Enterprise Community Development Secures $123M Loan For Affordable Housing Complex In Washington, DC

Enterprise Community Development has secured $123 million in permanent funding, along with an additional $65.9 million in construction-only funding, for Edgewood Commons V, a 151-unit affordable housing complex located at 435 Edgewood Street Northeast in Washington, D.C. This development site is anticipated to bring much-needed affordable housing to the Northeast neighborhood of the capital city.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $123,000,000
• Units: 151
• Lender: Department of Housing & Urban Development
• Landlord: Christine Madigan - Enterprise Community Development
• Loan Type: Construction

The Department of Housing & Urban Development will serve as the lender for this project, providing the necessary funds for construction and development. Christine Madigan, representing Enterprise Community Development, will act as the landlord for Edgewood Commons V. This significant investment will contribute to increasing the availability of affordable housing options in Washington, D.C.