Donaldson Impact Investments, in partnership with New York Life Investment Management and Housing Initiative Partnership, announced the acquisition of Yorkshire Apartments, a 326-unit garden-style community in Silver Spring, Maryland.
New York Life Investment Management is the majority investor in the $79.4 million transaction. Yorkshire Apartments will transition from market-rate housing to a mixed-income affordable housing community. Under this new structure, 50% of the apartment homes will be designated as affordable to households earning up to 60% of the area median income, while the remaining 50% will remain market-rate.
The project is capitalized through a combination of the PILOT structure, market-rate equity provided by New York Life Investment Management and Donaldson Impact Investments, and financing from JPMorgan. JLL served as the selling broker and also assisted in securing debt for Donaldson.
“This acquisition demonstrates how progressive public-private partnerships can create meaningful, lasting impact for residents and the community at large while safeguarding quality housing in high-demand markets,” said Kevin Smith, Managing Partner for Donaldson Impact Investments.
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