New Jersey Community Capital invests $3.5M to preserve housing units in Washington, D.C.

Key points

• New Jersey Community Capital invested $3.5 million in workforce housing preservation in Washington, D.C.
• The investment covers 118 units across two properties: The Luzon and The Van Buren in the Brightwood neighborhood
• The properties are located at 6600 Luzon Ave. NW and 6505 14th St. NW in Northwest Washington, D.C.
• The investment uses preferred equity structure to preserve affordability in the housing portfolio

FAQ

What is New Jersey Community Capital?

New Jersey Community Capital is a national community development financial institution (CDFI) that makes strategic investments in housing, real estate, and community development projects to address affordable housing shortages and economic opportunity gaps.

Why did New Jersey Community Capital invest in Washington, D.C. housing?

As a national CDFI, the organization extends its community development mission beyond New Jersey, investing in workforce housing preservation projects that serve low-to-moderate-income households across the country.

What is preferred equity in real estate investments?

Preferred equity is an investment structure that gives investors priority claim on returns and assets while maintaining the borrower's operational control, commonly used in real estate deals to provide patient capital for preservation projects.