NRP Group and MHCDO Secure Financing for 109‑unit Mixed‑income Development The Waymark in Washington, D.C.

Why It Matters

The development expands affordable housing stock in a high‑need area while leveraging transit access, supporting both equity and economic growth in Washington, D.C.

Key Takeaways

• The Waymark adds 109 mixed‑income units in Ward 7.
• Site sits one block from Benning Road Metro, boosting transit use.
• Funding combines DC housing agencies, Green Bank, KeyBank, and U.S. Bank.
• Proximity to $2.7 billion RFK Stadium redevelopment spurs local jobs.

Pulse Analysis

The Waymark, a 109‑unit mixed‑income apartment building, marks a strategic addition to Washington, D.C.’s Ward 7, an area long‑awaiting affordable housing options. Situated at 4435 Benning Road NE, the development sits a single block from the Benning Road Metro station and is served by multiple bus routes, making it a textbook transit‑oriented project. By integrating market‑rate and subsidized units within a single nine‑story structure, the project addresses the city’s inclusionary zoning goals while providing residents with reliable access to employment centers across the metropolitan region. The project also includes rooftop solar panels and bike storage, reinforcing the city’s sustainability agenda.

The financing package reflects a robust public‑private partnership model. Core capital comes from the DC Department of Housing and Community Development, the DC Housing Finance Agency, and the DC Green Bank, while KeyBank supplies the construction loan and U.S. Bank acts as the tax‑credit investor. This blend of public subsidies, green financing, and private debt leverages low‑income housing tax credits to lower overall project costs, illustrating how municipal agencies can de‑risk development and attract institutional lenders to serve underserved neighborhoods. In addition, the Green Bank’s low‑interest loan reduces the carbon footprint of construction financing.

The Waymark’s timing aligns with the $2.7 billion overhaul of the nearby RFK Stadium campus, a redevelopment expected to generate roughly 14,000 construction jobs and 2,000 permanent positions. The proximity of new housing to this employment hub creates a virtuous cycle: workers gain affordable, transit‑linked residences, while the influx of residents supports local retail and services. For developers, the synergy reduces vacancy risk, and for the city, it advances broader economic revitalization objectives, positioning Ward 7 as a growing, mixed‑use corridor.

Deal Summary

NRP Group and Marshall Heights Community Development Organization announced the financial closing and groundbreaking of The Waymark, a 109‑unit mixed‑income community in Ward 7, Washington, D.C. The project’s financing includes public partners DC Department of Housing and Community Development, DC Housing Finance Agency, DC Green Bank, and private lenders KeyBank and U.S. Bank.