Walter Reed Project Lands $20M Loan for Affordable Assisted Living Apartments

From Walter Reed LRA

A joint venture between Urban Atlantic, Housing Up, and Triden Development Group received $20 million in financing to develop a 54-unit affordable assisted living apartment project at the Parks at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center in Washington, D.C.

The property will feature 54 furnished apartments to seniors aged 62 and older, whose incomes are below 30 percent of the Area Median Income. Furthermore, assisted living services will be provided for tenants through Medicaid’s EPD Waiver program.

The assisted living project is one part of the redevelopment of Abrams Hall, the former barracks on the Walter Reed Army Medical Center Campus. Last year, Urban Atlantic and Triden teamed with Hines and Bridge Investment Group on The Hartley, a 323-unit, luxury, mixed-use development in the Parks at Walter Reed. Other sections of Abrams Hall have been redeveloped into 77 units to house homeless veterans and 80 units for seniors.

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