Western Alliance Bank Provides $43.4MM Construction Financing for Washington, D.C., Affordable Housing

June 10, 2024

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. 

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Western Alliance Bank

With more than $70 billion in assets, Western Alliance Bancorporation is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, offers a full spectrum of tailored commercial banking solutions and consumer products, all delivered with outstanding service by banking and mortgage experts who put customers first. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director and receiving #1 rankings on Institutional Investor's All-America Executive Team Midcap 2023-2024 for Best CEO, Best CFO, Best Company Board of Directors and Best Investor Relations Team. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking and financial brands with offices in key markets nationwide.