WASHINGTON, D.C. — NewPoint Real Estate Capital’s NewPoint Impact Fund I has provided $13.3 million in 501(c)(3) bond financing for Ridgecrest Apartments Phase II, a 128-unit affordable housing community in southeast Washington, D.C.’s Anacostia submarket. The New York-based borrower, The NHP Foundation, will use the funds to acquire, rehabilitate and recapitalize the community. Bryan Dickson of NewPoint arranged and structured the tax-exempt construction-to-permanent phased bond financing.
Other capital partners in the development include DC Green Bank, the Office of the Deputy Mayor for Planning and Economic Development, DC Department of Housing and Community Development (DCHD) and the District of Columbia Housing Authority. The new financing will be combined with $29.2 million in soft debt and grants from the DCHD.
Ridgecrest Phase II was previously operated as part of the larger Ridgecrest Village, a 1951-built development that NHPF purchased in 2019. After recapitalization, 20 percent of the Phase II units will be restricted at 30 percent of the area median income (AMI) to serve as permanent supportive housing. The remaining 80 percent of units will be restricted at 50, 60 and 80 percent of AMI.
The garden-style apartment community features a mix of two- and three-bedroom units ranging in size from 850 to 1,000 square feet. Community amenities include a laundry room, playground and surface parking. Residents have access to the adjacent Villages at Parklands Splash Park, an 80,000-square-foot waterpark and pool.