Foulger Pratt and D.C. Mayor Bowser Celebrate Grand Opening of Paxton
WASHINGTON, D.C. (September 19, 2024) – Foulger-Pratt and D.C Mayor Muriel Bowser celebrate the grand opening of Paxton, a $101 million, 148-unit deeply affordable apartment community located at Benning Road NE & 16th Street NE in in Washington, D.C.’s Ward 7.
“We believe in building communities together and improving the quality of life for our residents. We are proud to have worked with our District, financial, health and wellness partners to deliver much needed Class A affordable housing to the District of Columbia; enabling our residents to live where they work.” said Cameron Pratt, managing partner and chief executive officer of Foulger Pratt.
This market-rate quality building includes 87 one-bedroom, 16-two bedroom and 37 three-bedroom apartments with 133 homes reserved for households earning at or below 50 percent of the area median income (AMI) and the remaining homes reserved for those below 30 percent AMI.
“The Paxton brings us one step - and 148 units - closer to reaching our goal of adding 12,000 affordable homes in our city,” said Mayor Bowser. “By transforming this site into affordable homes, we’re demonstrating the power of strong partnerships and innovation to ensure more families can stay, grow, and thrive in DC for years to come.”
The development was made possible via the unique collaboration with its funding and community services partner including financing from the DC Department of Housing and Community Development (DHCD), DC Housing Finance Agency (DCHFA), and DC Housing Authority (DCHA). The Paxton was partially financed by DHCD with approximately $4.1 million in low-income housing tax credits (LIHTC) and $29 million from the Housing Production Trust Fund (HPTF). Capital One provided financing for a construction and permanent loan, DCHFA provided 4 percent low-income housing tax credits (LIHTC) and tax‐exempt bonds, local LIHTC equity was provided by Monarch Private Capital, and federal LIHTC equity from Hudson Housing Capital, LLC. DCHA provided support through the local rent supplement program (LSRP) for 15 permanent supportive housing units, supported with case management and supportive services from the DC Department of Human Services (DHS) and Community of Hope.
In addition to 5,300 square feet of amenity spaces including a fitness center, landscaped courtyard, clubhouse, business center and concierge service; residents also have access to services through Hope Multiplied, a locally based nonprofit providing community development as well as health, wellness and socio-economic programs. Residents in the 30 percent AMI homes considered permanent supportive housings, also receive support services through improved health.
ABOUT FOULGER-PRATT
Established in 1963, Foulger-Pratt is a real estate investment and development firm distinguished by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects. The firm’s disciplined culture and vertically integrated platform have enabled it to develop more than 15 million square feet of commercial office, multi-family residential and retail projects. by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects.
Foulger-Pratt is privately owned, led, and staffed by many of the industry’s most talented professionals. The firm’s culture has been carefully cultivated for the last half-century through deliberate effort to operate consistently in accordance with specific core values. The result is a reputation of unmatched integrity, accountability, and vision. For more information, visit www.foulgerpratt.com.