BETHESDA, Md.--(BUSINESS WIRE)--LEO Impact Capital, JBG SMITH’s workforce housing investment management platform, announced today the placement of a $13 million bond on Franklin Apartments and Earle Manor from the Montgomery County Revenue Authority. The tax-exempt bond replaces the taxable mezzanine loans provided by the Washington Housing Initiative Impact Pool in a single issuance with the same terms. LEO Impact Capital manages the Washington Housing Initiative Impact Pool.
Located in Takoma Park, Md., Franklin Apartments is a mid-rise apartment community with 185 senior-living units reserved for residents 62 or older. The property has been owned by the Montgomery Housing Partnership (MHP) since 2022 and in 2024, the Impact Pool provided a $6 million mezzanine loan to MHP for its refinancing of the property.
Earle Manor, located in Wheaton, Md., consists of 140 units across two low-rise apartment buildings. Owned by a joint venture between the Washington Housing Conservancy (WHC) and MHP, the property was acquired in 2022 through the Montgomery County Right of First Refusal (ROFR) process and was supported by a $5.6 million mezzanine loan from the Impact Pool, a soft loan from Montgomery County and a Payment in Lieu of Taxes (PILOT) to reduce property taxes.
“This bond will not only secure long-term affordability and prevent displacement for residents in Montgomery County, Maryland but also allows LEO Impact Capital to organize competitively priced capital at scale to expand housing affordability and economic mobility in great communities,” said AJ Jackson, President of LEO Impact Capital. “This is an excellent example of our ability to leverage our platform to broaden access to and supply of workforce housing. We thank the Montgomery County Revenue Authority for its partnership.”
About LEO Impact Capital
LEO Impact Capital unlocks access to opportunity by acquiring, operating, and investing in multifamily housing in high impact neighborhoods to preserve affordability for middle-income residents – such as teachers, healthcare workers, first-responders, administrative professionals and other workers whose services are vital to thriving communities. Leveraging our double-bottom line approach and the resources of JBG SMITH, our NYSE-listed parent company, we deliver long-term value for investors and measurable impact for residents.
For more information on LEO Impact Capital please visit www.LEOIC.com.