The Beacon Center has been selected as one of the top deals in Washington Business Journal’s Best Real Estate Deals of 2016 Awards program.Published in Washington Business Journal
Best Real Estate Deals of 2016 Awards
This project is the redevelopment of the site where the historic Emory United Methodist church now stands at 6100 Georgia Avenue, NW in Brightwood. The church will be demolished except for a portion of the sanctuary’s façade. The property is a historic landmark designated by the DC Historic Preservation Review Board. In its place a $31.5 million four story, mixed-used building will be constructed that includes 99 units of affordable housing and sanctuary space. In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of equity raised through the syndication of low income housing tax credits by Red Stone Equity Partners, and a subordinate loan from the DC Department of Housing and Community Development’s (DHCD) Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development.