Details of the Deal
Victory Tower, In Takoma Park, MD. is one of the first HUD 202 properties that was undertaken to bring new financing to existing developments in need of major renovations. By permitting a limited partnership headed by a sole 501(c)(3) general partner, prepayment of the existing HUD 202 mortgage, acquisition of Housing Credits, and new debit supported by Section 8 rental assistance, Vitory Tower was able to preserve 187 units of critically needed affordable rental housing for seniors in Maryland.

Victory Tower was able to update the main building swystems and infrastructures and bring the commons spaces and units in the 21st century. A $6 million renovation plan included a new roof, windows, plumbing, a commercial kitchen, and improved common areas.

The new Victory Tower includes community gardens, an exercise room, outdoor walking paths, and vending rooms. Units are also equipped with energy efficient appliances to reduce utility costs. With a convenient location, located on both a Metro and County bus line, Victory Tower allows residents to age-in-place with inependence and dignity in a community environment at a low cost.

The development was financed with $5.6 millions in Housing Credits, a $1.1 million long-term low-interest rate loan from Montgomery County and a $5.2 million commercial loan from United Bank. In addition, the seller provided $700,00 in seller financing.