Western Alliance Bank Provides $43.4MM Construction Financing for Washington, D.C., Affordable Housing
WASHINGTON, D.C. — Washington, D.C., took another step toward its goal of adding 12,000 affordable homes by the end of 2025 with the March 2024 opening of MDXL Flats. Together with its sister community, MDL Flats, which opened in 2021, the two 100% affordable housing communities add nearly 200 up to four-bedroom units to the city.
In collaboration with Boston Capital Finance, Western Alliance Bank Affordable Housing played a lead role in financing the development by providing a $43.4 million construction loan.
MDXL Flats, developed by TM Associates, includes 101 one- to four-bedroom apartment homes, affordable to households earning between 30% and 50% of the area median income (AMI). Twenty-one units will receive project-based subsidies. Approximately 102,077 square feet is devoted to residential use and 7,055 square feet to ground-floor retail/commercial uses, with a 13,000-square-foot parking garage.
The project does not compromise on style, with high-end finishes and panoramic city views. Property amenities include dedicated resident services, on-site management and maintenance, on-site retail, two lounges, a meeting room, a computer lab and a bike room.
The highly anticipated affordable residential community sits in the heart of Buzzard Point, an up-and-coming neighborhood adjacent to Navy Yard. The area offers convenient access to quality schools, transit, and arts and culture in Ward 6. A wide array of dining, shopping, and entertainment options, including Audi Field and Nationals Field, are nearby.
“MDXL Flats helps set a new standard for affordable housing,” said Philipp Smaczny, Senior Director of Affordable Housing with Western Alliance Bank. “The property offers an appealing vantage point for Washingtonians who earn below 50% of AMI to enjoy the lively atmosphere of Buzzard Point and all that surrounds it, with modern interiors, wonderful views and community spaces. We’re pleased to be part of financing projects like this that are on the leading edge of multifamily affordable housing.”
Western Alliance Bank Affordable Housing is a national banking group within Western Alliance Bank that provides financing for affordable housing developments nationwide. The bank has a long history of supporting affordable housing projects that promote economic opportunity, social equity and community development. Responsive, expert bankers offer an array of solutions, including a complete slate of Treasury Management products and services tailored to clients’ needs.
Western Alliance Bank
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. Western Alliance Bank includes six legacy bank brands — Alliance Association Bank, Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank and Torrey Pines Bank — that continue to be part of the company’s heritage. Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2024, Western Alliance Bancorporation again was #1 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list.