Urban Land Institute’s (ULI) Terwilliger Center for Housing announced its annual Jack Kemp Excellence in Affordable and Workforce Housing awards Tuesday, Oct. 9 at ULI’s 2018 conference, with a project financed through NorthMarq Capital selected as one of five winners.
The Conway Center (link to northmarq.com transaction), built by So Others Might Eat (SOME) is a newly constructed $90 million public-private project located in DC’s Ward 7. This 320,000 square foot mixed-use facility offers services of affordable housing, healthcare, and job training through the Center of Employment Training (CET). Frank Relihan, senior vice president-NorthMarq Capital’s Washington DC, arranged the $8.3 million HUD portion of a $90 million construction loan. The project opened in spring 2018 and included Low Income Tax Credits and New Market Tax Credits in its financing package.
“I have personally been involved with SOME for many years as a volunteer and it is truly rewarding when you can use your professional expertise along with so many other gifted and talented people to finance such a unique and needed project like Conway,” said Relihan.
The annual award recognizes best practices in the development of housing that is affordable to people with a broad range of incomes. Developments eligible for the award are those in which all or a portion of the units are affordable to households earning up to 120 percent of the median income in the areas in which the projects are located.
See the complete news release from ULI:
The other four winners were:
- Avenue Place/Avenue Terrace in Houston has been developed into new mixed-income housing, accounting for 287 new households near public transportation, a walking trail and park.
- Clybourn 1200 in Chicago tackled the notorious Cabrini-Green with a mixed-income and mixed-use building that provides residents with affordable housing with sustainability and design in mind.
- Harbor Place Residences in Haverhill, Massachusetts are revitalizing the waterfront with 65,000 square feet of formerly unused buildings into affordable and mixed-income housing, and created a new boardwalk, allowing people access to the Merrimack River.
- Keauhou Lane in Honolulu, Hawaii, is a LEED Platinum Certified mixed-use multifamily design recreated out of a historically industrial neighborhood that now consists of 209 workforce housing units.
About NorthMarq Capital
, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. For more information, please visit www.northmarq.com.
About the Jack Kemp Awards
ULI established the Jack Kemp Excellence in Affordable and Workforce Housing Award in 2008 to show the critical role that housing plays in achieving economic prosperity and a high quality of life, both for individuals and communities. The award honors the memory of Jack Kemp, former secretary of the U.S. Department of Housing and Urban Development and a ULI Terwilliger Center national advisory board member.
