NHT-Enterprise Continues Hot Streak of Closings

This May, NHT-Enterprise closed on the acquisition of Mass Place Apartments, a 10-story, 60% AMI Low-Income Housing Tax Credit (Housing Credit) restricted building located on Massachusetts Avenue in Northwest Washington, D.C. NHT-Enterprise was selected by the Massachusetts Avenue Tenants Association to acquire the 160-unit property pursuant to the DC Tenant Opportunity to Purchase Act (TOPA). The Tenants’ Association desired to work with an owner/developer whom they could trust to carry out renovations, introduce responsive property management, and participate in the ownership of the building they call home.  The Institute for Community Economics (NHT Lending) provided a $1.1 million loan, guaranteed by NHT-Enterprise, to the Tenants Association so that they could make the deposit to purchase their building.  

To acquire the property using bridge financing, a $15.2 million first trust loan was provided by Pembrook, a $7.5 million second trust loan was provided by the Local Initiatives Support Corporation (LISC), and NHT-Enterprise provided nearly $700,000 in equity.  In December, NHT-Enterprise closed on the permanent financing including $16 million in bond debt, $6 million in 4% Housing Credit equity, and $10.5 million in D.C. Department of Housing and Community Development (DHCD) subordinate financing. NHT-Enterprise will conduct a $6 million rehab focused on building systems, energy efficiency, and improving property amenities.

Mass Ave Apartments is NHT-Enterprise’s 8th partnership with a tenants’ association.

For more information on NHT-Enterprise’s work with tenants’ associations or our award-winning properties, contact NHT Vice President Scott Kline.