JBG Smith Achieves Goal to Preserve 3,000 Housing Units With Washington Housing Initiative Impact Pool - Seite 2

The Impact Pool surpassed its goal with the deployment of $6 million in mezzanine financing to Montgomery Housing Partnership (MHP) for the refinancing of Franklin Apartments, a 185-unit age-restricted housing community in Takoma Park, MD. Concurrent with the closing of the Impact Pool’s loan, the property obtained a new $26.2 million Freddie Mac loan, provided by Key Bank, along with an extension of an existing $3.75 million soft loan from Montgomery County.

“The Franklin Apartments investment is a perfect example of what we sought to accomplish when we created the Impact Pool. Montgomery County is projected to lose up to 11,000 naturally occurring affordable housing units by 2030. Our collaboration with a non-profit owner, dedicated to the property’s preservation, will provide residents with the ability to age in-place in a resource rich neighborhood of Montgomery County,” commented Jackson.

Located at 7620 Maple Avenue in Takoma Park, MD, the Class B mid-rise Franklin Apartments was built in 1952 and renovated in 2011. The building was acquired by MHP in 2022 and is currently managed by Humphrey Management. The property includes 135 parking spots, green community features, a grilling area, and multi-purpose entertainment room and is pet friendly. MHP provides onsite resources to residents including the operation of a food pantry, health and safety seminars, and programming.

MHP is a 501(c)(3) non-profit organization serving more than 4,000 residents of Montgomery County and neighboring communities by providing more than 2,880 quality affordable homes. The organization is committed to housing people, empowering families, and strengthening neighborhoods. Since 1989, MHP’s mission has been to preserve and expand access to quality, affordable housing.

The Impact Pool previously partnered with MHP to provide financing for the 140-unit Earle Manor apartments, located in Wheaton, MD.

About the Impact Pool

The Washington Housing Initiative Impact Pool is an approximately $115 million investment vehicle that targets after-tax returns equivalent to many traditional investment funds. The Impact Pool is managed by JBG SMITH Impact Manager, a subsidiary of JBG SMITH Properties. To date, the Impact Pool has invested in more than 3,000 units across DC, Maryland and Virginia. For more information on the Washington Housing Initiative and the Impact Pool please visit www.washingtonhousinginitiative.com.