Project Impacts:
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The project is located in a predominantly black, low-income community with significant impact in combating the high rates of poverty and unemployment, giving access to services and jobs.
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Transit-oriented development
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Projected over 150 construction jobs, over 200 at stabilization
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Estimated 75% local sub-contractors
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Phase 1 Anchor Tenants: Enlightened, a black-owned cybersecurity firm
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Phase 2 Anchor Tenant: DC Department of Housing and Community Development
PARTNERS:
NCIF: $7MM in NMTC allocation and $2MM participation in Source Loan
CDFI Partners: Industrial Bank:
$2MM sub-participation CDFI Bank Partner
Eagle Bank: $16,745,025 Source Loan
Harbor Community Bank: $10MM CDE
The Community Builders: $7MM CDE
Large Bank: $5MM CDE & NMTC Investor
NCIF provided $7M of NMTC and participated in a loan with Industrial Bank for a total of $4M to MLK Gateway II, a $63MM development that includes approximately 60,000 square feet of office space with 6,600 square feet of ground floor retail, a roof terrace, and parking. It is the second phase of a combined $80MM transit-oriented development in Washington DC’s historic Anacostia neighborhood, and is designed to be a catalytic project for future area development. The goal of both projects is to create a thriving commercial corridor that creates jobs and opportunity for local residents and stimulates investment into the community. The total amount of NMTC allocation used in the transaction is $29MM.
Developer Menkiti Group is a 100% minority-owned Certified Business Enterprise headquartered in Washington, DC. The company’s approach to urban neighborhood transformation and investment is centered upon residential and commercial development, residential sales, and commercial brokerage. Since their start in 2004, The Menkiti Group has invested over $180M in projects and manages over 1 million s.f. of developed assets.
Developer Shift Capital is a full service, social impact real estate firm that deploys development strategies in underserved neighborhoods by aligning capital and long-term community success. Shift owns and manages nearly 2 million s.f. of real estate. As of FY20, Shift has invested over $100M in capital, in addition to social aspects which include maintaining a 100% affordable residential portfolio, providing 8 community-wide programs, and adding over 1,000 new jobs to the neighborhoods.