The NHP Foundation acquires the 218-unit Hadley Germantown apartment community in Germantown, Maryland, for an affordable housing preservation project.
The NHP Foundation has acquired Hadley Germantown, a 218-unit residential property in Germantown, Maryland, to preserve its status as affordable housing. The community, originally constructed in 1990 and renovated in 2011, will now operate under new rent restrictions where 50% of units are capped at 60% of the area median income (AMI) and 25% of units are capped at 80% AMI.
The acquisition was funded through tax-exempt 501(c)(3) bonds issued by the Wisconsin Public Finance Authority. KeyBanc Capital Markets acted as the bond underwriter, with U.S. Bank serving as trustee. Development consultants Urban Atlantic and Rawson Square will oversee planned property improvements, while Winn Residential has been tapped to manage the property.
Renderings have been released for a 420-unit residential development located in downtown Bethesda.
Developers file plans to replace a vacant office building on Woodmont Avenue in Bethesda with a 285-unit apartment project.
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