People Restoring Communities (PRC), an affordable housing development firm, announced the acquisition of Grace Street Apartments, an 11-story residential building located at 400 East Grace Street in downtown Richmond, Virginia.
PRC, in a joint venture with The Delaine Companies and in partnership with the Richmond Redevelopment & Housing Authority (RRHA), plans to substantially rehabilitate the long-vacant property and create 68 affordable apartments for seniors.
PRC acquired the property through a ground lease with an upfront payment of approximately $4.9 million. The acquisition was financed with a $3.3 million bridge loan from Low Income Investment Fund, with PRC contributing approximately $1.6 million in equity, both of which are expected to be repaid with funds available at the project’s construction closing…