Washington, D.C.
CDT Correspondent
Wachovia Multifamily Capital
Investment Description
The renovation of this art deco style building was completed in 2006. The 183-unit property, originally built in the 1940s, had been 90% vacant for more than 10 years when it was acquired by CIH Investments. CIH's substantial renovation included modifying and improving the original unit layouts and refurbishing the project's large outdoor swimming pool.
Transaction Highlights
Through its lending partner, Wachovia Multifamily Capital, CDT provided a 24-month $4.8 million forward commitment to the development. Based on favorable project performance, the proceeds were increased to $5.3 million at closing. The project's Low Income Housing Tax Credits were syndicated by Simpson Housing. The construction lender was Bank of America.
the community development trust
