October 20, 2016

Edgewood Commons Ribbon Cutting

Edgewood Commons (002).jpgThe Edgewood Commons I ribbon cutting was held on October 11, which marks the Phase 2 completion of Community Preservation and Development Corporation’s 5-year, $50 million revitalization plan of the Edgewood Commons campus in North Washington, D.C.! Edgewood Commons I was extensively renovated to preserve 292 units of affordable housing for families.

Tenants will benefit from modernized unit interiors and the addition of interactive play equipment and a splash park. Citigroup provided $24.4 million in DCHFA tax exempt bonds for construction financing. Enterprise Community Loan Fund also provided a $5.1 million bridge loan. Red Capital provided permanent financing via a $31.2 million FHA 221d4 loan. Enterprise was proud to participate in this transaction by providing $9.39 million of equity.