Walter Reed Project Lands $20M Loan for Affordable Assisted Living Apartments
By: Keith Loria, Commercial Observer
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.
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