L.A. Bolden Company in the News
The Washington Informer - November 2, 2017
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Suitland Positioning for Growth in the Senior Housing Market
Groundbreaking for The Belnor, a new senior residential community, could mark a new trend in Prince George’s County
Washington, DC - September 13, 2017
On Thursday, September 14th at 10:30 AM, a groundbreaking ceremony will occur to celebrate the start of construction for The Belnor, a 122-unit building for seniors over age 62 at 3800 St. Barnabas Road in Suitland, MD. The building will be a state-of-the-art residential community which will provide not only an affordable, quality housing option for seniors, but also a stimulus for additional development in Prince George’s County and specifically, in Suitland – a neighborhood directly adjacent to Washington, DC.
Mission First Housing Development Corporation, a non-profit with over 25 years of experience, is leading the development of The Belnor, along with local developers L.A.Bolden Company and Henson Development Company. As a developer of many housing properties in Washington, DC, including The Severna on K, a 133 unit, mixed income building located on K Street Northwest, and House of Lebanon, an 82 unit, mixed income building located on O Street Northwest, The Belnor is the first development for Mission First in Prince George’s County. Sarah Constant, the Managing Director for Mission First, said “Mission First is committed to developing quality housing at affordable rent levels in all communities. Seeing the need for additional new housing stock in Suitland, along with the County’s commitment to ensure affordable housing, made it easy to select Prince George’s County for new development.” Moreover, according to Lisa Bolden, the founder of L.A.Bolden Company, “developing The Belnor in Suitland is smart business due to the fact that Suitland has a large and growing seniors’ population”. A Maryland DHCD BRAC Study for Prince George’s County found “the Suitland submarket has the highest number of senior householders among all of the County submarkets, and only 25.5% of those households can be accommodated in age restricted units.”
Creating housing options which are affordable is exceptionally challenging in DC and Prince George’s County. The Belnor will have one bedroom units with rents averaging $970, versus market rents in the DC metropolitan area which average $2,155. In addition to providing an attractive building with affordable rents, The Belnor will have lots of amenities such as a fitness center, resident garden, cybercafé, and a putting green. “Prince George’s County seniors deserve affordable housing options that meet and exceed their present needs,” said Prince George’s County Council Member Karen R. Toles. “We are seeing incredible revitalization in our District 7 communities and The Belnor Senior Residences will be a welcome addition to the Suitland area, providing our senior residents with the types of amenities and resources they want and deserve.”
Achieving affordable rent levels was made possible through a complex array of financing instruments including tax exempt bonds, FHA-insured debt, Federal Home Loan Bank grants, tax credit equity from Capital One Bank and low-interest and deferred loans from the Prince George’s County Department of Housing and Community Development and the State of Maryland’s Community Development Administration. Eric Brown, the Director of Prince George’s County Housing and Community Development said: “We are delighted to work with our development partners to help bring projects like The Belnor to Prince George’s County. Strong partnerships, good communications and hard work are the keys to a successful outcome. The development and construction of new affordable housing enables our seniors to live in safe and beautiful communities and enjoy their surroundings.” “The Prince George’s County DHCD and Maryland CDA did everything right when it comes to welcoming developers and providing the financial tools necessary for success,” said Dan Henson, the co-developer for The Belnor.
The Groundbreaking for The Belnor is an event defined by many as a prelude to an intensified pace of development activity in the Suitland community. To celebrate the event, notables expected to attend include Prince George’s County Executive Rushern Baker, District 7 Council Member Karen R. Toles, DHCD Director Eric Brown, Christine Jenkins, the Director of the DC Field Office for the US Department of Housing and Urban Development, and Brien O’Toole, the Deputy Director for the Maryland Community Development Administration.
For More Information, contact either Lisa Bolden at 470-298-7766 or Elizabeth Everhart at 202-223-3405.