The District of Columbia Housing Finance Agency (DCHFA) has provided an $11.2 million financing package for the rehabilitation of the 132-unit Cascade Park Apartments in Washington, D.C. The owners, a joint venture between Dantes Partners and H Street Community Development Corp., plan to use the funds to upgrade the 59-unit second phase of the community.
The tax exempt bond represents the first affordable housing development funding of the year for the agency. Additional funding includes $9.3 million provided by The DC Department of Housing and Community Development through the Housing Production Trust Fund along with $6.4 million in four percent Low Income Housing Tax Credits.
Upgrading the community
Planned improvements include converting the leasing office into an efficiency unit, updating the buildings systems, adding a play area and upgrading unit interiors. The two-building second phase includes two efficiency units, 20 one-bedroom, the same number of two-bedroom, 11 three-bedroom and six four-bedroom units. The rehabilitation work will involve the on-site relocation of current residents.
Cascade Park Apartments at 4236 Fourth St. SE last traded in late 2019, when the current owners paid $14.5 million for the five-building property, according to Yardi Matrix data.
The 1949-built property features nine units set aside as permanent supportive housing, available to residents earning 30 percent or below the area median income, while the remaining units are reserved for those earning up to 80 percent AMI.
Cascade Park Apartments is less than a mile away from Oxon Run Park and the Indian Head Highway retail corridor. Downtown Washington, D.C., is 8 miles away, while downtown Alexandria is less than 6 miles southwest. Last December, Equity Residential sold Columbia Crossing, a 247-unit community in Arlington, Va., less than 10 miles away. The new owner secured a more than $90 million loan for the purchase.