rental housing in the District.

The District of Columbia Housing Finance Agency was established in 1979 to stimulate and expand homeownership and rental housing opportunities in Washington, D.C. We accomplish our mission by offering below market rate mortgage loans to lower the homebuyers’ costs of purchasing homes and by issuing mortgage revenue bonds to lower the developers’ costs of acquiring, constructing and rehabilitating rental housing.

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Real Estate Panel: Independent Investors Can Survive Big-Time Competition

As published on scs.georgetown.edu

A panel of six prominent real estate professionals recently met at Georgetown University’s School of Continuing Studies (SCS) to discuss how individual investors, developers, and owners make decisions about investments in the community within today’s real estate market.

The focus of the discussion, titled “Investing in Today’s Real Estate Market: How Individual Real Estate Investors Survive in an Institutional World,” was on smaller developers competing with large institutional investors for sites and projects. While small developers gladly take on investors in their projects, they have a hard time competing for sites against funds that will generally pay more and accept lower returns for a variety of reasons, including different risk assessments.

But is it really a matter of survival? And, if so, can the small investor survive in this market, or even thrive?

The short answers, according to the panelists, were “yes” on all counts. Yet what was most interesting at the forum, sponsored by Georgetown’s Master of Professional Studies in Real Estate (RE) program, was the diversity of responses to this challenge. Some panelists said younger investors could get ahead by avoiding the pressures of high-profile cities and moving to smaller, undeserved markets. Others said it’s best to work from a geographical area one knows—even if it’s Washington or New York—and use that knowledge to find deals the big players may have missed.

Discovering New Markets

Matthew Crossley, an alumni of the RE program and Vice President of Newmark Grubb Knight Frank, one of the nation’s largest commercial real estate service firms, said that overlooked markets in smaller cities are a good place for individual investors to put together deals.

“Sometimes, you can go into a market and see it with new eyes—and that’s what I would encourage,” Crossley said.

Panelist Gene Parker, Jr., President of Continental Realty Corporation, which develops, owns, manages, and leases commercial and residential properties in Maryland and Southwest Florida, agreed, but added a caveat: “We don’t want to go into a market and do something we’ve never done before,” he said.

Other panelists say profits can be made in Washington—if developers are willing to do their homework and be patient.

With “so much money chasing deals,” the competition in places like Washington, D.C., can be steep, said Jill Homan, Principal of Javelin 19 Investments, which invests in real estate and real estate-related assets in the Mid-Atlantic region. “You can find yourself being very smart and not doing a lot of deals.”

Thriving in a Hot Market

The D.C. market is hot right now, land prices continue to rise, and big institutional investors are increasing their market exposure. These funds have the capital to invest in expensive, high-profile projects that promise their clients steady, if not necessarily spectacular, returns.

These large investors are also getting into the development business themselves, buying up properties at the outset rather than simply waiting for smaller investors to turn them into revenue-generating projects, said Glenn Williamson, Interim Faculty Director for Georgetown’s Real Estate program.

Competition from the big players is one concern. So is the possibility that future interest-rate rises—or a new recession—could erase profits from even the most thoughtfully conceived plan. (Though Parker noted that “D.C. comes back quickly” after economic downturns.)

“In this city, you’re going to buy it and then [hope that] all the market forces work perfectly,” said Michael Darby, Principal of Monument Realty. “It’s not easy.”

Not easy, perhaps, but doable. Looking into the mostly-young audience of Real Estate students and others interested in the profession, Darby said Millennials have one advantage in the real estate business: they know better than most how the city’s demographics, work patterns, and lifestyles are changing and what these changes could mean for the built environment of the future.

“There’s enough room for people in this room to do deals in this city,” Darby said.

 

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A Year of Growth: NDC named a Fastest-Growing Company by Real Estate Forum Magazine

Washington, DC (Dec. 9, 2015) –- We are excited to announce to Neighborhood Development Company has been selected as a Fastest-Growing Company by the Editors of Real Estate Forum Magazine. NDC will be profiled in the December 2015 issue of Real Estate Forum magazine.

The rankings are based on methodology created by the editors of Real Estate Forum. Each firm received a score based on revenue and headcount growth over three years.

This is a prestigious honor for our company and we are proud of the personal achievement and successes of our employees. As a local real estate developer, we have achieved dramatic growth over the past three years and we’re excited to gain visibility.

About ALM’s Real Estate Media Group

What is it about our approach that sets us apart from the competition and year in and year out attracts a growing audience of executive-level decision makers? With more than 210,000 professionals across all markets, sectors, and business disciplines turning to the three outstanding brands (Real Estate Forum, GlobeSt.com and RealShare Conference Series) that compromise the ALM Real Estate Media Group as proof, the simple answer is we do more to earn your business. In fact, by virtue of our unique Print/Online/Events integrated business model, we do 3X MORE.

In 2013, ALM’s Real Estate Media Group will furnish more substance than ever before (more content, more experts, more interviews), provide more access (more targeted news alerts, more one-on-one opportunities), and supply your company with more options to influence your potential customers (more co-branded emails, more user-generated custom content).

Our success in the overly saturated and competitive world of commercial real estate is not by chance — we have carved out a leadership position that we have no intention of relinquishing. By providing more and delivering more, we attract more, and achieve more. For more information, visit almrealestatemediagroup.com.

 

 

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