NEF is thrilled to announce the closing of The Premier in Silver Spring, Maryland with the steadfast collaboration of our investors at JPMorgan Chase and our partners at Applegate & Thorne-Thomsen and two new-to-NEF sponsors: the well-established nonprofit developer AHC, Inc. and emerging developer BrookWynn Capital.
This $45.9 million acquisition of a 160-unit market-rate building in an increasingly supply-constrained market with transit access to all points within the Washington DC area was a monumental win for NEF, our partners, and the industry due to the complex nature and timing constraints the deal team faced in late November. Using the Montgomery County PILOT program, the deal team obtained a steep tax exemption in exchange for restricting rents for 80 units to households earning 60% of the area median income (AMI) or less and another 20 units to 80% AMI. Twenty additional units were designated as Moderately Priced Dwelling Units (MPDU’s) by Montgomery County and will be preserved as affordable to 70% AMI.
At The Premier, resident services will be offered for the first time and no current residents will be displaced while rents will be lowered for income-qualifying residents. This truly mixed-income community is located within a vibrant downtown area with the Silver Spring Metro Station within walking distance.
Congratulations and thank you to our hardworking team and our partners for their unwavering dedication in service to our mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing!
Read the full press release.
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