TD Bank provided a $28 million loan to Dantes Partners, the Delta Housing Corporation of D.C. (DHCDC) and Gilbane Development Company for the complete renovation of a multi-housing community located in a rapidly evolving Washington, D.C., neighborhood to provide greatly needed affordable rental housing for local working and middle-class families. Hugh Franklin, Senior Relationship Manager at TD Bank, helped secure the financing.
Located near the popular and trendy H Street Corridor, Delta Towers is in an area that is seeing rapid investment and soaring property values. Initially constructed in 1979 as an affordable housing senior living facility, the 10-story building will be completely renovated into 166 units of workforce housing and amenities, targeting young professionals, police officers, teachers, firefighters and others – with half of the units reserved for those who earn no more than 80% of the area's median individual income of $52,328. The renovation is expected to be completed in 18 months.
"TD Bank is delighted to help meet Washington, D.C.'s need for workforce housing, especially as housing has become increasingly less affordable for those who we depend on to keep Washington moving," said Chris Arabia, Regional Vice President of Commercial Lending at TD Bank. "Hugh Franklin's expertise in, and passion for, working with mission-oriented developers and operators is critical to our funding of these impactful projects."
This project is aligned with TD Bank’s social purpose, the TD Ready Commitment, TD's corporate citizenship platform to open doors to a more inclusive and sustainable tomorrow through four drivers of change: Vibrant Planet, Connected Communities, Better Health and Financial Security, which emphasizes access to safe and affordable housing.
“Gilbane Development Company, Dantes Partners, DHCDC and TD Bank have demonstrated mission alignment in the creation of and commitment to delivering attainable affordable housing in the District,” said Ed Broderick, President and CEO of Gilbane Development Company. “We are pleased to provide the much-needed access to housing to fulfill local needs through this project.”
The closing represents the second project at the site led in partnership by Dantes Partners, Gilbane Development Company and the DHCDC, a non-profit established in 1977 dedicated to providing affordable housing across Washington, D.C., The recently completed first project – Fortitude at Delta Towers – consists of 179 units of luxury affordable housing for seniors with many of the current residents relocating there from the original Delta Towers facility, according to Trinette Smith-Campbell, President, DHCDC and Buwa Binitie, CEO and Founder of Dantes Partners, a division of Dumas Collective.
Both Smith-Campbell and Binitie are pleased that the facility will continue to serve the affordable housing needs of the community for many years to come.
"Delta Towers was the first affordable housing building for seniors in the H Street renewal area after the devastating 1968 riots and was, at the time, the first and only building of its kind developed by a group of Black women," said Smith-Campbell. "The DHCDC has long maintained a trailblazing presence in the Trinidad community of D.C., and we are excited for the site's next chapter to begin."
“This independent living housing development has been a very visible institution in the District, and thanks to our continued partnership with TD Bank we can begin the next phase of our overall plan for the revitalization of this significant intersection," Binitie said.