Seabury at Friendship Terrace

$15.9 million HUD Section 223(f) refinance of Seabury at Friendship Terrace, Washington, DC.

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Friendship Terrace is a 180-unit elderly development less than 15 minutes from Washington D.C. The property was originally constructed in 1967 and has undergone substantial rehab between 2009 and 2011. As part of this refinancing, additional repairs will be made to the property as well as additional funding of the replacement reserve account.

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Friendship Terrace benefits from a HAP Contract that covers 40 of the 180 units.  The HAP Contract was effective July 1, 2021 with a term of 20-years.  The Contract includes a “Preservation Exhibit”, which extends the contract for an addition 14-years, expiring June 30, 2055.  As a result, ownership has committed to Section 8 renewals for approximately 32 years. 

HUD has also approved 140 Project Based Vouchers for the unsubsidized households at the subject property.  Pursuant to HUD Notice 2013-27, eligible tenants, after receiving a family briefing, may elect to have their enhanced voucher converted to project-based voucher.  So far, 125 units have given consent and qualified for the PBVs.  Upon turnover, the remaining 15 units will be rented to income-qualified tenants and receive assistance from PBVs.  The Project-Based Voucher Contract will go into effect upon closing of this refinance and will have a term of 20-years.

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The property is owned by the non-profit Episcopal Church Home, Friendship, Inc. and managed by Residential One.