Affordable housing developer NHP Foundation (NHPF), a national nonprofit dedicated to creating and preserving affordable housing, announced the closing of its acquisition of Hadley Germantown, a 218-unit apartment community in Germantown, Maryland.
Originally built in 1990 and last renovated in 2011, Hadley Germantown provides naturally occurring affordable housing. NHPF is imposing covenants on the property that will restrict future rents to 60% of the area median income for 50% of the units and 80% for the remaining 25% of the units.
The acquisition was financed entirely with tax-exempt 501(c)(3) bonds, with KeyBanc Capital Markets serving as bond underwriter, the Wisconsin Public Finance Authority as issuer, and U.S. Bank as trustee. Urban Atlantic and Rawson Square supported the acquisition and will serve as development consultants, overseeing initial property improvements. Winn Residential will serve as the new property manager.
“Adding this exceptional property to our portfolio marks a meaningful milestone for the foundation— our first acquisition in Montgomery County,” said Joseph Weatherly, Chief Investment Officer.
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