HYATTSVILLE, Md. — Walker & Dunlop has arranged $40.5 million in debt and equity for a new affordable seniors housing development in Hyattsville, roughly seven miles east of downtown Washington, D.C. Community Housing Initiative, which is developing the project in partnership with First Baptist Church of Highland Park, is the borrower.
Upon completion, The Highlands will total 137 units for residents age 62 and older. Five of the residences will be reserved for seniors earning at or below 50 percent of the area median income (AMI), with the remaining 132 apartments reserved for seniors earning at or below 60 percent of the AMI.
PJ McDevitt of Walker & Dunlop arranged the debt, and Macy Kisilinksy of Walker & Dunlop arranged the debt placement and equity syndication. Financing for The Highlands includes a Freddie Mac tax-exempt loan (TEL) and a $12.3 million LIHTC equity investment from United Bank, with United Bank also providing short-term and tax-exempt bonds and a bridge loan to fund the acquisition and construction of the development. The Prince George’s County Housing Investment Trust Fund and the Maryland Department of Housing and Community Development are providing additional subordinate financing.