Arctaris Impact Investors, LLC, a national impact investment firm with a 15-year track record in underserved communities, announced late last month an equity investment in a $27 million opportunity zone hotel-to-residential conversion opportunity in downtown Silver Spring, Maryland. Source of the Spring reports that it will be the former Hotel Silver Spring, located at 8727 Colesville Rd., that closed in May.
According to a press release by Arctaris Impact Investors, Impact’s investment will be used to convert a former hotel into a vibrant 227-unit multifamily development, addressing the city’s pressing housing shortage. The transaction marks Arctaris Impact’s sixth active investment in the greater Baltimore-DC metropolitan area.
Arctaris Impact’s latest investment will contribute to the revitalization of the Silver Spring community, a suburb approximately seven miles north of Downtown Washington D.C., by addressing the region’s housing affordability crisis. Affordable housing remains a challenge in Montgomery County and this project intends to provide more options for local residents in a high opportunity submarket within the metro area. By utilizing Montgomery County’s PILOT program, half of the Property’s units will remain affordable to households earning up to in 60% of the Area Median Income (AMI)…