Cost effective real estate designer NHP Structure (NHPF), a national nonprofit devoted to developing and protecting inexpensive housing, announced the closing of its acquisition of Hadley Germantown, a 218-unit home community in Germantown, Maryland.
Initially built in 1990 and last remodelled in 2011, Hadley Germantown offers naturally occurring budget friendly housing. NHPF is enforcing covenants on the home that will restrict future rents to 60% of the area typical income for 50% of the units and 80% for the staying 25% of the systems.
The acquisition was financed totally with tax-exempt 501(c)( 3) bonds, with KeyBanc Capital Markets serving as bond underwriter, the Wisconsin Public Financing Authority as issuer, and U.S. Bank as trustee. Urban Atlantic and Rawson Square supported the acquisition and will serve as advancement experts, supervising initial property improvements. Winn Residential will function as the new residential or commercial property manager.
“Including this extraordinary property to our portfolio marks a significant milestone for the structure– our first acquisition in Montgomery County,” said Joseph Weatherly, Chief Financial Investment Officer.
The post The NHP Foundation Gets 218-Unit Germantown MF Property appeared first on Connect CRE.