Bethesda-based real estate developer JBG Smith says it has exceeded its goal for preserving affordable housing in the region with its latest initiative in Takoma Park. JBG Smith provided $6 million in mezzanine financing to Montgomery Housing Partnership (MHP) for the refinancing of the Franklin Apartments, a 185-unit age-restricted housing community at 7620 Maple Avenue. The property then obtained a new $26.2 million Freddie Mac loan from Key Bank, along with an extension of an existing $3.75 million soft loan from Montgomery County.
"The Franklin Apartments investment is a perfect example of what we sought to accomplish when we created the Impact Pool," JBG Smith EVP of Social Impact Investing A.J. Jackson said in a statement. "Montgomery County is projected to lose up to 11,000 naturally occurring affordable housing units by 2030. Our collaboration with a non-profit owner, dedicated to the property’s preservation, will provide residents with the ability to age in-place in a resource rich neighborhood of Montgomery County," Jackson said.
JBG Smith formed the Impact Pool in partnership with the Federal City Council in 2020 with the goal of preserving 3000 affordable housing units in the region by 2025. The Franklin Apartments deal has now allowed the company to exceed that target, and it has funds left to go even further.
Photo courtesy JBG Smith
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