The project involves two midrise buildings totaling 115,250 square feet, originally constructed between 1942 and 1955. By partnering with the local sponsor Capitol Rock Partners and securing senior financing from Hingham Institution for Savings, NJCC intends to stabilize the properties without displacing current tenants. The transaction relies on the support of Aya Enterprises to maintain long-term affordability in a submarket where demand for housing significantly outpaces new construction.
In section Releases
NJCC Secures 118 Workforce Housing Units in Washington D.C.
New Jersey Community Capital has deployed $3.5 million in preferred equity to secure 118 workforce housing units in the Brightwood neighborhood of Northwest Washington, D.C. The investment, targeting properties at 6600 Luzon Avenue and 6505 14th Street, ensures these homes remain rent-controlled and affordable for local residents.
Bernel Hall, President and CEO of NJCC, noted that this capital structure allows for the protection of existing housing stock rather than waiting for units to vanish before intervening. For the co-founders of Capitol Rock Partners, Cameron Webb and Felipe Ernst, the deal represents a commitment to preserving the stability of the communities that shaped their own upbringings. The financing model serves as a complement to traditional senior debt, providing the flexibility needed to manage workforce housing in constrained urban environments.
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