Hunt Manor is a 15-unit apartment community in Washington, D.C.’s Deanwood community. The financing was used to execute capital improvements that encompassed the conversion of market-rate apartments to affordable housing as part of the District of Columbia Housing Authority’s (DCHA) Housing Voucher Program, which currently has a waiting list exceeding 10,500 people. The financing was structured as a 12-month term, with a full turn expected within six months based on the borrower’s previous projects. The sponsor already owns more than 20 multifamily properties in and around the D.C. area.
Renovations to the property included a full interior rehab, exterior paint and landscaping and each unit receiving its own washer/dryer, water tank and HVAC systems. The revitalization helped bring the property to 100% leased in four months. The property was constructed in 1951 and consists of a building on a half-acre site at 4400 Hunt Place NE, Washington, DC The unit mix includes floor plans of just three-bedrooms/one-baths, with residences averaging 660 square feet in size. The community is located near transportation, job centers, parks, schools and shopping.